Zoom Video Communications, Inc. (NASDAQ:ZM) Stock Position Raised by Franklin Resources Inc.

Franklin Resources Inc. lifted its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 53.6% during the third quarter, Holdings Channel reports. The firm owned 331,782 shares of the company’s stock after buying an additional 115,837 shares during the period. Franklin Resources Inc.’s holdings in Zoom Video Communications were worth $22,537,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC raised its stake in Zoom Video Communications by 2.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,311 shares of the company’s stock valued at $669,000 after acquiring an additional 273 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Zoom Video Communications by 1,820.5% in the second quarter. Nisa Investment Advisors LLC now owns 32,649 shares of the company’s stock worth $1,932,000 after purchasing an additional 30,949 shares during the period. Everhart Financial Group Inc. bought a new position in Zoom Video Communications in the 2nd quarter valued at about $219,000. McAdam LLC acquired a new position in Zoom Video Communications during the 2nd quarter valued at about $272,000. Finally, Easterly Investment Partners LLC acquired a new position in shares of Zoom Video Communications during the second quarter valued at approximately $5,838,000. Institutional investors and hedge funds own 66.54% of the company’s stock.

Insider Activity

In other news, insider Velchamy Sankarlingam sold 10,338 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $69.51, for a total transaction of $718,594.38. Following the completion of the sale, the insider now owns 104,414 shares of the company’s stock, valued at approximately $7,257,817.14. This trade represents a 9.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Shane Crehan sold 2,478 shares of the business’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $69.09, for a total value of $171,205.02. Following the completion of the transaction, the chief accounting officer now directly owns 2,383 shares in the company, valued at approximately $164,641.47. This represents a 50.98 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 428,513 shares of company stock worth $32,366,914. 10.78% of the stock is currently owned by corporate insiders.

Zoom Video Communications Stock Up 2.4 %

Shares of ZM opened at $84.05 on Friday. The stock’s 50-day moving average price is $79.55 and its 200 day moving average price is $68.37. Zoom Video Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $92.80. The firm has a market capitalization of $25.76 billion, a price-to-earnings ratio of 28.02, a P/E/G ratio of 5.29 and a beta of -0.03.

Wall Street Analysts Forecast Growth

ZM has been the subject of several research analyst reports. Bank of America upped their price objective on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. UBS Group raised their target price on shares of Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. The Goldman Sachs Group upped their price target on Zoom Video Communications from $72.00 to $86.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Benchmark upped their target price on Zoom Video Communications from $85.00 to $97.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Zoom Video Communications in a research report on Friday, October 11th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $87.10.

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.