CIBC Asset Management Inc Grows Stock Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

CIBC Asset Management Inc boosted its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 5.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,108 shares of the company’s stock after purchasing an additional 467 shares during the period. CIBC Asset Management Inc’s holdings in Zoom Video Communications were worth $635,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new stake in Zoom Video Communications during the second quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Zoom Video Communications in the 2nd quarter worth $36,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Zoom Video Communications in the 2nd quarter worth $41,000. Allworth Financial LP lifted its position in Zoom Video Communications by 43.8% during the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock valued at $41,000 after purchasing an additional 180 shares in the last quarter. Finally, Venturi Wealth Management LLC grew its holdings in Zoom Video Communications by 56.0% during the third quarter. Venturi Wealth Management LLC now owns 763 shares of the company’s stock valued at $53,000 after purchasing an additional 274 shares during the period. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ZM. Wedbush began coverage on shares of Zoom Video Communications in a report on Thursday, October 17th. They set an “outperform” rating and a $85.00 price target on the stock. Bank of America lowered their target price on shares of Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Wells Fargo & Company increased their price target on Zoom Video Communications from $55.00 to $60.00 and gave the stock an “underweight” rating in a research note on Thursday, August 22nd. Stifel Nicolaus boosted their price objective on Zoom Video Communications from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Thursday, October 10th. Finally, Morgan Stanley increased their target price on Zoom Video Communications from $68.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Zoom Video Communications has an average rating of “Hold” and an average price target of $76.26.

Insider Activity

In other Zoom Video Communications news, COO Aparna Bawa sold 831 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $66.29, for a total value of $55,086.99. Following the sale, the chief operating officer now owns 1,978 shares of the company’s stock, valued at $131,121.62. The trade was a 29.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Eric S. Yuan sold 2,420 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $68.38, for a total value of $165,479.60. Following the transaction, the chief executive officer now owns 85,514 shares in the company, valued at $5,847,447.32. This trade represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 367,108 shares of company stock valued at $26,796,191. 10.78% of the stock is currently owned by insiders.

Zoom Video Communications Price Performance

Shares of NASDAQ:ZM opened at $78.86 on Thursday. The business’s 50 day moving average price is $72.77 and its 200-day moving average price is $65.21. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $87.15. The firm has a market capitalization of $24.27 billion, a price-to-earnings ratio of 28.27, a price-to-earnings-growth ratio of 6.74 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.18. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the firm posted $0.55 earnings per share. On average, sell-side analysts expect that Zoom Video Communications, Inc. will post 2.77 earnings per share for the current year.

Zoom Video Communications Company 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.