Resona Asset Management Co. Ltd. Purchases New Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Resona Asset Management Co. Ltd. acquired a new position in Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 77,899 shares of the company's stock, valued at approximately $6,375,000.

A number of other institutional investors and hedge funds have also bought and sold shares of ZM. HighTower Advisors LLC lifted its position in shares of Zoom Video Communications by 449.4% in the 3rd quarter. HighTower Advisors LLC now owns 63,618 shares of the company's stock worth $4,429,000 after purchasing an additional 52,039 shares during the period. Merit Financial Group LLC acquired a new position in Zoom Video Communications in the fourth quarter valued at $1,072,000. State Street Corp boosted its position in Zoom Video Communications by 2.3% during the third quarter. State Street Corp now owns 6,106,293 shares of the company's stock valued at $425,853,000 after acquiring an additional 134,559 shares during the last quarter. Nordea Investment Management AB grew its holdings in Zoom Video Communications by 202.8% during the 4th quarter. Nordea Investment Management AB now owns 779,051 shares of the company's stock worth $64,054,000 after acquiring an additional 521,778 shares during the period. Finally, Tri Ri Asset Management Corp bought a new position in shares of Zoom Video Communications in the 3rd quarter worth about $2,676,000. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Zoom Video Communications

In other Zoom Video Communications news, COO Aparna Bawa sold 12,075 shares of the business's stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $79.15, for a total value of $955,736.25. Following the transaction, the chief operating officer now directly owns 1,978 shares in the company, valued at $156,558.70. The trade was a 85.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Santiago Subotovsky sold 2,475 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $77.86, for a total transaction of $192,703.50. Following the sale, the director now owns 169,452 shares of the company's stock, valued at approximately $13,193,532.72. The trade was a 1.44 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 316,449 shares of company stock valued at $25,338,274. 10.78% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Royal Bank of Canada reaffirmed an "outperform" rating and set a $95.00 target price on shares of Zoom Video Communications in a research note on Wednesday, March 19th. Benchmark reiterated a "buy" rating and set a $97.00 target price on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Cantor Fitzgerald restated a "neutral" rating and issued a $87.00 price target on shares of Zoom Video Communications in a report on Tuesday, February 25th. Rosenblatt Securities reiterated a "buy" rating and set a $95.00 price objective on shares of Zoom Video Communications in a report on Wednesday, March 19th. Finally, Morgan Stanley raised their target price on Zoom Video Communications from $86.00 to $96.00 and gave the company an "equal weight" rating in a research note on Wednesday, December 18th. Fifteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $89.33.

Zoom Video Communications Stock Performance

Shares of Zoom Video Communications stock traded up $1.73 during mid-day trading on Friday, hitting $71.34. 1,929,318 shares of the stock were exchanged, compared to its average volume of 3,104,395. Zoom Video Communications, Inc. has a 12 month low of $55.06 and a 12 month high of $92.80. The company has a 50-day simple moving average of $76.77 and a 200 day simple moving average of $78.49. The company has a market capitalization of $21.78 billion, a P/E ratio of 23.78, a P/E/G ratio of 5.48 and a beta of 0.67.

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.