State of Alaska Department of Revenue Reduces Stake in Zoom Video Communications

The State of Alaska Department of Revenue has decreased its investment in Zoom Video Communications, Inc. (NASDAQ:ZM) by 29.6% during the fourth quarter, as reported by its latest filing with the Securities and Exchange Commission (SEC). Following the sale of 18,895 shares, the Department now holds 45,000 shares of the company. The total value of its Zoom Video Communications holdings at the end of the recent quarter was approximately $3,672,000.

Institutional Movements in Zoom Shares

In addition to the State of Alaska Department of Revenue, other institutional investors have also been active in trading Zoom shares. Avior Wealth Management LLC made a significant increase in its position in Zoom Video Communications, boosting its ownership by 291.2% during the fourth quarter. Now, Avior Wealth owns 356 shares worth around $29,000 after purchasing an additional 265 shares recently. Similarly, Truvestments Capital LLC acquired a new stake in the company during the third quarter, valued at about $37,000. Geneos Wealth Management Inc. and Allworth Financial LP also added to their stakes in the fourth quarter, with valuations of $39,000 and $41,000, respectively.

Analysts Outlook on Zoom Video Communications

Analysts on Wall Street have shared their forecasts regarding Zoom Video Communications. Needham & Company LLC maintained a "hold" rating for the stock in a research note published on January 10th. In contrast, Sanford C. Bernstein raised their price target from $78.00 to $89.00, issuing a "market perform" rating. Wells Fargo & Company upgraded its rating from "underweight" to "equal weight," setting a target price of $85.00. Jefferies Financial Group also upgraded its outlook, moving from a "hold" to a "buy" rating and adjusting the price target from $85.00 to $100.00. Multiple firms have rated Zoom with a mix of recommendations, including sixteen offering a hold rating, eight a buy rating, and one a strong buy rating, leading to an average rating of "Hold" at a price target of $89.10 according to data from MarketBeat.

Zoom Video Communications Stock Overview

On the market recently, Zoom Video Communications shares opened at $86.12, with the company holding a market capitalization of $26.39 billion. The price-to-earnings (P/E) ratio stands at 28.71. Over the past fifty days, the stock has shown a moving average of $83.18, while the 200-day moving average is $74.33. Within the last year, shares have fluctuated between a low of $55.06 and a high of $92.80.

Insider Trading Activity

In related news, several insiders have made transactions involving Zoom stock. Chief Accounting Officer Shane Crehan sold 1,412 shares at an average price of $78.69, totaling roughly $111,110.28. Following this sale, Crehan holds 5,404 shares worth approximately $425,240.76, reflecting a 20.72% decline in his holdings. Additionally, insider Velchamy Sankarlingam sold 3,618 shares for around $307,312.92, resulting in a 3.25% decrease in their position. Altogether, insiders have sold 382,242 shares totaling about $31,230,938 over the last quarter.

About Zoom Video Communications

Zoom Video Communications, Inc. specializes in providing a unified communications platform across various regions, including the Americas, Asia Pacific, Europe, Middle East, and Africa. The company offers multiple services such as Zoom Meetings, which include HD video, voice, chat, content sharing, and an enterprise cloud phone system via Zoom Phone. Additionally, Zoom Chat enables users to communicate effectively through various devices.

Alaska, Zoom, Investments, Stocks, Analysis