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

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 83.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 606,119 shares of the company's stock after selling 3,131,223 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.20% of Zoom Video Communications worth $42,271,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Baker Avenue Asset Management LP raised its holdings in Zoom Video Communications by 82.1% in the 3rd quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company's stock valued at $1,994,000 after acquiring an additional 12,890 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Zoom Video Communications in the second quarter valued at $763,000. Robeco Institutional Asset Management B.V. increased its stake in Zoom Video Communications by 15.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company's stock valued at $87,713,000 after purchasing an additional 167,618 shares during the last quarter. National Pension Service lifted its position in Zoom Video Communications by 30.1% during the third quarter. National Pension Service now owns 655,227 shares of the company's stock worth $45,696,000 after buying an additional 151,728 shares during the period. Finally, Easterly Investment Partners LLC boosted its stake in Zoom Video Communications by 11.2% in the 3rd quarter. Easterly Investment Partners LLC now owns 109,679 shares of the company's stock worth $7,649,000 after buying an additional 11,043 shares during the last quarter. Institutional investors and hedge funds own 66.54% of the company's stock.

Insider Activity at Zoom Video Communications

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,614 shares of Zoom Video Communications stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total value of $241,668.18. Following the completion of the transaction, the insider now owns 94,000 shares of the company's stock, valued at $6,285,780. The trade was a 3.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Kelly Steckelberg sold 5,013 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $59.70, for a total transaction of $299,276.10. The disclosure for this sale can be found here. Insiders have sold 372,121 shares of company stock valued at $27,095,467 over the last ninety days. Corporate insiders own 10.78% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Stifel Nicolaus upped their price objective on shares of Zoom Video Communications from $65.00 to $70.00 and gave the company a "hold" rating in a research note on Thursday, October 10th. UBS Group raised shares of Zoom Video Communications to a "hold" rating in a research report on Friday, July 26th. Wedbush began coverage on shares of Zoom Video Communications in a report on Thursday, October 17th. They issued an "outperform" rating and a $85.00 price target on the stock. Bank of America dropped their price objective on Zoom Video Communications from $78.00 to $75.00 and set a "neutral" rating for the company in a report on Thursday, August 22nd. Finally, Wells Fargo & Company increased their target price on Zoom Video Communications from $55.00 to $60.00 and gave the stock an "underweight" rating in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Zoom Video Communications has an average rating of "Hold" and an average price target of $76.26.

Zoom Video Communications Price Performance

ZM traded down $1.49 during trading hours on Friday, reaching $81.14. 2,234,811 shares of the stock traded hands, compared to its average volume of 2,708,715. Zoom Video Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $87.15. The company has a market cap of $24.97 billion, a price-to-earnings ratio of 29.08, a PEG ratio of 7.12 and a beta of -0.05. The firm's fifty day simple moving average is $72.07 and its two-hundred day simple moving average is $64.84.

Zoom Video Communications (NASDAQ:ZM - Get Free Report) last released its quarterly earnings results on Wednesday, August 21st. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.21 by $0.18. Zoom Video Communications had a return on equity of 10.77% and a net margin of 19.08%. The business had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.15 billion. During the same quarter in the previous year, the firm posted $0.55 earnings per share. The company's revenue was up 2.1% compared to the same quarter last year. On average, research analysts predict that Zoom Video Communications, Inc. will post 2.74 earnings per share for the current year.

Zoom Video Communications Company 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.