Cigna Investments Inc. New Takes Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Cigna Investments Inc. New acquired a new position in Zoom Video Communications, Inc. (NASDAQ:ZM) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 2,678 shares of the company’s stock, valued at approximately $218,000.

A number of other hedge funds have also bought and sold shares of ZM. Global X Japan Co. Ltd. raised its stake in Zoom Video Communications by 127.5% during the 4th quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock valued at $28,000 after buying an additional 190 shares during the last quarter. Avior Wealth Management LLC increased its position in Zoom Video Communications by 291.2% during the fourth quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock valued at $29,000 after acquiring an additional 265 shares during the last quarter. Geneos Wealth Management Inc. bought a new position in Zoom Video Communications in the fourth quarter valued at about $39,000. Truvestments Capital LLC purchased a new position in Zoom Video Communications in the third quarter worth about $37,000. Finally, Allworth Financial LP boosted its position in Zoom Video Communications by 43.8% in the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after purchasing an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Price Performance

Zoom Video Communications stock opened at $83.82 on Wednesday. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80. The firm’s 50 day moving average price is $83.26 and its 200-day moving average price is $74.74. The stock has a market cap of $25.69 billion and a P/E ratio of 27.94.

Insider Activity at Zoom Video Communications

In other news, CEO Eric S. Yuan sold 83,332 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $86.28, for a total transaction of $7,189,884.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Shane Crehan sold 1,551 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total transaction of $131,741.94. Following the completion of the sale, the chief accounting officer now owns 3,251 shares in the company, valued at $276,139.94. This represents a 32.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 382,242 shares of company stock valued at $31,230,938. Corporate insiders own 10.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ZM shares. Scotiabank upgraded shares of Zoom Video Communications to a “hold” rating in a research note on Tuesday, November 19th. Benchmark upped their target price on shares of Zoom Video Communications from $85.00 to $97.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Bank of America lifted their price target on shares of Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Cantor Fitzgerald initiated coverage on Zoom Video Communications in a research note on Friday, January 17th. They issued a “neutral” rating and a $87.00 price objective for the company. Finally, Evercore ISI raised Zoom Video Communications from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $70.00 to $115.00 in a report on Tuesday, November 26th. Sixteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $89.10.

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.