Tri Ri Asset Management Corp Buys Shares of 38,045 Zoom Video Communications, Inc. (NASDAQ:ZM)

Tri Ri Asset Management Corp bought a new stake in Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 38,045 shares of the company's stock, valued at approximately $2,653,000. Zoom Video Communications makes up approximately 1.4% of Tri Ri Asset Management Corp's portfolio, making the stock its 27th biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Truvestments Capital LLC purchased a new stake in Zoom Video Communications during the third quarter worth about $37,000. Innealta Capital LLC acquired a new stake in Zoom Video Communications during the second quarter worth approximately $33,000. Allworth Financial LP grew its position in shares of Zoom Video Communications by 43.8% in the third quarter. Allworth Financial LP now owns 591 shares of the company's stock valued at $41,000 after purchasing an additional 180 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Zoom Video Communications during the 2nd quarter valued at about $41,000. Finally, Venturi Wealth Management LLC increased its position in Zoom Video Communications by 56.0% during the third quarter. Venturi Wealth Management LLC now owns 763 shares of the company's stock worth $53,000 after purchasing an additional 274 shares during the last quarter. 66.54% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. UBS Group boosted 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. Evercore ISI upgraded shares of Zoom Video Communications from an "in-line" rating to an "outperform" rating and increased their target price for the company from $70.00 to $115.00 in a research report on Tuesday, November 26th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $95.00 target price on shares of Zoom Video Communications in a report on Tuesday, November 26th. Sanford C. Bernstein upped their price target on Zoom Video Communications from $78.00 to $89.00 and gave the company a "market perform" rating in a research report on Tuesday, November 26th. Finally, Piper Sandler increased their price target on shares of Zoom Video Communications from $68.00 to $89.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $85.19.

Zoom Video Communications Stock Performance

Shares of ZM stock traded down $3.26 during trading hours on Friday, reaching $83.79. The company had a trading volume of 2,616,594 shares, compared to its average volume of 3,338,736. Zoom Video Communications, Inc. has a twelve month low of $55.06 and a twelve month high of $92.80. The stock's fifty day simple moving average is $78.10 and its 200 day simple moving average is $67.61. The company has a market capitalization of $25.68 billion, a P/E ratio of 29.02, a price-to-earnings-growth ratio of 5.46 and a beta of -0.03.

Insider Buying and Selling

In related news, insider Velchamy Sankarlingam sold 10,338 shares of the stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $69.51, for a total transaction of $718,594.38. Following the completion of the sale, the insider now directly owns 104,414 shares of the company's stock, valued at approximately $7,257,817.14. This represents a 9.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kelly Steckelberg sold 8,901 shares of the business's 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 437,414 shares of company stock worth $32,958,564. Corporate 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.