Galvin Gaustad & Stein LLC Sells 282,189 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Galvin Gaustad & Stein LLC decreased its holdings in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 91.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 27,786 shares of the company’s stock after selling 282,189 shares during the period. Galvin Gaustad & Stein LLC’s holdings in Zoom Video Communications were worth $2,268,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. AQR Capital Management LLC increased its position in shares of Zoom Video Communications by 78.5% during the second quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock valued at $337,233,000 after acquiring an additional 2,520,987 shares in the last quarter. FMR LLC increased its position in shares of Zoom Video Communications by 23.8% during the third quarter. FMR LLC now owns 12,444,887 shares of the company’s stock valued at $867,906,000 after acquiring an additional 2,395,396 shares in the last quarter. Eagle Asset Management Inc. bought a new stake in shares of Zoom Video Communications during the third quarter valued at approximately $62,038,000. Assenagon Asset Management S.A. increased its position in shares of Zoom Video Communications by 126.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,251,302 shares of the company’s stock valued at $102,119,000 after acquiring an additional 699,625 shares in the last quarter. Finally, Nordea Investment Management AB boosted its holdings in Zoom Video Communications by 202.8% in the fourth quarter. Nordea Investment Management AB now owns 779,051 shares of the company’s stock worth $64,054,000 after purchasing an additional 521,778 shares during the last quarter. Institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Price Performance

ZM stock opened at $78.17 on Thursday. The business has a 50 day simple moving average of $82.56 and a 200-day simple moving average of $72.15. The firm has a market capitalization of $23.96 billion, a PE ratio of 26.03, a price-to-earnings-growth ratio of 4.94 and a beta of -0.01. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ZM shares. Wells Fargo & Company upgraded shares of Zoom Video Communications from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $70.00 to $85.00 in a research note on Tuesday, January 7th. Cantor Fitzgerald started coverage on shares of Zoom Video Communications in a research note on Friday, January 17th. They set a “neutral” rating and a $87.00 target price on the stock. Morgan Stanley lifted their target price on shares of Zoom Video Communications from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Hsbc Global Res upgraded shares of Zoom Video Communications to a “strong-buy” rating in a research note on Tuesday, November 26th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Zoom Video Communications in a report on Friday, January 10th. Sixteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $89.10.

Insider Activity at Zoom Video Communications

In other news, insider Velchamy Sankarlingam sold 3,618 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total transaction of $307,312.92. Following the sale, the insider now owns 107,826 shares of the company’s stock, valued at approximately $9,158,740.44. This represents a 3.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Shane Crehan sold 1,551 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total value of $131,741.94. Following the completion of the transaction, the chief accounting officer now directly owns 3,251 shares in the company, valued at $276,139.94. This trade represents a 32.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 489,981 shares of company stock worth $38,712,948. Insiders own 10.78% of the company’s stock.

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.