Swedbank AB Purchases 2,518 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Swedbank AB boosted its stake in Zoom Video Communications, Inc. (NASDAQ:ZM) by 6.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,896 shares of the company’s stock after purchasing an additional 2,518 shares during the period. Swedbank AB’s holdings in Zoom Video Communications were worth $2,922,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Innealta Capital LLC acquired a new position in Zoom Video Communications in the 2nd quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Zoom Video Communications in the 2nd quarter valued at approximately $36,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Zoom Video Communications during the second quarter worth $41,000. Allworth Financial LP increased its position in shares of Zoom Video Communications by 43.8% during the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after buying an additional 180 shares during the period. Finally, Venturi Wealth Management LLC increased its position in shares of Zoom Video Communications by 56.0% during the third quarter. Venturi Wealth Management LLC now owns 763 shares of the company’s stock worth $53,000 after buying an additional 274 shares during the period. Institutional investors own 66.54% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ZM. Wedbush began coverage on shares of Zoom Video Communications in a research report on Thursday, October 17th. They set an “outperform” rating and a $85.00 price objective for the company. Benchmark increased their price objective on shares of Zoom Video Communications from $85.00 to $97.00 and gave the stock a “buy” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Zoom Video Communications from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Stifel Nicolaus increased their price objective on shares of Zoom Video Communications from $70.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, The Goldman Sachs Group raised their price target on shares of Zoom Video Communications from $72.00 to $86.00 and gave the stock a “neutral” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $85.19.

Zoom Video Communications Stock Performance

NASDAQ ZM opened at $85.36 on Thursday. Zoom Video Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $92.80. The company has a 50-day simple moving average of $74.55 and a 200 day simple moving average of $66.03. The company has a market capitalization of $26.27 billion, a PE ratio of 30.59, a price-to-earnings-growth ratio of 7.60 and a beta of -0.05.

Insider Buying and Selling

In other news, Director Jonathan Chadwick sold 12,500 shares of Zoom Video Communications stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $75.04, for a total value of $938,000.00. Following the completion of the transaction, the director now owns 1,514 shares in the company, valued at $113,610.56. This trade represents a 89.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric S. Yuan sold 178,571 shares of Zoom Video Communications stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $76.91, for a total transaction of $13,733,895.61. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 367,108 shares of company stock worth $26,796,191. Insiders own 10.78% of the company’s stock.

Zoom Video Communications Company 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.