CIBC Asset Management Inc Acquires 1,413 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

CIBC Asset Management Inc raised its holdings in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 19.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,641 shares of the company’s stock after acquiring an additional 1,413 shares during the quarter. CIBC Asset Management Inc’s holdings in Zoom Video Communications were worth $511,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Zoom Video Communications by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 23,417,464 shares of the company’s stock valued at $1,683,950,000 after acquiring an additional 721,923 shares during the period. Nikko Asset Management Americas Inc. grew its position in shares of Zoom Video Communications by 4.0% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 6,046,234 shares of the company’s stock valued at $434,785,000 after purchasing an additional 233,321 shares in the last quarter. FIL Ltd increased its holdings in shares of Zoom Video Communications by 1.3% in the fourth quarter. FIL Ltd now owns 3,069,797 shares of the company’s stock worth $220,749,000 after purchasing an additional 40,456 shares during the period. Acadian Asset Management LLC raised its position in shares of Zoom Video Communications by 54.8% in the first quarter. Acadian Asset Management LLC now owns 3,046,718 shares of the company’s stock worth $199,146,000 after buying an additional 1,078,937 shares in the last quarter. Finally, Norges Bank bought a new stake in Zoom Video Communications during the fourth quarter valued at $164,224,000. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Insider Activity

In other news, CAO Shane Crehan sold 1,475 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $62.99, for a total value of $92,910.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Zoom Video Communications news, CEO Eric S. Yuan sold 37,810 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $57.14, for a total transaction of $2,160,463.40. Following the completion of the transaction, the chief executive officer now owns 113,684 shares of the company’s stock, valued at $6,495,903.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Shane Crehan sold 1,475 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $62.99, for a total transaction of $92,910.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 122,415 shares of company stock valued at $7,189,817. Corporate insiders own 10.78% of the company’s stock.

Zoom Video Communications Stock Performance

NASDAQ ZM opened at $67.18 on Friday. The stock has a market cap of $20.68 billion, a P/E ratio of 25.07, a price-to-earnings-growth ratio of 5.98 and a beta of -0.05. Zoom Video Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $74.82. The stock has a 50 day simple moving average of $60.85 and a two-hundred day simple moving average of $62.25.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Zoom Video Communications had a return on equity of 10.77% and a net margin of 19.08%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.55 earnings per share. Sell-side analysts predict that Zoom Video Communications, Inc. will post 2.69 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Stifel Nicolaus lowered their price target on Zoom Video Communications from $70.00 to $65.00 and set a “hold” rating on the stock in a report on Tuesday, May 21st. Benchmark reiterated a “buy” rating and set a $83.00 target price on shares of Zoom Video Communications in a research report on Monday, August 5th. Sanford C. Bernstein decreased their price target on shares of Zoom Video Communications from $82.00 to $78.00 and set a “market perform” rating on the stock in a report on Tuesday, May 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $95.00 price objective on shares of Zoom Video Communications in a report on Tuesday, May 21st. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Zoom Video Communications from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Zoom Video Communications currently has an average rating of “Hold” and an average target price of $75.10.

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.