Star investor Cathie Wood buys Zoom dip, scoops up $56.5 mln worth of shares

Zwahlen Et Mayr SA

01/09/2021 15:16

** Shares of video conferencing platform  ZM.O  up much as
3.1% at $298.61 in early trading  
    ** Star investor Cathie Wood's funds scooped up $56.5 mln
worth of shares in ZM, taking advantage of a 17% drop in the
co's stock price on Tuesday 
    ** ZM on Monday signaled demand for its video-conferencing
service was slowing as more cos bring employees back to offices
 urn:newsml:reuters.com:*:nL4N2Q13TV
    ** Shares of ZM fell by highest in more than nine months to
close at $289.50 on Tuesday
    ** Brokerage Baird says Zoom's "SMB uncertainty could remain
a near-term overhang"; cuts PT to $380 from $445
    ** Guggenheim cuts PT by $20 to $370 given increased churn
and uncertainty in the near term
    ** Avg. rating of 28 analysts is "buy"; median PT is $380 -
Refinitiv data
    ** As of last close, stock had fallen ~14% this year
following nearly 400% surge last year


    

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))