Norges Bank Takes $164.22 Million Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Norges Bank acquired a new stake in Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,283,744 shares of the company's stock, valued at approximately $164,224,000. Norges Bank owned approximately 0.75% of Zoom Video Communications as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Zoom Video Communications by 4.6% during the third quarter. Vanguard Group Inc. now owns 22,695,541 shares of the company's stock worth $1,587,326,000 after purchasing an additional 1,000,005 shares in the last quarter. ARK Investment Management LLC boosted its stake in Zoom Video Communications by 7.7% during the fourth quarter. ARK Investment Management LLC now owns 10,964,576 shares of the company's stock valued at $788,463,000 after buying an additional 781,663 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Zoom Video Communications by 3.4% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,612,008 shares of the company's stock valued at $475,469,000 after buying an additional 216,768 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its stake in Zoom Video Communications by 4.0% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 6,046,234 shares of the company's stock valued at $434,785,000 after buying an additional 233,321 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its stake in Zoom Video Communications by 36.4% during the fourth quarter. Pacer Advisors Inc. now owns 1,826,433 shares of the company's stock valued at $131,339,000 after buying an additional 487,796 shares during the last quarter. Hedge funds and other institutional investors own 66.54% of the company's stock.

Insider Activity at Zoom Video Communications

In related news, insider Velchamy Sankarlingam sold 1,553 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $70.00, for a total value of $108,710.00. Following the transaction, the insider now owns 71,956 shares of the company's stock, valued at $5,036,920. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Zoom Video Communications news, CFO Kelly Steckelberg sold 5,007 shares of the firm's stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $59.36, for a total transaction of $297,215.52. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Velchamy Sankarlingam sold 1,553 shares of the firm's stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $70.00, for a total value of $108,710.00. Following the transaction, the insider now directly owns 71,956 shares in the company, valued at approximately $5,036,920. The disclosure for this sale can be found here. Insiders have sold 101,170 shares of company stock valued at $6,356,101 over the last quarter. 10.78% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company lowered their price objective on Zoom Video Communications from $70.00 to $60.00 and set an "underweight" rating for the company in a research note on Tuesday. Wedbush reaffirmed a "neutral" rating and issued a $80.00 price objective on shares of Zoom Video Communications in a research note on Tuesday, February 27th. Jefferies Financial Group assumed coverage on Zoom Video Communications in a research note on Tuesday, March 19th. They issued a "hold" rating and a $70.00 price objective for the company. Citigroup raised their price objective on Zoom Video Communications from $76.00 to $77.00 and gave the company a "neutral" rating in a research note on Tuesday. Finally, Stifel Nicolaus lowered their price objective on Zoom Video Communications from $70.00 to $65.00 and set a "hold" rating for the company in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $76.67.

Zoom Video Communications Stock Performance

Shares of Zoom Video Communications stock traded down $1.96 during trading hours on Thursday, reaching $62.42. 3,006,581 shares of the company were exchanged, compared to its average volume of 3,288,927. Zoom Video Communications, Inc. has a 1 year low of $58.87 and a 1 year high of $75.90. The stock's fifty day moving average is $63.21 and its 200 day moving average is $65.90. The firm has a market cap of $19.20 billion, a PE ratio of 24.02 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM - Get Free Report) last posted its earnings results on Monday, February 26th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.42 by $0.34. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.13 billion. Zoom Video Communications had a return on equity of 10.84% and a net margin of 18.37%. Research analysts expect that Zoom Video Communications, Inc. will post 2.15 earnings per share for the current year.

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.