Zoom Video Communications, Inc. CAO Sells $111,110.28 in Stock

On January 10th, 2023, Shane Crehan, the Chief Accounting Officer (CAO) of Zoom Video Communications, Inc. (NASDAQ:ZM), executed a transaction involving the sale of 1,412 shares of the company's stock. These shares were sold at an average price of $78.69, amounting to a total value of $111,110.28. Following this transaction, Crehan retains ownership of 5,404 shares, which are currently valued at approximately $425,240.76. This sale reflects a 20.72% reduction in their overall ownership of Zoom's stock. The details of this transaction were disclosed in a filing with the Securities and Exchange Commission (SEC).

It's pertinent to note that Shane Crehan made another sale on December 10th, 2022, where he sold 1,551 shares at an average price of $84.94. The total value of this earlier sale reached $131,741.94.

Stock Performance of Zoom Video Communications

On the trading day following the sale, shares of Zoom Video Communications (NASDAQ:ZM) experienced a decline, dropping $0.64 to a price of $78.82. The trading session saw a volume of 1,884,474 shares traded against an average volume of 2,210,943 shares. Zoom currently holds a market capitalization of $24.16 billion, a price-to-earnings (P/E) ratio of 26.27, and a P/E/G ratio of 5.29. The stock's beta is recorded at -0.01. Over the past 52 weeks, Zoom's stock has seen a low of $55.06 and a high of $92.80. The 50-day moving average is calculated at $83.02, while the 200-day moving average stands at $71.24.

Analyst Ratings and Price Targets

Zoom Video Communications has recently been the subject of multiple research reports issued by analysts. Piper Sandler raised their target price for Zoom from $68.00 to $89.00 while maintaining a "neutral" rating as of November 26th, 2022. Additionally, Wedbush initiated coverage on the company on October 17th, 2022, providing an "outperform" rating with a price objective of $85.00. On November 19th, Scotiabank upgraded its recommendation to a "hold" rating. Morgan Stanley also increased their target price from $86.00 to $96.00 on December 18th, 2022 and maintained an "equal weight" rating. JMP Securities reiterated a "market perform" rating on November 26th. Overall, one investment analyst rated the stock as a sell, fifteen recommended holding, eight suggested buying, and one gave a strong buy rating, resulting in an average rating of "Hold" and a consensus target price of $87.81, according to MarketBeat.com.

Institutional Investments

Recent activity from institutional investors and hedge funds shows growing engagement with Zoom Video Communications' stock. In the third quarter, Truvestments Capital LLC acquired a new stake in Zoom valued at approximately $37,000. Allworth Financial LP increased their stake by 43.8%, now holding 591 shares worth $41,000 after acquiring an additional 180 shares. Venturi Wealth Management LLC also raised its holdings by 56.0%, owning 763 shares valued at $53,000 after buying 274 more shares in the last quarter. In the fourth quarter, GAMMA Investing LLC boosted their stake by 27.1%, now owning 770 shares valued at $63,000. Notably, True Wealth Design LLC experienced an astounding increase of 10,763.6% in their stake during the third quarter, owning 1,195 shares valued at $83,000 post-acquisition of 1,184 shares. Institutional investors and hedge funds collectively own 66.54% of Zoom's stock.

About Zoom Video Communications

Zoom Video Communications, Inc. is a company that provides a unified communications platform across various regions including the Americas, Asia Pacific, Europe, the Middle East, and Africa. The offerings include Zoom Meetings for HD video, voice, chat, and content sharing, Zoom Phone as an enterprise cloud phone system, and Zoom Chat for message and content sharing across multiple device types.

Zoom, CAO, Stock