Allstate Corp Acquires Shares of 7,198 Zoom Video Communications, Inc. (NASDAQ:ZM)

Allstate Corp bought a new position in Zoom Video Communications, Inc. (NASDAQ:ZM) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 7,198 shares of the company’s stock, valued at approximately $587,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ZM. Norges Bank purchased a new position in Zoom Video Communications in the fourth quarter valued at about $751,908,000. Raymond James Financial Inc. acquired a new stake in shares of Zoom Video Communications in the 4th quarter worth approximately $99,471,000. Contrarius Group Holdings Ltd purchased a new position in Zoom Video Communications in the 4th quarter valued at approximately $72,854,000. Assenagon Asset Management S.A. raised its holdings in 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 worth $102,119,000 after purchasing an additional 699,625 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in Zoom Video Communications by 202.8% during 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 in the last quarter. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on ZM shares. Morgan Stanley lifted their price target on Zoom Video Communications from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Barclays reduced their price target on shares of Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. Stifel Nicolaus dropped their price objective on shares of Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, February 25th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $95.00 target price on shares of Zoom Video Communications in a research note on Wednesday, March 19th. Finally, Jefferies Financial Group raised Zoom Video Communications from a “hold” rating to a “buy” rating and raised their price target for the stock from $85.00 to $100.00 in a research report on Thursday, December 19th. Fifteen investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $89.33.

Zoom Video Communications Stock Up 0.3 %

Shares of NASDAQ:ZM opened at $74.02 on Wednesday. The company has a 50 day moving average of $79.60 and a two-hundred day moving average of $78.41. Zoom Video Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $92.80. The company has a market capitalization of $22.59 billion, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26.

Insider Activity at Zoom Video Communications

In related news, Director Jonathan Chadwick sold 25,000 shares of Zoom Video Communications stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $80.33, for a total value of $2,008,250.00. Following the completion of the sale, the director now owns 1,514 shares in the company, valued at approximately $121,619.62. The trade was a 94.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Velchamy Sankarlingam sold 10,817 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $851,189.73. Following the transaction, the insider now owns 117,760 shares in the company, valued at $9,266,534.40. This trade represents a 8.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 371,746 shares of company stock valued at $29,689,595. Corporate 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.