Harvey Capital Management Inc. Sells 2,200 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Harvey Capital Management Inc. lessened its holdings in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 3.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 69,155 shares of the company’s stock after selling 2,200 shares during the quarter. Zoom Video Communications comprises approximately 1.3% of Harvey Capital Management Inc.’s portfolio, making the stock its 23rd biggest holding. Harvey Capital Management Inc.’s holdings in Zoom Video Communications were worth $5,644,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its position in shares of Zoom Video Communications by 1.7% in the second quarter. The Manufacturers Life Insurance Company now owns 13,411 shares of the company’s stock valued at $794,000 after purchasing an additional 223 shares in the last quarter. Truist Financial Corp purchased a new position in Zoom Video Communications during the 2nd quarter valued at about $296,000. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Zoom Video Communications by 340.9% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,104 shares of the company’s stock valued at $216,000 after buying an additional 2,400 shares during the period. Harrington Investments INC lifted its holdings in shares of Zoom Video Communications by 12.4% in the third quarter. Harrington Investments INC now owns 18,645 shares of the company’s stock worth $1,300,000 after buying an additional 2,055 shares in the last quarter. Finally, Creative Planning boosted its position in shares of Zoom Video Communications by 18.5% in the third quarter. Creative Planning now owns 34,522 shares of the company’s stock valued at $2,408,000 after acquiring an additional 5,396 shares during the period. Institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Trading Down 3.8 %

NASDAQ ZM opened at $83.82 on Wednesday. The firm has a market cap of $25.69 billion and a PE ratio of 27.94. Zoom Video Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $92.80. The stock has a 50-day moving average of $83.29 and a 200-day moving average of $74.91.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ZM shares. Bank of America upped their target price on shares of Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Benchmark upped their price target on shares of Zoom Video Communications from $85.00 to $97.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Barclays lifted their price objective on Zoom Video Communications from $70.00 to $85.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 27th. Mizuho upped their target price on Zoom Video Communications from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 26th. Finally, Wedbush started coverage on Zoom Video Communications in a report on Thursday, October 17th. They issued an “outperform” rating and a $85.00 price target on the stock. Sixteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $89.10.

Insiders Place Their Bets

In other news, insider Velchamy Sankarlingam sold 3,618 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total value of $307,312.92. Following the sale, the insider now directly owns 107,826 shares in the company, valued at approximately $9,158,740.44. This trade represents a 3.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eric S. Yuan sold 83,333 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $83.50, for a total value of $6,958,305.50. The disclosure for this sale can be found here. Insiders have sold 382,242 shares of company stock valued at $31,230,938 in the last ninety days. Company insiders own 10.78% of the company’s stock.

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.