State of Michigan Retirement System Grows Stock Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

State of Michigan Retirement System increased its holdings in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 2.0% in the 4th quarter, HoldingsChannel reports. The firm owned 147,966 shares of the company’s stock after acquiring an additional 2,900 shares during the quarter. State of Michigan Retirement System’s holdings in Zoom Video Communications were worth $12,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ZM. Baker Avenue Asset Management LP boosted its position in Zoom Video Communications by 82.1% in the 3rd quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock worth $1,994,000 after purchasing an additional 12,890 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of Zoom Video Communications by 449.4% in the 3rd quarter. HighTower Advisors LLC now owns 63,618 shares of the company’s stock valued at $4,429,000 after purchasing an additional 52,039 shares during the period. Merit Financial Group LLC purchased a new stake in Zoom Video Communications during the fourth quarter worth $1,072,000. Eagle Asset Management Inc. acquired a new stake in Zoom Video Communications during the third quarter valued at $62,038,000. Finally, National Pension Service increased its holdings in Zoom Video Communications by 30.1% in the third quarter. National Pension Service now owns 655,227 shares of the company’s stock valued at $45,696,000 after buying an additional 151,728 shares in the last quarter. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ZM shares. Evercore ISI upgraded Zoom Video Communications from an “in-line” rating to an “outperform” rating and raised their target price for the company from $70.00 to $115.00 in a research report on Tuesday, November 26th. 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 research report on Tuesday, November 26th. Scotiabank upgraded Zoom Video Communications to a “hold” rating in a research report on Tuesday, November 19th. Citigroup decreased their target price on Zoom Video Communications from $86.00 to $85.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 18th. Finally, UBS Group dropped their price target on shares of Zoom Video Communications from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Fifteen 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 stock presently has a consensus rating of “Hold” and a consensus price target of $90.05.

Zoom Video Communications Price Performance

ZM opened at $75.60 on Thursday. The firm has a market capitalization of $23.17 billion, a price-to-earnings ratio of 25.20, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26. The company’s 50 day simple moving average is $81.66 and its two-hundred day simple moving average is $77.26. Zoom Video Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $92.80.

Insider Activity at Zoom Video Communications

In other news, insider Velchamy Sankarlingam sold 3,618 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total value of $307,312.92. Following the completion of the sale, the insider now owns 107,826 shares of the company’s stock, valued at $9,158,740.44. This represents a 3.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Shane Crehan sold 1,551 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total transaction of $131,741.94. Following the sale, the chief accounting officer now directly owns 3,251 shares in the company, valued at approximately $276,139.94. The trade was a 32.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 298,909 shares of company stock valued at $24,272,632. 10.78% of the stock is currently owned by insiders.

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.