Retirement Systems of Alabama Raises Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Retirement Systems of Alabama grew its position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 48.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 903,797 shares of the company's stock after buying an additional 293,375 shares during the period. Retirement Systems of Alabama owned approximately 0.29% of Zoom Video Communications worth $63,031,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Innealta Capital LLC acquired a new position in Zoom Video Communications in the 2nd quarter valued at $33,000. Truvestments Capital LLC bought a new stake in Zoom Video Communications during the third quarter worth about $37,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Zoom Video Communications during the second quarter worth about $41,000. Allworth Financial LP grew its stake in Zoom Video Communications by 43.8% during the third quarter. Allworth Financial LP now owns 591 shares of the company's stock worth $41,000 after buying an additional 180 shares in the last quarter. Finally, Venturi Wealth Management LLC raised its position in shares of Zoom Video Communications by 56.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 763 shares of the company's stock valued at $53,000 after buying an additional 274 shares in the last quarter. Institutional investors own 66.54% of the company's stock.

Zoom Video Communications Stock Down 3.7 %

ZM traded down $3.26 during trading on Friday, reaching $83.79. 2,626,168 shares of the stock traded hands, compared to its average volume of 3,338,775. The stock's 50-day moving average is $78.10 and its 200 day moving average is $67.61. Zoom Video Communications, Inc. has a 12 month low of $55.06 and a 12 month high of $92.80. The stock has a market capitalization of $25.68 billion, a PE ratio of 29.02, a P/E/G ratio of 5.46 and a beta of -0.03.

Insider Buying and Selling

In other news, CFO Kelly Steckelberg sold 8,901 shares of the business's stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $66.47, for a total transaction of $591,649.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Velchamy Sankarlingam sold 3,618 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total value of $307,312.92. Following the completion of the transaction, the insider now owns 107,826 shares in the company, valued at approximately $9,158,740.44. This represents a 3.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 437,414 shares of company stock valued at $32,958,564 over the last 90 days. Company insiders own 10.78% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on ZM. Needham & Company LLC reiterated a "hold" rating on shares of Zoom Video Communications in a research report on Friday, October 11th. Evercore ISI upgraded Zoom Video Communications from an "in-line" rating to an "outperform" rating and upped their price objective for the stock from $70.00 to $115.00 in a research report on Tuesday, November 26th. Robert W. Baird reduced their price objective on Zoom Video Communications from $84.00 to $77.00 and set an "outperform" rating on the stock in a research note on Thursday, August 22nd. Barclays lifted their price target on shares of Zoom Video Communications from $70.00 to $85.00 and gave the company an "equal weight" rating in a report on Wednesday, November 27th. Finally, Mizuho increased their price objective on shares of Zoom Video Communications from $90.00 to $105.00 and gave the company an "outperform" rating in a research note on Tuesday, November 26th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Zoom Video Communications has a consensus rating of "Hold" and an average target price of $85.19.

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.