KLP Kapitalforvaltning AS Invests $26.34 Million in Zoom Video Communications, Inc. (NASDAQ:ZM)

KLP Kapitalforvaltning AS bought a new stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 322,800 shares of the company’s stock, valued at approximately $26,344,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Global X Japan Co. Ltd. lifted its stake in Zoom Video Communications by 127.5% in the fourth quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock worth $28,000 after purchasing an additional 190 shares during the last quarter. Avior Wealth Management LLC lifted its stake in shares of Zoom Video Communications by 291.2% during the 4th quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock worth $29,000 after acquiring an additional 265 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in Zoom Video Communications by 277.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 351 shares of the company’s stock valued at $29,000 after acquiring an additional 258 shares during the period. Truvestments Capital LLC purchased a new position in Zoom Video Communications during the 3rd quarter valued at $37,000. Finally, Geneos Wealth Management Inc. bought a new position in Zoom Video Communications in the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Insider Buying and Selling

In related news, insider Velchamy Sankarlingam sold 10,817 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $78.69, for a total value of $851,189.73. Following the completion of the transaction, the insider now owns 117,760 shares of the company’s stock, valued at approximately $9,266,534.40. This represents a 8.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Eric S. Yuan sold 75,531 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $74.98, for a total value of $5,663,314.38. The disclosure for this sale can be found here. Insiders have sold a total of 369,271 shares of company stock valued at $29,496,892 over the last ninety days. Company insiders own 10.78% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ZM. Scotiabank lowered their target price on shares of Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating for the company in a research note on Monday, March 17th. Mizuho boosted their price objective on shares of Zoom Video Communications from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Wells Fargo & Company upgraded shares of Zoom Video Communications from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $70.00 to $85.00 in a research note on Tuesday, January 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $87.00 price target on shares of Zoom Video Communications in a research note on Tuesday, February 25th. Finally, Hsbc Global Res upgraded Zoom Video Communications to a “strong-buy” rating in a report on Tuesday, November 26th. Fifteen equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Zoom Video Communications currently has an average rating of “Hold” and a consensus price target of $89.33.

Zoom Video Communications Stock Performance

Shares of ZM opened at $75.97 on Friday. The business’s 50-day moving average is $79.98 and its two-hundred day moving average is $77.88. The company has a market capitalization of $23.19 billion, a P/E ratio of 25.32, a P/E/G ratio of 5.48 and a beta of 0.26. Zoom Video Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80.

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.