T. Rowe Price Investment Management Inc. Has $521.12 Million Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

T. Rowe Price Investment Management Inc. raised its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 24.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,385,523 shares of the company's stock after buying an additional 1,247,717 shares during the period. T. Rowe Price Investment Management Inc. owned about 2.08% of Zoom Video Communications worth $521,123,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Zoom Video Communications in the fourth quarter valued at approximately $751,908,000. Altshuler Shaham Ltd increased its position in Zoom Video Communications by 285.9% during the 4th quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company's stock worth $167,813,000 after buying an additional 1,523,480 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Zoom Video Communications during the fourth quarter worth $99,471,000. Contrarius Group Holdings Ltd acquired a new position in shares of Zoom Video Communications in the fourth quarter valued at about $72,854,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Zoom Video Communications by 357.5% during the fourth 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 during the period. 66.54% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Eric S. Yuan sold 41,121 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $72.18, for a total value of $2,968,113.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Velchamy Sankarlingam sold 11,839 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $71.91, for a total transaction of $851,342.49. Following the sale, the insider now directly owns 125,529 shares of the company's stock, valued at $9,026,790.39. This represents a 8.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 242,897 shares of company stock worth $18,941,111 in the last ninety days. Company insiders own 10.78% of the company's stock.

Zoom Video Communications Stock Performance

Shares of NASDAQ:ZM traded down $0.08 during midday trading on Monday, hitting $75.95. 395,634 shares of the stock were exchanged, compared to its average volume of 2,499,374. The business's 50-day moving average price is $74.20 and its 200 day moving average price is $78.75. Zoom Video Communications, Inc. has a 12 month low of $55.06 and a 12 month high of $92.80. The stock has a market capitalization of $23.18 billion, a price-to-earnings ratio of 25.29, a P/E/G ratio of 5.48 and a beta of 0.67.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Citigroup cut their target price on Zoom Video Communications from $86.00 to $85.00 and set a "neutral" rating for the company in a research report on Tuesday, February 18th. Stifel Nicolaus reduced their target price on Zoom Video Communications from $90.00 to $85.00 and set a "hold" rating on the stock in a report on Tuesday, February 25th. UBS Group dropped their price target on Zoom Video Communications from $90.00 to $85.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Finally, Mizuho reduced their price objective on shares of Zoom Video Communications from $105.00 to $71.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Fifteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Zoom Video Communications has an average rating of "Hold" and an average price target of $85.90.

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.