Prudential Financial Inc. Sells 88,662 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Prudential Financial Inc. lowered its stake in Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 14.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 505,004 shares of the company's stock after selling 88,662 shares during the quarter. Prudential Financial Inc. owned about 0.16% of Zoom Video Communications worth $41,213,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. FMR LLC increased its holdings in Zoom Video Communications by 23.8% in the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company's stock worth $867,906,000 after acquiring an additional 2,395,396 shares in the last quarter. State Street Corp increased its stake in shares of Zoom Video Communications by 2.3% in the third quarter. State Street Corp now owns 6,106,293 shares of the company's stock worth $425,853,000 after purchasing an additional 134,559 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Zoom Video Communications by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 4,595,435 shares of the company's stock valued at $320,177,000 after purchasing an additional 184,518 shares during the period. Two Sigma Advisers LP lifted its stake in shares of Zoom Video Communications by 9.8% during the 3rd quarter. Two Sigma Advisers LP now owns 1,448,700 shares of the company's stock valued at $101,032,000 after buying an additional 128,800 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Zoom Video Communications by 5.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,367,055 shares of the company's stock valued at $111,565,000 after buying an additional 69,612 shares in the last quarter. 66.54% of the stock is owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In related news, Director Santiago Subotovsky sold 2,475 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $77.86, for a total value of $192,703.50. Following the transaction, the director now owns 169,452 shares of the company's stock, valued at $13,193,532.72. This represents a 1.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Velchamy Sankarlingam sold 10,817 shares of Zoom Video Communications stock in a transaction on Friday, January 10th. The shares were sold at an average price of $78.69, for a total value of $851,189.73. Following the sale, the insider now directly owns 117,760 shares of the company's stock, valued at approximately $9,266,534.40. This trade represents a 8.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 371,746 shares of company stock worth $29,689,595 over the last quarter. Company insiders own 10.78% of the company's stock.

Zoom Video Communications Stock Performance

NASDAQ ZM traded down $1.94 during trading on Friday, hitting $74.84. The stock had a trading volume of 1,515,267 shares, compared to its average volume of 3,102,337. Zoom Video Communications, Inc. has a one year low of $55.06 and a one year high of $92.80. The stock has a market capitalization of $22.84 billion, a price-to-earnings ratio of 24.95, a P/E/G ratio of 5.48 and a beta of 0.26. The stock has a 50 day simple moving average of $79.78 and a 200 day simple moving average of $78.31.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ZM shares. Stifel Nicolaus decreased their price target on Zoom Video Communications from $90.00 to $85.00 and set a "hold" rating on the stock in a report on Tuesday, February 25th. Needham & Company LLC reissued a "hold" rating on shares of Zoom Video Communications in a report on Tuesday, February 25th. Citigroup cut their price objective on shares of Zoom Video Communications from $86.00 to $85.00 and set a "neutral" rating for the company in a report on Tuesday, February 18th. Jefferies Financial Group upgraded shares of Zoom Video Communications from a "hold" rating to a "buy" rating and upped their target price for the stock from $85.00 to $100.00 in a research report on Thursday, December 19th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $95.00 price target on shares of Zoom Video Communications in a research note on Wednesday, March 19th. Fifteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $89.33.

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.