Sumitomo Mitsui Trust Group Inc. Sells 15,632 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM) by 2.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 590,487 shares of the company’s stock after selling 15,632 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Zoom Video Communications were worth $48,190,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Baker Avenue Asset Management LP increased its stake in shares of Zoom Video Communications by 82.1% in the third quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock worth $1,994,000 after buying an additional 12,890 shares during the period. Sanctuary Advisors LLC bought a new stake in Zoom Video Communications in the 2nd quarter worth $763,000. HighTower Advisors LLC increased its position in shares of Zoom Video Communications by 449.4% in the third quarter. HighTower Advisors LLC now owns 63,618 shares of the company’s stock valued at $4,429,000 after acquiring an additional 52,039 shares during the period. Merit Financial Group LLC bought a new position in shares of Zoom Video Communications during the fourth quarter valued at about $1,072,000. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Zoom Video Communications by 15.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock worth $87,713,000 after purchasing an additional 167,618 shares during the period. 66.54% of the stock is owned by institutional investors.

Insider Buying and Selling at Zoom Video Communications

In other Zoom Video Communications news, CEO Eric S. Yuan sold 118,036 shares of Zoom Video Communications stock in a transaction on Monday, January 13th. The stock was sold at an average price of $79.03, for a total value of $9,328,385.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Velchamy Sankarlingam sold 3,618 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total value of $307,312.92. Following the transaction, the insider now directly owns 107,826 shares in the company, valued at approximately $9,158,740.44. The trade was a 3.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 382,242 shares of company stock worth $31,230,938. 10.78% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ZM. Royal Bank of Canada restated an “outperform” rating and set a $95.00 price target on shares of Zoom Video Communications in a report on Tuesday, November 26th. Hsbc Global Res raised Zoom Video Communications to a “strong-buy” rating in a research note on Tuesday, November 26th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $78.00 price target on shares of Zoom Video Communications in a research note on Friday, November 22nd. The Goldman Sachs Group boosted their price objective on shares of Zoom Video Communications from $72.00 to $86.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Zoom Video Communications in a research report on Friday, January 10th. Sixteen investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $89.10.

Zoom Video Communications Price Performance

Shares of NASDAQ:ZM opened at $87.10 on Tuesday. The business has a fifty day moving average price of $83.18 and a 200-day moving average price of $74.55. The company has a market capitalization of $26.70 billion and a PE ratio of 29.03. Zoom Video Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $92.80.

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.