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

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM) by 83.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 606,119 shares of the company’s stock after selling 3,131,223 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Zoom Video Communications were worth $42,271,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allworth Financial LP boosted 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 during the last quarter. Axiom Advisory LLC boosted its position in shares of Zoom Video Communications by 1.6% during the 3rd quarter. Axiom Advisory LLC now owns 11,712 shares of the company’s stock valued at $817,000 after acquiring an additional 183 shares during the last quarter. Baader Bank Aktiengesellschaft grew its holdings in shares of Zoom Video Communications by 0.8% in the second quarter. Baader Bank Aktiengesellschaft now owns 23,189 shares of the company’s stock valued at $1,370,000 after purchasing an additional 189 shares during the period. The Manufacturers Life Insurance Company increased its position in Zoom Video Communications by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 13,411 shares of the company’s stock worth $794,000 after purchasing an additional 223 shares during the last quarter. Finally, Excalibur Management Corp raised its stake in Zoom Video Communications by 5.6% during the second quarter. Excalibur Management Corp now owns 4,344 shares of the company’s stock worth $257,000 after purchasing an additional 232 shares during the period. 66.54% of the stock is owned by hedge funds and other institutional investors.

Zoom Video Communications Trading Down 1.8 %

NASDAQ:ZM opened at $81.14 on Friday. The stock has a fifty day moving average price of $71.79 and a 200 day moving average price of $64.72. Zoom Video Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $87.15. The firm has a market cap of $24.97 billion, a PE ratio of 29.08, a price-to-earnings-growth ratio of 7.33 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the company posted $0.55 earnings per share. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. Equities analysts forecast that Zoom Video Communications, Inc. will post 2.74 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of Zoom Video Communications from $55.00 to $60.00 and gave the company an “underweight” rating in a research note on Thursday, August 22nd. Robert W. Baird cut their target price on Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft upped their price target on Zoom Video Communications from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Rosenblatt Securities reissued a “buy” rating and set a $78.00 price objective on shares of Zoom Video Communications in a research report on Friday, October 4th. Finally, Bank of America decreased their target price on shares of Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $76.26.

Insiders Place Their Bets

In other news, CEO Eric S. Yuan sold 178,571 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $76.91, for a total value of $13,733,895.61. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Kelly Steckelberg sold 5,013 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $59.70, for a total value of $299,276.10. The disclosure for this sale can be found here. Insiders sold 372,121 shares of company stock worth $27,095,467 in the last 90 days. 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.