Zoom Video Communications, Inc. (NASDAQ:ZM) Shares Purchased by Principal Securities Inc.

Principal Securities Inc. grew its position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 26.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 783 shares of the company’s stock after buying an additional 166 shares during the quarter. Principal Securities Inc.’s holdings in Zoom Video Communications were worth $64,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Everhart Financial Group Inc. raised its stake in Zoom Video Communications by 15.5% during the 4th quarter. Everhart Financial Group Inc. now owns 6,098 shares of the company’s stock valued at $498,000 after acquiring an additional 820 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Zoom Video Communications by 0.7% in the fourth quarter. Rhumbline Advisers now owns 313,425 shares of the company’s stock worth $25,579,000 after buying an additional 2,251 shares during the period. New York State Teachers Retirement System increased its position in shares of Zoom Video Communications by 5.3% in the fourth quarter. New York State Teachers Retirement System now owns 24,127 shares of the company’s stock worth $1,969,000 after acquiring an additional 1,206 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Zoom Video Communications by 8.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 93,872 shares of the company’s stock valued at $7,868,000 after purchasing an additional 7,518 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Zoom Video Communications by 87.4% during the 4th quarter. Van ECK Associates Corp now owns 78,679 shares of the company’s stock valued at $6,421,000 after acquiring an additional 36,695 shares in the last quarter. 66.54% of the stock is owned by institutional investors and hedge funds.

Zoom Video Communications Price Performance

ZM opened at $72.88 on Friday. The stock has a market capitalization of $22.34 billion and a P/E ratio of 24.29. The company’s 50 day simple moving average is $82.54 and its 200-day simple moving average is $76.63. Zoom Video Communications, Inc. has a one year low of $55.06 and a one year high of $92.80.

Analyst Ratings Changes

A number of brokerages recently issued reports on ZM. Bank of America upped their price objective on shares of Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Sanford C. Bernstein raised their target price on Zoom Video Communications from $78.00 to $89.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 26th. Scotiabank raised Zoom Video Communications to a “hold” rating in a report on Tuesday, November 19th. Wells Fargo & Company raised Zoom Video Communications from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $70.00 to $85.00 in a report on Tuesday, January 7th. Finally, Piper Sandler boosted their price target on Zoom Video Communications from $68.00 to $89.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Fifteen research 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 data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $90.05.

Insiders Place Their Bets

In related news, CEO Eric S. Yuan sold 83,333 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $83.50, for a total value of $6,958,305.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Velchamy Sankarlingam sold 3,618 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total transaction of $307,312.92. Following the completion of 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 quarter, insiders have sold 382,242 shares of company stock valued at $31,230,938. 10.78% of the stock is currently owned by corporate insiders.

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.