California Public Employees Retirement System Increases Stock Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

California Public Employees Retirement System raised its holdings in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 0.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,256,017 shares of the company’s stock after purchasing an additional 3,492 shares during the period. California Public Employees Retirement System’s holdings in Zoom Video Communications were worth $102,504,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ZM. Norges Bank bought a new stake in shares of Zoom Video Communications in the fourth quarter worth approximately $751,908,000. Raymond James Financial Inc. purchased a new stake in Zoom Video Communications in the fourth quarter worth approximately $99,471,000. Contrarius Group Holdings Ltd bought a new stake in Zoom Video Communications in the 4th quarter worth approximately $72,854,000. Arrowstreet Capital Limited Partnership raised its stake in Zoom Video Communications by 357.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 998,744 shares of the company’s stock valued at $81,507,000 after buying an additional 780,446 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Zoom Video Communications by 126.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,251,302 shares of the company’s stock valued at $102,119,000 after buying an additional 699,625 shares during the period. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Zoom Video Communications news, CEO Eric S. Yuan sold 75,531 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $74.98, for a total value of $5,663,314.38. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jonathan Chadwick sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $80.33, for a total value of $2,008,250.00. Following the sale, the director now directly owns 1,514 shares in the company, valued at $121,619.62. This trade represents a 94.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 371,746 shares of company stock worth $29,689,595. 10.78% of the stock is owned by insiders.

Zoom Video Communications Price Performance

Shares of ZM opened at $73.77 on Tuesday. The firm has a market cap of $22.52 billion, a P/E ratio of 24.59, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80. The company has a 50 day simple moving average of $79.69 and a two-hundred day simple moving average of $78.36.

Analyst Upgrades and Downgrades

ZM has been the subject of several research analyst reports. Wells Fargo & Company raised Zoom Video Communications from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $70.00 to $85.00 in a report on Tuesday, January 7th. Barclays reduced their price target on shares of Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. Jefferies Financial Group raised shares of Zoom Video Communications from a “hold” rating to a “buy” rating and raised their price objective for the stock from $85.00 to $100.00 in a report on Thursday, December 19th. Scotiabank reduced their target price on shares of Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating for the company in a report on Monday, March 17th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $87.00 price target on shares of Zoom Video Communications in a research note on Tuesday, February 25th. Fifteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $89.33.

Zoom Video Communications Profile

Zoom Video Communications, Inc provides unified communications platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company offers Zoom Meetings that offers HD video, voice, chat, and content sharing through mobile devices, desktops, laptops, telephones, and conference room systems; Zoom Phone, an enterprise cloud phone system; and Zoom Chat enables users to share messages, images, audio files, and content in desktop, laptop, tablet, and mobile devices.