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

Sumitomo Mitsui Trust Group Inc. lessened its stake in Zoom Video Communications, Inc. (NASDAQ:ZM) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 590,487 shares of the company’s stock after selling 15,632 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.19% of Zoom Video Communications worth $48,190,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its holdings 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. Truist Financial Corp purchased a new position in shares of Zoom Video Communications in the 2nd quarter worth approximately $296,000. Sanctuary Advisors LLC purchased a new position in shares of Zoom Video Communications in the 2nd quarter worth approximately $763,000. Wedmont Private Capital bought a new position in shares of Zoom Video Communications in the third quarter valued at approximately $203,000. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Zoom Video Communications by 340.9% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,104 shares of the company’s stock valued at $216,000 after acquiring an additional 2,400 shares during the last quarter. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Jefferies Financial Group upgraded Zoom Video Communications from a “hold” rating to a “buy” rating and upped their price objective for the company from $85.00 to $100.00 in a research note on Thursday, December 19th. Wedbush began coverage on shares of Zoom Video Communications in a research report on Thursday, October 17th. They set an “outperform” rating and a $85.00 price target for the company. JMP Securities reaffirmed a “market perform” rating on shares of Zoom Video Communications in a research report on Tuesday, November 26th. Rosenblatt Securities reissued a “buy” rating and set a $78.00 target price on shares of Zoom Video Communications in a research report on Friday, November 22nd. Finally, Morgan Stanley lifted their price target on shares of Zoom Video Communications from $86.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Sixteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $89.10.

Insider Activity at Zoom Video Communications

In other news, CEO Eric S. Yuan sold 118,036 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $79.03, for a total transaction of $9,328,385.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Velchamy Sankarlingam sold 3,618 shares of Zoom Video Communications stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total transaction of $307,312.92. Following the sale, the insider now directly owns 107,826 shares of the company’s stock, valued at $9,158,740.44. This represents a 3.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 382,242 shares of company stock valued at $31,230,938. Company insiders own 10.78% of the company’s stock.

Zoom Video Communications Price Performance

ZM opened at $87.10 on Tuesday. The firm has a market capitalization of $26.70 billion and a P/E ratio of 29.03. Zoom Video Communications, Inc. has a one year low of $55.06 and a one year high of $92.80. The company has a fifty day moving average price of $83.18 and a 200-day moving average price of $74.55.

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.