Zoom Video Communications, Inc. (NASDAQ:ZM) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 2.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 590,487 shares of the company's stock after selling 15,632 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.19% of Zoom Video Communications worth $48,190,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Adero Partners LLC boosted its holdings in Zoom Video Communications by 2.4% in the fourth quarter. Adero Partners LLC now owns 5,509 shares of the company's stock valued at $450,000 after purchasing an additional 129 shares in the last quarter. Itau Unibanco Holding S.A. boosted its holdings in shares of Zoom Video Communications by 1.9% in the third quarter. Itau Unibanco Holding S.A. now owns 7,121 shares of the company's stock valued at $497,000 after acquiring an additional 131 shares during the period. MML Investors Services LLC boosted its holdings in shares of Zoom Video Communications by 1.4% in the third quarter. MML Investors Services LLC now owns 9,395 shares of the company's stock valued at $655,000 after acquiring an additional 132 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Zoom Video Communications by 1.9% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,970 shares of the company's stock valued at $556,000 after acquiring an additional 145 shares during the period. Finally, MetLife Investment Management LLC boosted its holdings in shares of Zoom Video Communications by 3.4% in the third quarter. MetLife Investment Management LLC now owns 4,619 shares of the company's stock valued at $322,000 after acquiring an additional 154 shares during the period. 66.54% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ZM. Bank of America increased their price objective on Zoom Video Communications from $75.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Morgan Stanley increased their price objective on Zoom Video Communications from $86.00 to $96.00 and gave the company an "equal weight" rating in a report on Wednesday, December 18th. Royal Bank of Canada reissued an "outperform" rating and issued a $95.00 price objective on shares of Zoom Video Communications in a report on Tuesday, November 26th. Hsbc Global Res raised Zoom Video Communications to a "strong-buy" rating in a report on Tuesday, November 26th. Finally, UBS Group increased their price target on Zoom Video Communications from $75.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th. Sixteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $89.10.

Zoom Video Communications Trading Down 0.1 %

Shares of ZM stock traded down $0.06 during mid-day trading on Friday, reaching $85.10. The stock had a trading volume of 1,435,757 shares, compared to its average volume of 2,211,810. The business has a 50-day simple moving average of $83.31 and a 200 day simple moving average of $75.03. Zoom Video Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $92.80. The company has a market cap of $26.08 billion and a P/E ratio of 28.37.

Insiders Place Their Bets

In other news, COO Aparna Bawa sold 9,317 shares of the business's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $78.69, for a total transaction of $733,154.73. Following the completion of the sale, the chief operating officer now owns 14,053 shares in the company, valued at approximately $1,105,830.57. The trade was a 39.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric S. Yuan sold 83,332 shares of the business's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $86.28, for a total value of $7,189,884.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 382,242 shares of company stock valued at $31,230,938. Insiders own 10.78% of the company's stock.

Zoom Video Communications Profile

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.