Zoom Video Communications, Inc. (NASDAQ:ZM) Sees Large Drop in Short Interest

Zoom Video Communications, Inc. (NASDAQ:ZM) was the recipient of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 6,680,000 shares, a decrease of 26.7% from the February 13th total of 9,110,000 shares. Based on an average daily trading volume, of 2,750,000 shares, the days-to-cover ratio is currently 2.4 days. Currently, 2.4% of the company’s stock are short sold.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ZM shares. Hsbc Global Res upgraded shares of Zoom Video Communications to a “strong-buy” rating in a research note on Tuesday, November 26th. Royal Bank of Canada reiterated an “outperform” rating and set a $95.00 price objective on shares of Zoom Video Communications in a research report on Tuesday, November 26th. Stifel Nicolaus dropped their target price on Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, February 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Finally, Evercore ISI raised shares of Zoom Video Communications from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $70.00 to $115.00 in a report on Tuesday, November 26th. Fifteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $90.05.

Insider Activity at Zoom Video Communications

In other Zoom Video Communications news, CAO Shane Crehan sold 1,412 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $111,110.28. Following the transaction, the chief accounting officer now owns 5,404 shares in the company, valued at approximately $425,240.76. This represents a 20.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Aparna Bawa sold 9,317 shares of Zoom Video Communications stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $78.69, for a total transaction of $733,154.73. Following the completion of the sale, the chief operating officer now owns 14,053 shares of the company’s stock, valued at $1,105,830.57. This represents a 39.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 369,271 shares of company stock valued at $29,496,892 over the last 90 days. Corporate insiders own 10.78% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global X Japan Co. Ltd. lifted its position 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 in the last quarter. Avior Wealth Management LLC increased its stake in Zoom Video Communications by 291.2% in the 4th quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock worth $29,000 after acquiring an additional 265 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Zoom Video Communications by 277.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 351 shares of the company’s stock worth $29,000 after acquiring an additional 258 shares in the last quarter. Raiffeisen Bank International AG bought a new position in shares of Zoom Video Communications during the 4th quarter valued at approximately $30,000. Finally, Colonial Trust Co SC purchased a new position in shares of Zoom Video Communications in the fourth quarter valued at $32,000. 66.54% of the stock is currently owned by institutional investors.

Zoom Video Communications Stock Up 2.7 %

NASDAQ ZM opened at $74.20 on Friday. Zoom Video Communications has a twelve month low of $55.06 and a twelve month high of $92.80. The business has a 50-day moving average price of $80.44 and a 200-day moving average price of $77.67. The firm has a market cap of $22.65 billion, a price-to-earnings ratio of 24.73, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26.

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.