Zoom Video Communications, Inc. (NASDAQ:ZM) Sees Significant Drop in Short Interest

Zoom Video Communications, Inc. (NASDAQ:ZM – Get Rating) was the target of a large decrease in short interest in February. As of February 28th, there was short interest totalling 12,350,000 shares, a decrease of 17.3% from the February 13th total of 14,930,000 shares. Approximately 5.7% of the shares of the company are sold short. Based on an average daily trading volume, of 3,810,000 shares, the short-interest ratio is currently 3.2 days.

Insider Transactions at Zoom Video Communications

In other news, CFO Kelly Steckelberg sold 3,224 shares of the stock in a transaction that occurred on Tuesday, December 27th. The stock was sold at an average price of $65.18, for a total transaction of $210,140.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Velchamy Sankarlingam sold 2,993 shares of the company’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $69.54, for a total value of $208,133.22. Following the sale, the insider now owns 24,395 shares in the company, valued at approximately $1,696,428.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Kelly Steckelberg sold 3,224 shares of the company’s stock in a transaction that occurred on Tuesday, December 27th. The stock was sold at an average price of $65.18, for a total value of $210,140.32. The disclosure for this sale can be found here. In the last three months, insiders sold 48,666 shares of company stock valued at $3,452,089. Corporate insiders own 11.24% of the company’s stock.

Institutional Trading of Zoom Video Communications

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Global Wealth Management Investment Advisory Inc. increased its position in shares of Zoom Video Communications by 63.3% during the first quarter. Global Wealth Management Investment Advisory Inc. now owns 294 shares of the company’s stock worth $34,000 after acquiring an additional 114 shares during the last quarter. CNB Bank grew its stake in Zoom Video Communications by 7.0% in the second quarter. CNB Bank now owns 1,794 shares of the company’s stock worth $194,000 after purchasing an additional 118 shares in the last quarter. Neo Ivy Capital Management grew its stake in Zoom Video Communications by 56.8% in the second quarter. Neo Ivy Capital Management now owns 367 shares of the company’s stock worth $39,000 after purchasing an additional 133 shares in the last quarter. Perigon Wealth Management LLC grew its stake in Zoom Video Communications by 6.7% in the second quarter. Perigon Wealth Management LLC now owns 2,200 shares of the company’s stock worth $238,000 after purchasing an additional 139 shares in the last quarter. Finally, Bellecapital International Ltd. grew its stake in Zoom Video Communications by 2.4% in the third quarter. Bellecapital International Ltd. now owns 6,404 shares of the company’s stock worth $471,000 after purchasing an additional 152 shares in the last quarter. 52.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ZM. MKM Partners cut Zoom Video Communications from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $100.00 to $75.00 in a report on Monday, January 23rd. Mizuho reiterated a “buy” rating and set a $100.00 target price on shares of Zoom Video Communications in a report on Tuesday, February 28th. Benchmark reiterated a “buy” rating and set a $102.00 target price on shares of Zoom Video Communications in a report on Tuesday, February 28th. Deutsche Bank Aktiengesellschaft lowered their target price on Zoom Video Communications from $95.00 to $75.00 and set a “hold” rating on the stock in a report on Tuesday, November 22nd. Finally, UBS Group set a $83.00 target price on Zoom Video Communications in a report on Wednesday, November 23rd. Two investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $93.40.

Zoom Video Communications Price Performance

NASDAQ:ZM opened at $67.12 on Friday. The business’s 50-day moving average is $72.61 and its two-hundred day moving average is $75.32. Zoom Video Communications has a 12 month low of $63.55 and a 12 month high of $127.37. The firm has a market capitalization of $19.98 billion, a PE ratio of 209.76, a price-to-earnings-growth ratio of 3.86 and a beta of -0.21.

Zoom Video Communications Company Profile

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Zoom Video Communications, Inc engages in the provision of video-first communications platform. The firm offers meetings, chat, rooms and workspaces, phone systems, video webinars, marketplace, and developer platform products. It serves the education, finance, government, and healthcare industries. Its platform helps people to connect through voice, chat, content sharing, and face-to-face video experiences.