FORA Capital LLC Takes $1.29 Million Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

FORA Capital LLC purchased a new stake in Zoom Video Communications, Inc. (NASDAQ:ZM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 18,554 shares of the company’s stock, valued at approximately $1,294,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Truvestments Capital LLC bought a new stake in shares of Zoom Video Communications during the 3rd quarter valued at about $37,000. Innealta Capital LLC bought a new stake in shares of Zoom Video Communications during the 2nd quarter valued at about $33,000. Allworth Financial LP boosted its position in shares of Zoom Video Communications by 43.8% during the 3rd quarter. Allworth Financial LP now owns 591 shares of the company’s stock valued at $41,000 after purchasing an additional 180 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Zoom Video Communications during the 2nd quarter valued at about $36,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Zoom Video Communications during the 2nd quarter valued at about $41,000. Institutional investors and hedge funds own 66.54% of the company’s stock.

Zoom Video Communications Trading Up 2.3 %

Shares of ZM opened at $85.36 on Thursday. The company has a market capitalization of $26.27 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 7.12 and a beta of -0.05. The stock has a 50 day moving average of $74.55 and a 200 day moving average of $66.03. Zoom Video Communications, Inc. has a 12 month low of $55.06 and a 12 month high of $92.80.

Insider Activity at Zoom Video Communications

In related news, CEO Eric S. Yuan sold 178,571 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $76.91, for a total transaction of $13,733,895.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Aparna Bawa sold 880 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $68.09, for a total value of $59,919.20. Following the completion of the sale, the chief operating officer now directly owns 2,809 shares of the company’s stock, valued at $191,264.81. This represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 367,108 shares of company stock valued at $26,796,191. 10.78% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on ZM shares. Piper Sandler upped their target price on Zoom Video Communications from $68.00 to $89.00 and gave the company a “neutral” rating in a research report on Tuesday. Scotiabank upgraded Zoom Video Communications to a “hold” rating in a report on Tuesday, November 19th. Wells Fargo & Company increased their price target on Zoom Video Communications from $60.00 to $70.00 and gave the stock an “underweight” rating in a report on Tuesday. Bank of America increased their price target on Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Morgan Stanley increased their price target on Zoom Video Communications from $68.00 to $86.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $85.19.

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.