AQR Capital Management LLC Acquires 373,509 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

AQR Capital Management LLC lifted its holdings in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 5.2% during the fourth quarter, Holdings Channel reports. The fund owned 7,538,744 shares of the company’s stock after purchasing an additional 373,509 shares during the quarter. Zoom Video Communications accounts for 0.8% of AQR Capital Management LLC’s investment portfolio, making the stock its 7th largest holding. AQR Capital Management LLC’s holdings in Zoom Video Communications were worth $615,237,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Zoom Video Communications during the fourth quarter valued at $751,908,000. Altshuler Shaham Ltd lifted its stake in Zoom Video Communications by 285.9% during the fourth quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company’s stock valued at $167,813,000 after buying an additional 1,523,480 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Zoom Video Communications by 24.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company’s stock worth $521,123,000 after buying an additional 1,247,717 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Zoom Video Communications during the fourth quarter valued at approximately $99,471,000. Finally, Contrarius Group Holdings Ltd purchased a new stake in shares of Zoom Video Communications in the 4th quarter valued at approximately $72,854,000. Institutional investors and hedge funds own 66.54% of the company’s stock.

Zoom Video Communications Price Performance

ZM stock opened at $76.16 on Tuesday. The company has a 50 day moving average price of $74.02 and a 200 day moving average price of $78.79. The stock has a market capitalization of $23.25 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 5.48 and a beta of 0.67. Zoom Video Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ZM shares. Citigroup lowered their target price on Zoom Video Communications from $86.00 to $85.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 18th. Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a report on Tuesday, February 25th. UBS Group decreased their target price on shares of Zoom Video Communications from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Cantor Fitzgerald restated a “neutral” rating and set a $87.00 price target on shares of Zoom Video Communications in a report on Tuesday, February 25th. Finally, Barclays lowered their target price on shares of Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. Fifteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Zoom Video Communications has an average rating of “Hold” and a consensus target price of $85.90.

Insider Activity

In related news, Director Santiago Subotovsky sold 2,475 shares of the business’s stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $75.43, for a total value of $186,689.25. Following the completion of the transaction, the director now directly owns 160,299 shares in the company, valued at approximately $12,091,353.57. The trade was a 1.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Aparna Bawa sold 16,099 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $72.59, for a total transaction of $1,168,626.41. Following the sale, the chief operating officer now directly owns 1,978 shares of the company’s stock, valued at $143,583.02. This represents a 89.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 245,372 shares of company stock valued at $19,127,800 in the last ninety days. 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.