abrdn plc Acquires 45,912 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

abrdn plc lifted its position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 103.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,119 shares of the company's stock after purchasing an additional 45,912 shares during the period. abrdn plc's holdings in Zoom Video Communications were worth $6,480,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. AM Squared Ltd bought a new position in Zoom Video Communications during the 3rd quarter worth $28,000. Allworth Financial LP increased its stake in Zoom Video Communications by 101.4% during the 3rd quarter. Allworth Financial LP now owns 560 shares of the company's stock worth $39,000 after acquiring an additional 282 shares during the period. Rakuten Securities Inc. bought a new position in Zoom Video Communications during the 4th quarter worth $43,000. Livforsakringsbolaget Skandia Omsesidigt increased its stake in Zoom Video Communications by 134.7% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 704 shares of the company's stock worth $51,000 after acquiring an additional 404 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Zoom Video Communications by 835.9% in the 4th quarter. Blue Trust Inc. now owns 1,226 shares of the company's stock valued at $86,000 after purchasing an additional 1,095 shares in the last quarter. Institutional investors own 66.54% of the company's stock.

Zoom Video Communications Stock Up 1.6 %

Shares of Zoom Video Communications stock traded up $0.96 during trading on Friday, reaching $62.00. 2,801,169 shares of the stock were exchanged, compared to its average volume of 2,752,088. The stock's fifty day moving average is $64.57 and its 200 day moving average is $65.78. The firm has a market cap of $19.07 billion, a price-to-earnings ratio of 30.39 and a beta of -0.07. Zoom Video Communications, Inc. has a 1 year low of $58.87 and a 1 year high of $75.90.

Zoom Video Communications (NASDAQ:ZM - Get Free Report) last posted its quarterly earnings data on Monday, February 26th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.34. The business had revenue of $1.15 billion for the quarter, compared to analysts' expectations of $1.13 billion. Zoom Video Communications had a return on equity of 9.68% and a net margin of 14.08%. Equities analysts forecast that Zoom Video Communications, Inc. will post 2.15 earnings per share for the current year.

Insider Activity

In other news, insider Velchamy Sankarlingam sold 1,553 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $70.00, for a total transaction of $108,710.00. Following the completion of the transaction, the insider now directly owns 71,956 shares in the company, valued at $5,036,920. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Velchamy Sankarlingam sold 1,553 shares of the business's stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $70.00, for a total value of $108,710.00. Following the completion of the transaction, the insider now directly owns 71,956 shares in the company, valued at approximately $5,036,920. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Aparna Bawa sold 816 shares of the business's stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $66.60, for a total transaction of $54,345.60. Following the completion of the transaction, the chief operating officer now owns 1,978 shares of the company's stock, valued at $131,734.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 93,224 shares of company stock worth $5,872,091. Insiders own 11.28% of the company's stock.

Analyst Upgrades and Downgrades

ZM has been the topic of a number of research analyst reports. Piper Sandler raised their target price on Zoom Video Communications from $69.00 to $72.00 and gave the company a "neutral" rating in a report on Friday, January 12th. BNP Paribas downgraded Zoom Video Communications from a "neutral" rating to an "underperform" rating and set a $60.00 price objective on the stock. in a report on Thursday, January 18th. Jefferies Financial Group began coverage on Zoom Video Communications in a report on Tuesday, March 19th. They set a "hold" rating and a $70.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on Zoom Video Communications from $83.00 to $80.00 and set a "neutral" rating on the stock in a report on Tuesday, February 27th. Finally, Rosenblatt Securities raised Zoom Video Communications from a "neutral" rating to a "buy" rating and set a $75.00 price objective on the stock in a report on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Zoom Video Communications currently has an average rating of "Hold" and a consensus target price of $77.56.

Zoom Video Communications 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.