5 Best Software Stocks to Buy Now

California-based Zoom gained popularity after the pandemic as millions of individuals and businesses flocked to the app to remotely communicate with each other. Zoom has 300 million daily meeting participants. The company made its debut on the U.S. stock exchange in April 2019. Zoom shares rallied recently after the company said it reached a milestone of 1 million Zoom Phone seats sold.

Jim Simons’ Renaissance Technologies is one of the 56 hedge funds having stakes in Zoom as of the end of the third quarter. The net worth of these stakes is $9.72 billion. Here is what a buyside fund recently said about ZM:

“Zoom Video Communications provides a cloud-native, video-first communications platform that transforms how people communicate, interact and work together. It offers a better experience with easy onboarding and use, and it addresses enterprise needs around scalability, cost and minimal IT involvement. The company is a leader and household name in video communication and is benefiting from the explosive growth of remote working and learning from home resulting from Covid¬19 social distancing. Shares of Zoom outperformed after the company said its fiscal second quarter exceeded consensus expectations and raised its fiscal-year 2021 guidance for revenues and profitability. We believe Zoom is currently well positioned to benefit from the ongoing high levels of remote working and learning at home. Additionally. it is continuing to capture market share and its launch of Zoom Phone and Zoom Rooms has expanded its market. The company is also increasing its penetration within enterprises and is expanding internationally.”