Canada Pension Plan Investment Board Has $15.36 Million Stake in Zoom Video Communications, Inc. (NASDAQ:ZM)

Canada Pension Plan Investment Board cut its holdings in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 24.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 188,194 shares of the company's stock after selling 59,348 shares during the quarter. Canada Pension Plan Investment Board owned 0.06% of Zoom Video Communications worth $15,359,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Zoom Video Communications during the 4th quarter worth $751,908,000. Altshuler Shaham Ltd raised its holdings in Zoom Video Communications by 285.9% in the fourth quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company's stock valued at $167,813,000 after acquiring an additional 1,523,480 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Zoom Video Communications in the fourth quarter worth approximately $99,471,000. Contrarius Group Holdings Ltd acquired a new position in Zoom Video Communications during the 4th quarter worth approximately $72,854,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Zoom Video Communications by 357.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 998,744 shares of the company's stock worth $81,507,000 after acquiring an additional 780,446 shares in the last quarter. Hedge funds and other institutional investors own 66.54% of the company's stock.

Insider Activity

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 11,839 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $71.91, for a total value of $851,342.49. Following the completion of the sale, the insider now directly owns 125,529 shares in the company, valued at $9,026,790.39. This represents a 8.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Santiago Subotovsky sold 2,475 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $77.86, for a total value of $192,703.50. Following the completion of the transaction, the director now directly owns 169,452 shares in the company, valued at $13,193,532.72. This represents a 1.44 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 242,897 shares of company stock worth $18,941,111. 10.78% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Scotiabank decreased their price objective on shares of Zoom Video Communications from $85.00 to $75.00 and set a "sector perform" rating for the company in a research report on Monday, March 17th. Rosenblatt Securities decreased their price target on Zoom Video Communications from $95.00 to $90.00 and set a "buy" rating for the company in a report on Thursday. Morgan Stanley lowered their price objective on Zoom Video Communications from $96.00 to $73.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. UBS Group cut their target price on Zoom Video Communications from $90.00 to $85.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. Finally, Citigroup lowered their price target on Zoom Video Communications from $86.00 to $85.00 and set a "neutral" rating for the company in a report on Tuesday, February 18th. Fifteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $85.90.

Zoom Video Communications Price Performance

NASDAQ ZM traded up $0.54 during trading hours on Friday, hitting $76.03. The company had a trading volume of 1,300,179 shares, compared to its average volume of 3,052,853. Zoom Video Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The company has a market capitalization of $23.21 billion, a price-to-earnings ratio of 25.34, a P/E/G ratio of 5.48 and a beta of 0.67. The firm's 50 day moving average is $74.20 and its 200 day moving average is $78.63.

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.