Zoom Video Communications, Inc. (NASDAQ:ZM) is Invenomic Capital Management LP’s 5th Largest Position

Invenomic Capital Management LP trimmed its position in Zoom Video Communications, Inc. (NASDAQ:ZM) by 16.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 611,719 shares of the company’s stock after selling 121,546 shares during the period. Zoom Video Communications comprises about 2.3% of Invenomic Capital Management LP’s portfolio, making the stock its 5th largest holding. Invenomic Capital Management LP’s holdings in Zoom Video Communications were worth $42,661,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ZM. Investment Management Corp of Ontario grew its holdings in Zoom Video Communications by 22.5% during the third quarter. Investment Management Corp of Ontario now owns 14,706 shares of the company’s stock worth $1,026,000 after acquiring an additional 2,700 shares during the period. Itau Unibanco Holding S.A. grew its holdings in Zoom Video Communications by 1.9% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 7,121 shares of the company’s stock worth $497,000 after buying an additional 131 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Zoom Video Communications by 31.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 114,173 shares of the company’s stock worth $7,962,000 after purchasing an additional 27,116 shares during the last quarter. HighTower Advisors LLC raised its position in Zoom Video Communications by 449.4% during the third quarter. HighTower Advisors LLC now owns 63,618 shares of the company’s stock valued at $4,429,000 after buying an additional 52,039 shares during the period. Finally, Point72 Hong Kong Ltd bought a new stake in Zoom Video Communications in the third quarter worth $3,417,000. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ZM shares. Evercore ISI raised Zoom Video Communications from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $70.00 to $115.00 in a report on Tuesday, November 26th. Benchmark lifted their price target on shares of Zoom Video Communications from $85.00 to $97.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Bank of America raised their target price on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Hsbc Global Res upgraded shares of Zoom Video Communications to a “strong-buy” rating in a research report on Tuesday, November 26th. Finally, UBS Group lifted their price target on Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $85.19.

Zoom Video Communications Price Performance

Shares of NASDAQ ZM opened at $83.11 on Tuesday. The business has a 50-day moving average of $75.22 and a 200-day moving average of $66.33. The company has a market capitalization of $25.58 billion, a price-to-earnings ratio of 27.70, a PEG ratio of 5.22 and a beta of -0.03. Zoom Video Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $92.80.

Insider Activity

In other news, CEO Eric S. Yuan sold 178,571 shares of the company’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $76.91, for a total value of $13,733,895.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Velchamy Sankarlingam sold 3,614 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total value of $241,668.18. Following the transaction, the insider now directly owns 94,000 shares in the company, valued at approximately $6,285,780. This trade represents a 3.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 367,108 shares of company stock worth $26,796,191 over the last quarter. Corporate insiders own 10.78% of the company’s stock.

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.