The Manufacturers Life Insurance Company Cuts Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

The Manufacturers Life Insurance Company lowered its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 12.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,165 shares of the company’s stock after selling 1,960 shares during the period. The Manufacturers Life Insurance Company’s holdings in Zoom Video Communications were worth $1,156,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. FMR LLC raised its stake in shares of Zoom Video Communications by 2.3% during the 4th quarter. FMR LLC now owns 12,727,532 shares of the company’s stock worth $1,038,694,000 after acquiring an additional 282,645 shares in the last quarter. Norges Bank purchased a new position in Zoom Video Communications in the fourth quarter worth $751,908,000. T. Rowe Price Investment Management Inc. increased its position in shares of Zoom Video Communications by 24.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company’s stock worth $521,123,000 after purchasing an additional 1,247,717 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Zoom Video Communications by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 4,624,160 shares of the company’s stock valued at $377,429,000 after purchasing an additional 28,725 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Zoom Video Communications by 9.7% during the 4th quarter. Renaissance Technologies LLC now owns 4,304,848 shares of the company’s stock valued at $351,319,000 after purchasing an additional 380,900 shares during the last quarter. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Stock Up 0.6%

Shares of ZM opened at $83.18 on Wednesday. The company has a market capitalization of $25.39 billion, a price-to-earnings ratio of 27.73, a PEG ratio of 5.48 and a beta of 0.79. Zoom Video Communications, Inc. has a 52 week low of $55.06 and a 52 week high of $92.80. The stock’s 50-day moving average price is $74.63 and its 200-day moving average price is $79.38.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Wells Fargo & Company reduced their target price on Zoom Video Communications from $85.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 22nd. Benchmark restated a “buy” rating and set a $97.00 price objective on shares of Zoom Video Communications in a report on Tuesday, February 25th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $87.00 price objective on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Royal Bank of Canada reissued an “outperform” rating and set a $95.00 target price on shares of Zoom Video Communications in a research report on Wednesday, March 19th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $90.00 price target on shares of Zoom Video Communications in a report on Thursday, May 8th. 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 MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $85.90.

Insider Activity at Zoom Video Communications

In related news, COO Aparna Bawa sold 16,099 shares of Zoom Video Communications stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $72.59, for a total value of $1,168,626.41. Following the completion of the transaction, the chief operating officer now owns 1,978 shares in the company, valued at $143,583.02. The trade was a 89.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric S. Yuan sold 75,531 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $74.98, for a total value of $5,663,314.38. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 164,515 shares of company stock worth $12,132,994. 10.78% of the stock is owned by corporate insiders.

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.