Harvey Capital Management Inc. Has $5.64 Million Stock Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Harvey Capital Management Inc. cut its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM) by 3.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 69,155 shares of the company’s stock after selling 2,200 shares during the quarter. Zoom Video Communications makes up 1.3% of Harvey Capital Management Inc.’s holdings, making the stock its 23rd biggest holding. Harvey Capital Management Inc.’s holdings in Zoom Video Communications were worth $5,644,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Adero Partners LLC raised its stake in shares of Zoom Video Communications by 2.4% during the fourth quarter. Adero Partners LLC now owns 5,509 shares of the company’s stock valued at $450,000 after acquiring an additional 129 shares during the last quarter. Itau Unibanco Holding S.A. raised its position in Zoom Video Communications by 1.9% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 7,121 shares of the company’s stock worth $497,000 after purchasing an additional 131 shares during the last quarter. MML Investors Services LLC grew its position in shares of Zoom Video Communications by 1.4% in the 3rd quarter. MML Investors Services LLC now owns 9,395 shares of the company’s stock valued at $655,000 after buying an additional 132 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its stake in shares of Zoom Video Communications by 1.9% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,970 shares of the company’s stock valued at $556,000 after buying an additional 145 shares during the period. Finally, MetLife Investment Management LLC raised its position in shares of Zoom Video Communications by 3.4% during the third quarter. MetLife Investment Management LLC now owns 4,619 shares of the company’s stock worth $322,000 after acquiring an additional 154 shares during the last quarter. Institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Price Performance

ZM opened at $83.82 on Wednesday. The firm’s fifty day moving average price is $83.29 and its two-hundred day moving average price is $74.91. The company has a market capitalization of $25.69 billion and a price-to-earnings ratio of 27.94. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ZM shares. Mizuho upped their price target on shares of Zoom Video Communications from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Evercore ISI upgraded Zoom Video Communications from an “in-line” rating to an “outperform” rating and upped their target price for the company from $70.00 to $115.00 in a research report on Tuesday, November 26th. Piper Sandler boosted their price target on Zoom Video Communications from $68.00 to $89.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Hsbc Global Res raised shares of Zoom Video Communications to a “strong-buy” rating in a research report on Tuesday, November 26th. Finally, UBS Group boosted their target price on shares of Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Sixteen equities 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $89.10.

Insider Buying and Selling

In other news, CEO Eric S. Yuan sold 83,332 shares of Zoom Video Communications stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $86.28, for a total transaction of $7,189,884.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Shane Crehan sold 1,551 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total transaction of $131,741.94. Following the completion of the transaction, the chief accounting officer now directly owns 3,251 shares in the company, valued at $276,139.94. This trade represents a 32.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 382,242 shares of company stock worth $31,230,938. 10.78% of the stock is owned by insiders.

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.