Sumitomo Mitsui Trust Group Inc. Sells 3,131,223 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 83.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. 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. owned approximately 0.20% of Zoom Video Communications worth $42,271,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Baker Avenue Asset Management LP raised its stake in shares of Zoom Video Communications by 82.1% during the 3rd quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock worth $1,994,000 after acquiring an additional 12,890 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Zoom Video Communications in the second quarter worth $763,000. Robeco Institutional Asset Management B.V. increased its position 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 in the last quarter. National Pension Service lifted its holdings in shares of Zoom Video Communications by 30.1% during the 3rd quarter. National Pension Service now owns 655,227 shares of the company’s stock valued at $45,696,000 after purchasing an additional 151,728 shares during the last quarter. Finally, Easterly Investment Partners LLC boosted its position in shares of Zoom Video Communications by 11.2% in the 3rd quarter. Easterly Investment Partners LLC now owns 109,679 shares of the company’s stock worth $7,649,000 after purchasing an additional 11,043 shares in the last quarter. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ZM has been the topic of several recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $95.00 target price on shares of Zoom Video Communications in a research report on Thursday, October 10th. Stifel Nicolaus increased their price objective on shares of Zoom Video Communications from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Thursday, October 10th. UBS Group raised shares of Zoom Video Communications to a “hold” rating in a research report on Friday, July 26th. Wells Fargo & Company upped 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. Finally, Wedbush initiated coverage on shares of Zoom Video Communications in a research note on Thursday, October 17th. They set an “outperform” rating and a $85.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $76.26.

Insider Activity

In other Zoom Video Communications news, CEO Eric S. Yuan sold 178,571 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $76.91, for a total transaction of $13,733,895.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan Chadwick sold 12,500 shares of Zoom Video Communications stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $75.04, for a total transaction of $938,000.00. Following the completion of the sale, the director now owns 1,514 shares in the company, valued at approximately $113,610.56. This trade represents a 89.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 372,121 shares of company stock worth $27,095,467 in the last ninety days. Company insiders own 10.78% of the company’s stock.

Zoom Video Communications Trading Down 1.8 %

Zoom Video Communications stock opened at $81.14 on Friday. The firm has a market cap of $24.97 billion, a PE ratio of 29.08, a P/E/G ratio of 7.33 and a beta of -0.05. Zoom Video Communications, Inc. has a 12 month low of $55.06 and a 12 month high of $87.15. The stock’s 50 day simple moving average is $71.79 and its two-hundred day simple moving average is $64.72.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the firm posted $0.55 earnings per share. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts forecast that Zoom Video Communications, Inc. will post 2.74 EPS for the current year.

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.