Zoom Video Communications, Inc. (NASDAQ:ZM) Stake Lowered by Summit Global Investments

Summit Global Investments cut its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,828 shares of the company’s stock after selling 1,240 shares during the quarter. Summit Global Investments’ holdings in Zoom Video Communications were worth $4,393,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in ZM. HighTower Advisors LLC boosted its position in shares of Zoom Video Communications by 449.4% during the third quarter. HighTower Advisors LLC now owns 63,618 shares of the company’s stock worth $4,429,000 after buying an additional 52,039 shares during the period. Merit Financial Group LLC acquired a new position in shares of Zoom Video Communications during the fourth quarter worth approximately $1,072,000. Eagle Asset Management Inc. acquired a new position in shares of Zoom Video Communications during the third quarter worth approximately $62,038,000. State Street Corp boosted its position in shares of Zoom Video Communications by 2.3% during the third quarter. State Street Corp now owns 6,106,293 shares of the company’s stock worth $425,853,000 after buying an additional 134,559 shares during the period. Finally, Nordea Investment Management AB boosted its position in shares of Zoom Video Communications by 202.8% during the fourth quarter. Nordea Investment Management AB now owns 779,051 shares of the company’s stock worth $64,054,000 after buying an additional 521,778 shares during the period. 66.54% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ZM. Stifel Nicolaus reduced their price objective on Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, February 25th. Evercore ISI upgraded Zoom Video Communications from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $70.00 to $115.00 in a research report on Tuesday, November 26th. Royal Bank of Canada restated an “outperform” rating and issued a $95.00 target price on shares of Zoom Video Communications in a research report on Wednesday. Rosenblatt Securities restated a “buy” rating and issued a $95.00 target price on shares of Zoom Video Communications in a research report on Wednesday. Finally, Scotiabank cut their target price on Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating for the company in a research report on Monday, March 17th. Fifteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Zoom Video Communications presently has an average rating of “Hold” and a consensus target price of $89.33.

Insider Buying and Selling at Zoom Video Communications

In other news, COO Aparna Bawa sold 9,317 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $78.69, for a total value of $733,154.73. Following the transaction, the chief operating officer now directly owns 14,053 shares of the company’s stock, valued at approximately $1,105,830.57. This represents a 39.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Eric S. Yuan sold 33,751 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $78.69, for a total transaction of $2,655,866.19. Following the completion of the transaction, the chief executive officer now directly owns 34,703 shares in the company, valued at $2,730,779.07. This trade represents a 49.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 369,271 shares of company stock valued at $29,496,892 in the last three months. 10.78% of the stock is currently owned by company insiders.

Zoom Video Communications Stock Down 0.1 %

Shares of NASDAQ:ZM opened at $75.97 on Friday. The company’s fifty day moving average is $79.98 and its two-hundred day moving average is $77.82. Zoom Video Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $92.80. The company has a market cap of $23.19 billion, a P/E ratio of 25.32, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26.

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.