DnB Asset Management AS Buys 1,237 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

DnB Asset Management AS grew its stake in Zoom Video Communications, Inc. (NASDAQ:ZM) by 2.8% during the fourth quarter, Holdings Channel reports. The firm owned 44,658 shares of the company’s stock after purchasing an additional 1,237 shares during the period. DnB Asset Management AS’s holdings in Zoom Video Communications were worth $3,645,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ZM. denkapparat Operations GmbH purchased a new position in shares of Zoom Video Communications in the 4th quarter worth approximately $246,000. Pictet Asset Management Holding SA increased its position in shares of Zoom Video Communications by 78.3% during the fourth quarter. Pictet Asset Management Holding SA now owns 170,451 shares of the company’s stock valued at $13,911,000 after acquiring an additional 74,844 shares during the last quarter. Norges Bank bought a new stake in Zoom Video Communications during the fourth quarter worth $751,908,000. Elo Mutual Pension Insurance Co boosted its position in Zoom Video Communications by 22.6% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 27,271 shares of the company’s stock worth $2,226,000 after purchasing an additional 5,026 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Zoom Video Communications by 11.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 187,073 shares of the company’s stock worth $15,471,000 after purchasing an additional 19,121 shares during the last quarter. Institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Price Performance

Shares of NASDAQ:ZM opened at $73.77 on Tuesday. The firm has a fifty day moving average price of $79.69 and a two-hundred day moving average price of $78.36. The company has a market cap of $22.52 billion, a price-to-earnings ratio of 24.59, a PEG ratio of 5.48 and a beta of 0.26. Zoom Video Communications, Inc. has a one year low of $55.06 and a one year high of $92.80.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ZM. Barclays lowered their target price on Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Morgan Stanley boosted their target price on shares of Zoom Video Communications from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Jefferies Financial Group upgraded shares of Zoom Video Communications from a “hold” rating to a “buy” rating and raised their price target for the stock from $85.00 to $100.00 in a research note on Thursday, December 19th. Finally, Wells Fargo & Company raised shares of Zoom Video Communications from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $70.00 to $85.00 in a report on Tuesday, January 7th. Fifteen equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $89.33.

Insider Activity at Zoom Video Communications

In other Zoom Video Communications news, CEO Eric S. Yuan sold 118,036 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $79.03, for a total value of $9,328,385.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Aparna Bawa sold 9,317 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $733,154.73. Following the sale, the chief operating officer now owns 14,053 shares in the company, valued at approximately $1,105,830.57. This trade represents a 39.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 371,746 shares of company stock valued at $29,689,595. Company insiders own 10.78% of the company’s stock.

About Zoom Video Communications

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.