38,045 Shares in Zoom Video Communications, Inc. (NASDAQ:ZM) Purchased by Tri Ri Asset Management Corp

Tri Ri Asset Management Corp acquired a new stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 38,045 shares of the company's stock, valued at approximately $2,676,000. Zoom Video Communications comprises approximately 3.0% of Tri Ri Asset Management Corp's investment portfolio, making the stock its 18th largest position.

Several other hedge funds have also recently made changes to their positions in ZM. Comerica Bank raised its holdings in shares of Zoom Video Communications by 15.6% during the first quarter. Comerica Bank now owns 4,966 shares of the company's stock valued at $325,000 after purchasing an additional 670 shares during the last quarter. Cetera Advisors LLC increased its holdings in Zoom Video Communications by 52.1% during the first quarter. Cetera Advisors LLC now owns 6,307 shares of the company's stock valued at $412,000 after buying an additional 2,160 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Zoom Video Communications by 2.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,311 shares of the company's stock valued at $669,000 after buying an additional 273 shares during the last quarter. Swedbank AB increased its holdings in Zoom Video Communications by 22.6% during the second quarter. Swedbank AB now owns 39,378 shares of the company's stock valued at $2,331,000 after buying an additional 7,252 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Zoom Video Communications by 6.6% during the second quarter. Assenagon Asset Management S.A. now owns 542,091 shares of the company's stock valued at $32,086,000 after buying an additional 33,783 shares during the last quarter. 66.54% of the stock is owned by hedge funds and other institutional investors.

Zoom Video Communications Stock Up 0.6 %

ZM stock traded up $0.52 during trading on Thursday, hitting $87.11. The company had a trading volume of 1,441,567 shares, compared to its average volume of 3,338,529. The firm has a market capitalization of $26.70 billion, a P/E ratio of 29.02, a PEG ratio of 5.29 and a beta of -0.03. Zoom Video Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $92.80. The company has a 50 day simple moving average of $77.71 and a 200-day simple moving average of $67.47.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ZM shares. Bank of America upped their target price on shares of Zoom Video Communications from $75.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Evercore ISI upgraded shares of Zoom Video Communications from an "in-line" rating to an "outperform" rating and upped their price target for the stock from $70.00 to $115.00 in a research report on Tuesday, November 26th. Morgan Stanley upped their price target on shares of Zoom Video Communications from $68.00 to $86.00 and gave the stock an "equal weight" rating in a research report on Wednesday, November 13th. UBS Group upped their price target on shares of Zoom Video Communications from $75.00 to $90.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Finally, Stifel Nicolaus upped their price target on shares of Zoom Video Communications from $70.00 to $90.00 and gave the stock a "hold" rating in a research report on Tuesday, November 26th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $85.19.

Insiders Place Their Bets

In related news, CFO Kelly Steckelberg sold 8,901 shares of Zoom Video Communications stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $66.47, for a total value of $591,649.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Shane Crehan sold 2,478 shares of the firm's stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $69.09, for a total transaction of $171,205.02. Following the transaction, the chief accounting officer now directly owns 2,383 shares of the company's stock, valued at $164,641.47. This represents a 50.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 437,414 shares of company stock worth $32,958,564 in the last three months. Corporate 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.