Massachusetts Financial Services Co. MA Purchases Shares of 103,506 Zoom Video Communications, Inc. (NASDAQ:ZM)

Massachusetts Financial Services Co. MA purchased a new position in Zoom Video Communications, Inc. (NASDAQ:ZM) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 103,506 shares of the company’s stock, valued at approximately $8,447,000.

Several other institutional investors have also recently made changes to their positions in the stock. The Manufacturers Life Insurance Company raised its position in shares of Zoom Video Communications by 20.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 16,125 shares of the company’s stock valued at $1,125,000 after purchasing an additional 2,714 shares during the period. MetLife Investment Management LLC increased its stake in Zoom Video Communications by 3.4% in the 3rd quarter. MetLife Investment Management LLC now owns 4,619 shares of the company’s stock worth $322,000 after buying an additional 154 shares in the last quarter. Captrust Financial Advisors raised its holdings in Zoom Video Communications by 67.6% during the third quarter. Captrust Financial Advisors now owns 11,361 shares of the company’s stock valued at $792,000 after acquiring an additional 4,584 shares during the period. HighTower Advisors LLC lifted its position in shares of Zoom Video Communications by 449.4% in the third quarter. HighTower Advisors LLC now owns 63,618 shares of the company’s stock valued at $4,429,000 after acquiring an additional 52,039 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Zoom Video Communications by 74.4% in the third quarter. Quantinno Capital Management LP now owns 56,835 shares of the company’s stock worth $3,964,000 after acquiring an additional 24,237 shares during the period. Institutional investors own 66.54% of the company’s stock.

Insider Transactions at Zoom Video Communications

In other news, CAO Shane Crehan sold 1,412 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $78.69, for a total value of $111,110.28. Following the completion of the sale, the chief accounting officer now owns 5,404 shares of the company’s stock, valued at approximately $425,240.76. This represents a 20.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Aparna Bawa sold 9,317 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 value of $733,154.73. Following the sale, the chief operating officer now directly owns 14,053 shares in the company, valued at $1,105,830.57. This trade represents a 39.87 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 371,746 shares of company stock worth $29,689,595. 10.78% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ZM. Rosenblatt Securities reissued a “buy” rating and issued a $95.00 price target on shares of Zoom Video Communications in a report on Wednesday, March 19th. Morgan Stanley boosted their target price on shares of Zoom Video Communications from $86.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Stifel Nicolaus cut their target price 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. Wells Fargo & Company upgraded shares of Zoom Video Communications from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $70.00 to $85.00 in a research note on Tuesday, January 7th. Finally, Benchmark restated a “buy” rating and set a $97.00 price objective on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Fifteen equities research 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $89.33.

Zoom Video Communications Price Performance

Shares of NASDAQ ZM opened at $68.05 on Tuesday. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80. The firm has a 50-day simple moving average of $78.85 and a two-hundred day simple moving average of $78.51. The company has a market cap of $20.77 billion, a P/E ratio of 22.68, a PEG ratio of 5.48 and a beta of 0.67.

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.