Legal & General Group Plc Decreases Stake in Zoom Video Communications, Inc. (NASDAQ:ZM)

Legal & General Group Plc reduced its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM) by 22.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,785,358 shares of the company’s stock after selling 517,519 shares during the period. Legal & General Group Plc’s holdings in Zoom Video Communications were worth $145,703,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC lifted its stake in shares of Zoom Video Communications by 2.3% in the fourth quarter. FMR LLC now owns 12,727,532 shares of the company’s stock worth $1,038,694,000 after buying an additional 282,645 shares in the last quarter. Norges Bank purchased a new position in Zoom Video Communications during the fourth quarter worth about $751,908,000. Geode Capital Management LLC raised its stake in Zoom Video Communications by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 4,624,160 shares of the company’s stock worth $377,429,000 after purchasing an additional 28,725 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Zoom Video Communications by 5.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,367,055 shares of the company’s stock worth $111,565,000 after buying an additional 69,612 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Zoom Video Communications by 0.3% during the 4th quarter. California Public Employees Retirement System now owns 1,256,017 shares of the company’s stock valued at $102,504,000 after buying an additional 3,492 shares during the period. 66.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ZM. UBS Group reduced their price target on shares of Zoom Video Communications from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $87.00 price target on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Wells Fargo & Company raised Zoom Video Communications from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $70.00 to $85.00 in a research report on Tuesday, January 7th. Finally, Scotiabank cut their target price on Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Monday, March 17th. Fifteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $89.33.

Insider Transactions at Zoom Video Communications

In related news, COO Aparna Bawa sold 9,317 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $733,154.73. Following the completion of the transaction, the chief operating officer now directly owns 14,053 shares of the company’s stock, valued at $1,105,830.57. This represents a 39.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Shane Crehan sold 1,412 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $78.69, for a total transaction of $111,110.28. Following the transaction, the chief accounting officer now directly owns 5,404 shares of the company’s stock, valued at $425,240.76. This represents a 20.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 337,995 shares of company stock worth $27,033,729. Company insiders own 10.78% of the company’s stock.

Zoom Video Communications Stock Performance

Shares of ZM opened at $71.83 on Thursday. Zoom Video Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The company has a market capitalization of $21.92 billion, a price-to-earnings ratio of 23.94, a price-to-earnings-growth ratio of 5.48 and a beta of 0.67. The firm has a 50-day simple moving average of $77.39 and a 200-day simple moving average of $78.40.

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.