Cannon Global Investment Management LLC Buys Shares of 9,500 Zoom Video Communications, Inc. (NASDAQ:ZM)

Cannon Global Investment Management LLC bought a new position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) during the 4th quarter, HoldingsChannel.com reports. The fund bought 9,500 shares of the company’s stock, valued at approximately $775,000. Zoom Video Communications makes up 1.7% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 18th largest position.

Other institutional investors also recently bought and sold shares of the company. Adero Partners LLC lifted its holdings in Zoom Video Communications by 2.4% in the fourth quarter. Adero Partners LLC now owns 5,509 shares of the company’s stock valued at $450,000 after acquiring an additional 129 shares during the period. Itau Unibanco Holding S.A. increased its stake in shares of Zoom Video Communications by 1.9% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 7,121 shares of the company’s stock valued at $497,000 after acquiring an additional 131 shares during the last quarter. MML Investors Services LLC grew its position in Zoom Video Communications by 1.4% during the third quarter. MML Investors Services LLC now owns 9,395 shares of the company’s stock valued at $655,000 after acquiring an additional 132 shares during the period. MetLife Investment Management LLC raised its holdings in Zoom Video Communications by 3.4% in the third quarter. MetLife Investment Management LLC now owns 4,619 shares of the company’s stock valued at $322,000 after buying an additional 154 shares during the period. Finally, GAMMA Investing LLC boosted its position in Zoom Video Communications by 27.1% during the 4th quarter. GAMMA Investing LLC now owns 770 shares of the company’s stock worth $63,000 after purchasing an additional 164 shares during the period. 66.54% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Zoom Video Communications

In other Zoom Video Communications news, CEO Eric S. Yuan sold 33,751 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $78.69, for a total value of $2,655,866.19. Following the completion of the transaction, the chief executive officer now directly owns 34,703 shares in the company, valued at approximately $2,730,779.07. This represents a 49.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Aparna Bawa sold 9,317 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $78.69, for a total transaction of $733,154.73. Following the transaction, the chief operating officer now owns 14,053 shares of the company’s stock, valued at approximately $1,105,830.57. The trade was a 39.87 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 369,271 shares of company stock worth $29,496,892. Insiders own 10.78% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on ZM. Scotiabank dropped their price objective on Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating on the stock in a report on Monday, March 17th. Evercore ISI raised Zoom Video Communications from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $70.00 to $115.00 in a research report on Tuesday, November 26th. Jefferies Financial Group raised Zoom Video Communications from a “hold” rating to a “buy” rating and increased their price objective for the stock from $85.00 to $100.00 in a report on Thursday, December 19th. Sanford C. Bernstein raised their target price on shares of Zoom Video Communications from $78.00 to $89.00 and gave the company a “market perform” rating in a research note on Tuesday, November 26th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Zoom Video Communications in a research note on Tuesday, February 25th. Fifteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Zoom Video Communications has an average rating of “Hold” and an average price target of $89.33.

Zoom Video Communications Stock Performance

Shares of Zoom Video Communications stock opened at $75.97 on Monday. Zoom Video Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $92.80. The business’s 50 day simple moving average is $79.98 and its 200 day simple moving average is $77.95. The firm has a market cap of $23.19 billion, a PE ratio of 25.32, a P/E/G ratio of 5.48 and a beta of 0.26.

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.