5 Famous Tech Stocks at a Bargain Today

4. Zoom Video Communications, Inc. (NASDAQ:ZM)

Number of Hedge Fund Holders: 48 

Decline in Share Price Over Past Month: 26.84%

Zoom Video Communications, Inc. (NASDAQ:ZM) owns and runs a video communications platform. The company posted earnings for the fourth quarter of 2021 in late February, beating market estimates on earnings per share and revenue by $0.22 and $30 million respectively. 

Zoom Video Communications, Inc. (NASDAQ:ZM) is one of the top communications stocks on Wall Street. Among the hedge funds being tracked by Insider Monkey, New York-based firm Tiger Global Management LLC is a leading shareholder in Zoom Video Communications, Inc. (NASDAQ:ZM) with 6.1 million shares worth more than $1.1 billion. 

In its Q1 2021 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and Zoom Video Communications, Inc. (NASDAQ:ZM) was one of them. Here is what the fund said:

“We concluded our campaigns in Zoom Video Communications, Inc. (NASDAQ:ZM). We have been paring our position in Zoom Video Communications, Inc. (NASDAQ:ZM) for several quarters, anticipating the reduced need for video conferencing as vaccination rates climb and people return to their workplaces. That said, we believe there is a strong case to be made that the pandemic has prompted a permanent inflection in videoconferencing’s importance—sustainably higher remote work arrangements, more online learning and less business travel. Furthermore, the company’s dramatically expanded user base (up 485% YoY in Q3) positions it well to cross sell additional services, Zoom Phone in particular. The long-term future remains bright, but we decided to end our successful investment campaign in favor of opportunities in our pipeline with more attractive near-term growth prospects.”