GraniteShares Advisors LLC Decreases Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

GraniteShares Advisors LLC lowered its stake in Zoom Video Communications, Inc. (NASDAQ:ZM) by 25.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,716 shares of the company’s stock after selling 2,303 shares during the period. GraniteShares Advisors LLC’s holdings in Zoom Video Communications were worth $548,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ZM. Global X Japan Co. Ltd. raised its holdings in shares of Zoom Video Communications by 127.5% in the fourth quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock worth $28,000 after buying an additional 190 shares during the last quarter. Avior Wealth Management LLC raised its holdings in shares of Zoom Video Communications by 291.2% in the fourth quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock worth $29,000 after buying an additional 265 shares during the last quarter. Truvestments Capital LLC purchased a new position in shares of Zoom Video Communications in the third quarter worth $37,000. Geneos Wealth Management Inc. acquired a new stake in shares of Zoom Video Communications in the fourth quarter worth $39,000. Finally, Allworth Financial LP increased its stake in shares of Zoom Video Communications by 43.8% in the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after acquiring an additional 180 shares during the period. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Insider Buying and Selling at Zoom Video Communications

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,618 shares of the stock in a transaction dated 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 in the company, valued at approximately $9,158,740.44. This represents a 3.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric S. Yuan sold 118,036 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $79.03, for a total transaction of $9,328,385.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 382,242 shares of company stock worth $31,230,938. Insiders own 10.78% of the company’s stock.

Zoom Video Communications Stock Down 8.5 %

Shares of NASDAQ ZM opened at $74.22 on Wednesday. The company’s 50-day simple moving average is $82.92 and its 200-day simple moving average is $76.67. The firm has a market cap of $22.75 billion and a price-to-earnings ratio of 24.74. Zoom Video Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $92.80.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Jefferies Financial Group upgraded shares of Zoom Video Communications from a “hold” rating to a “buy” rating and increased their price objective for the stock from $85.00 to $100.00 in a research note on Thursday, December 19th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $87.00 price objective on shares of Zoom Video Communications in a research note on Tuesday. Benchmark reiterated a “buy” rating and issued a $97.00 price objective on shares of Zoom Video Communications in a research note on Tuesday. Morgan Stanley increased their price objective on shares of Zoom Video Communications from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Finally, Sanford C. Bernstein increased their price objective on shares of Zoom Video Communications from $78.00 to $89.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 26th. Sixteen equities research 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 stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $89.81.

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.