Principal Financial Group Inc. Grows Stock Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

Principal Financial Group Inc. grew its holdings in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 768.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 148,488 shares of the company's stock after buying an additional 131,383 shares during the period. Principal Financial Group Inc.'s holdings in Zoom Video Communications were worth $12,118,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Global X Japan Co. Ltd. lifted its stake in shares of Zoom Video Communications by 127.5% in the fourth quarter. Global X Japan Co. Ltd. now owns 339 shares of the company's stock worth $28,000 after buying an additional 190 shares in the last quarter. Avior Wealth Management LLC lifted its position in Zoom Video Communications by 291.2% in the 4th quarter. Avior Wealth Management LLC now owns 356 shares of the company's stock valued at $29,000 after acquiring an additional 265 shares in the last quarter. Geneos Wealth Management Inc. bought a new position in Zoom Video Communications in the 4th quarter valued at approximately $39,000. Truvestments Capital LLC purchased a new stake in Zoom Video Communications during the 3rd quarter valued at $37,000. Finally, Allworth Financial LP increased its holdings in shares of Zoom Video Communications by 43.8% in the 3rd quarter. Allworth Financial LP now owns 591 shares of the company's stock worth $41,000 after purchasing an additional 180 shares in the last quarter. 66.54% of the stock is owned by hedge funds and other institutional investors.

Zoom Video Communications Stock Up 0.8 %

NASDAQ ZM traded up $0.57 on Monday, reaching $74.27. The company had a trading volume of 2,075,353 shares, compared to its average volume of 2,676,447. The firm's 50 day moving average price is $82.30 and its 200 day moving average price is $77.04. Zoom Video Communications, Inc. has a 12 month low of $55.06 and a 12 month high of $92.80. The stock has a market capitalization of $22.76 billion and a PE ratio of 24.71.

Wall Street Analyst Weigh In

Several research firms recently commented on ZM. Jefferies Financial Group raised Zoom Video Communications from a "hold" rating to a "buy" rating and increased their price objective for the company from $85.00 to $100.00 in a research report on Thursday, December 19th. JMP Securities reaffirmed a "market perform" rating on shares of Zoom Video Communications in a report on Tuesday, November 26th. Wells Fargo & Company upgraded shares of Zoom Video Communications from an "underweight" rating to an "equal weight" rating and lifted their price target for the stock from $70.00 to $85.00 in a research note on Tuesday, January 7th. Benchmark restated a "buy" rating and set a $97.00 price objective on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Finally, UBS Group dropped their target price on shares of Zoom Video Communications from $90.00 to $85.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. Fifteen investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $90.05.

Insider Transactions at Zoom Video Communications

In other news, CEO Eric S. Yuan sold 83,333 shares of the business's stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $83.50, for a total transaction of $6,958,305.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Aparna Bawa sold 9,317 shares of the 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 sale, the chief operating officer now owns 14,053 shares in the company, valued at $1,105,830.57. The trade was a 39.87 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 382,242 shares of company stock valued at $31,230,938. 10.78% of the stock is currently 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.