Allspring Global Investments Holdings LLC Sells 23,237 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Allspring Global Investments Holdings LLC cut its position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 29.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,494 shares of the company's stock after selling 23,237 shares during the period. Allspring Global Investments Holdings LLC's holdings in Zoom Video Communications were worth $4,446,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. FMR LLC grew its stake in shares of Zoom Video Communications by 23.8% in the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company's stock valued at $867,906,000 after purchasing an additional 2,395,396 shares during the period. State Street Corp grew its holdings in shares of Zoom Video Communications by 2.3% in the 3rd quarter. State Street Corp now owns 6,106,293 shares of the company's stock worth $425,853,000 after purchasing an additional 134,559 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Zoom Video Communications by 4.4% during the 3rd quarter. Pacer Advisors Inc. now owns 5,480,179 shares of the company's stock worth $382,188,000 after purchasing an additional 233,241 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Zoom Video Communications by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 4,595,435 shares of the company's stock valued at $320,177,000 after purchasing an additional 184,518 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its position in Zoom Video Communications by 9.8% in the third quarter. Two Sigma Advisers LP now owns 1,448,700 shares of the company's stock valued at $101,032,000 after buying an additional 128,800 shares in the last quarter. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Zoom Video Communications Stock Performance

NASDAQ:ZM traded down $0.95 during trading hours on Friday, hitting $82.50. The stock had a trading volume of 4,120,593 shares, compared to its average volume of 2,294,444. The business's 50 day moving average is $83.21 and its 200-day moving average is $75.90. The company has a market cap of $25.29 billion and a price-to-earnings ratio of 27.50. Zoom Video Communications, Inc. has a one year low of $55.06 and a one year high of $92.80.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Jefferies Financial Group raised Zoom Video Communications from a "hold" rating to a "buy" rating and boosted their target price for the stock from $85.00 to $100.00 in a report on Thursday, December 19th. Piper Sandler increased their target price on Zoom Video Communications from $68.00 to $89.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th. Sanford C. Bernstein raised their target price on Zoom Video Communications from $78.00 to $89.00 and gave the company a "market perform" rating in a research note on Tuesday, November 26th. Royal Bank of Canada reiterated an "outperform" rating and set a $95.00 price target on shares of Zoom Video Communications in a research report on Tuesday, November 26th. Finally, Stifel Nicolaus raised their price objective on shares of Zoom Video Communications from $70.00 to $90.00 and gave the company a "hold" rating in a research report on Tuesday, November 26th. Sixteen equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Zoom Video Communications has an average rating of "Hold" and an average price target of $89.48.

Insider Activity

In related news, COO Aparna Bawa sold 9,317 shares of the company's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $78.69, for a total value of $733,154.73. Following the completion of the transaction, the chief operating officer now directly owns 14,053 shares of the company's stock, valued at approximately $1,105,830.57. This represents a 39.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Eric S. Yuan sold 83,333 shares of Zoom Video Communications stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $83.50, for a total value of $6,958,305.50. The disclosure for this sale can be found here. Insiders sold 382,242 shares of company stock valued at $31,230,938 in the last quarter. Company insiders own 10.78% of the company's stock.

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.