Illumine Investment Management LLC Takes $2 Million Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Illumine Investment Management LLC bought a new stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 24,447 shares of the company’s stock, valued at approximately $1,995,000. Zoom Video Communications accounts for about 1.6% of Illumine Investment Management LLC’s portfolio, making the stock its 21st largest position.

Other institutional investors have also recently modified their holdings of the company. Adero Partners LLC boosted its holdings in Zoom Video Communications by 2.4% in the 4th quarter. Adero Partners LLC now owns 5,509 shares of the company’s stock worth $450,000 after buying an additional 129 shares during the last quarter. Itau Unibanco Holding S.A. boosted its holdings in shares of Zoom Video Communications by 1.9% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 7,121 shares of the company’s stock worth $497,000 after purchasing an additional 131 shares during the last quarter. MML Investors Services LLC boosted its holdings in shares of Zoom Video Communications by 1.4% during the 3rd quarter. MML Investors Services LLC now owns 9,395 shares of the company’s stock worth $655,000 after purchasing an additional 132 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Zoom Video Communications by 1.9% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,970 shares of the company’s stock worth $556,000 after purchasing an additional 145 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of Zoom Video Communications by 3.4% during the 3rd quarter. MetLife Investment Management LLC now owns 4,619 shares of the company’s stock worth $322,000 after purchasing an additional 154 shares during the last quarter. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on ZM. Jefferies Financial Group raised shares of Zoom Video Communications from a “hold” rating to a “buy” rating and lifted their price target for the company from $85.00 to $100.00 in a research report on Thursday, December 19th. Wells Fargo & Company raised shares of Zoom Video Communications from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $70.00 to $85.00 in a research report on Tuesday, January 7th. Piper Sandler lifted their price target on shares of Zoom Video Communications from $68.00 to $89.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Sanford C. Bernstein lifted their price target on shares of Zoom Video Communications from $78.00 to $89.00 and gave the company a “market perform” rating in a research report on Tuesday, November 26th. Finally, Bank of America lifted their price target on shares of Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Fifteen investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $90.05.

Insider Buying and Selling at Zoom Video Communications

In other news, CEO Eric S. Yuan sold 83,333 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $83.50, for a total value of $6,958,305.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Velchamy Sankarlingam sold 3,618 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total transaction of $307,312.92. Following the completion of the sale, the insider now directly owns 107,826 shares of the company’s stock, valued at $9,158,740.44. The trade was a 3.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 382,242 shares of company stock worth $31,230,938 over the last 90 days. Corporate insiders own 10.78% of the company’s stock.

Zoom Video Communications Price Performance

NASDAQ ZM opened at $72.88 on Friday. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80. The company has a market capitalization of $22.34 billion and a PE ratio of 24.29. The company has a fifty day moving average of $82.54 and a two-hundred day moving average of $76.63.

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.