Cigna Investments Inc. New Buys Shares of 2,678 Zoom Video Communications, Inc. (NASDAQ:ZM)

Cigna Investments Inc. New bought a new position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,678 shares of the company’s stock, valued at approximately $218,000.

A number of other large investors have also recently made changes to their positions in ZM. FMR LLC increased its holdings in Zoom Video Communications by 23.8% during the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company’s stock worth $867,906,000 after acquiring an additional 2,395,396 shares during the period. State Street Corp increased its holdings in shares of Zoom Video Communications by 2.3% in the third quarter. State Street Corp now owns 6,106,293 shares of the company’s stock worth $425,853,000 after purchasing an additional 134,559 shares during the period. Pacer Advisors Inc. raised its position in shares of Zoom Video Communications by 4.4% in the third quarter. Pacer Advisors Inc. now owns 5,480,179 shares of the company’s stock worth $382,188,000 after buying an additional 233,241 shares in the last quarter. Geode Capital Management LLC boosted its stake in Zoom Video Communications by 4.2% during the third quarter. Geode Capital Management LLC now owns 4,595,435 shares of the company’s stock valued at $320,177,000 after buying an additional 184,518 shares during the period. Finally, Two Sigma Advisers LP boosted its stake in Zoom Video Communications by 9.8% during the third quarter. Two Sigma Advisers LP now owns 1,448,700 shares of the company’s stock valued at $101,032,000 after buying an additional 128,800 shares during the period. 66.54% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ZM. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Zoom Video Communications in a report on Tuesday, November 26th. Wells Fargo & Company raised shares of Zoom Video Communications from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $70.00 to $85.00 in a research note on Tuesday, January 7th. Benchmark boosted their price target on shares of Zoom Video Communications from $85.00 to $97.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research report on Friday, January 10th. Finally, Morgan Stanley upped 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 research report on Wednesday, December 18th. Sixteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Zoom Video Communications currently has a consensus rating of “Hold” and a consensus target price of $89.10.

Insider Buying and Selling

In other Zoom Video Communications news, Director Jonathan Chadwick sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $80.33, for a total transaction of $2,008,250.00. Following the completion of the transaction, the director now owns 1,514 shares of the company’s stock, valued at approximately $121,619.62. This trade represents a 94.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Eric S. Yuan sold 83,332 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $86.28, for a total value of $7,189,884.96. The disclosure for this sale can be found here. Insiders sold a total of 382,242 shares of company stock valued at $31,230,938 over the last three months. Corporate insiders own 10.78% of the company’s stock.

Zoom Video Communications Stock Performance

ZM opened at $83.82 on Wednesday. The stock has a market capitalization of $25.69 billion and a PE ratio of 27.94. The stock’s 50 day moving average price is $83.26 and its 200-day moving average price is $74.74. Zoom Video Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $92.80.

Zoom Video Communications Company 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.