CIBC Asset Management Inc Cuts Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

CIBC Asset Management Inc lowered its position in Zoom Video Communications, Inc. (NASDAQ:ZMFree Report) by 83.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,212 shares of the company’s stock after selling 35,141 shares during the quarter. CIBC Asset Management Inc’s holdings in Zoom Video Communications were worth $519,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Principal Securities Inc. acquired a new stake in shares of Zoom Video Communications during the fourth quarter valued at $25,000. Quadrant Capital Group LLC raised its holdings in shares of Zoom Video Communications by 269.7% during the 4th quarter. Quadrant Capital Group LLC now owns 366 shares of the company’s stock valued at $26,000 after buying an additional 267 shares during the period. Frazier Financial Advisors LLC purchased a new stake in shares of Zoom Video Communications during the 4th quarter valued at about $32,000. Rakuten Securities Inc. purchased a new stake in shares of Zoom Video Communications during the 4th quarter valued at about $43,000. Finally, GAMMA Investing LLC purchased a new stake in Zoom Video Communications during the 4th quarter worth approximately $48,000. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on ZM. Wells Fargo & Company decreased their target price on Zoom Video Communications from $70.00 to $60.00 and set an “underweight” rating for the company in a research report on Tuesday, May 21st. Citigroup boosted their price objective on Zoom Video Communications from $76.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 21st. Mizuho dropped their price objective on Zoom Video Communications from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, February 27th. Robert W. Baird dropped their price target on Zoom Video Communications from $90.00 to $84.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 21st. Finally, Rosenblatt Securities boosted their target price on Zoom Video Communications from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, May 21st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Zoom Video Communications has a consensus rating of “Hold” and an average target price of $76.18.

Check Out Our Latest Analysis on ZM

Insider Buying and Selling

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,791 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $62.97, for a total value of $238,719.27. Following the completion of the transaction, the insider now owns 91,721 shares of the company’s stock, valued at approximately $5,775,671.37. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, COO Aparna Bawa sold 816 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $66.60, for a total value of $54,345.60. Following the completion of the transaction, the chief operating officer now directly owns 1,978 shares of the company’s stock, valued at approximately $131,734.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Velchamy Sankarlingam sold 3,791 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $62.97, for a total value of $238,719.27. Following the sale, the insider now owns 91,721 shares in the company, valued at $5,775,671.37. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,493 shares of company stock valued at $5,974,883. Insiders own 10.78% of the company’s stock.

Zoom Video Communications Stock Performance

NASDAQ ZM opened at $62.96 on Tuesday. Zoom Video Communications, Inc. has a twelve month low of $58.87 and a twelve month high of $75.90. The stock has a market capitalization of $19.47 billion, a PE ratio of 23.49, a P/E/G ratio of 9.84 and a beta of -0.01. The stock has a 50-day simple moving average of $62.16 and a 200 day simple moving average of $65.83.

Zoom Video Communications Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Zoom Video Communications (NASDAQ:ZM)

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