Zoom Video Communications, Inc. (NASDAQ:ZM) Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 10.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,829 shares of the company’s stock after purchasing an additional 2,523 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Zoom Video Communications were worth $2,190,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in ZM. Strategic Financial Concepts LLC acquired a new stake in Zoom Video Communications in the 4th quarter valued at about $831,000. Klein Pavlis & Peasley Financial Inc. raised its stake in Zoom Video Communications by 6.0% during the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 12,574 shares of the company’s stock worth $1,026,000 after purchasing an additional 710 shares during the period. Adero Partners LLC grew its position in Zoom Video Communications by 2.4% during the fourth quarter. Adero Partners LLC now owns 5,509 shares of the company’s stock valued at $450,000 after acquiring an additional 129 shares during the period. Choreo LLC purchased a new position in shares of Zoom Video Communications in the 4th quarter worth about $308,000. Finally, WT Asset Management Ltd acquired a new position in Zoom Video Communications during the fourth quarter valued at approximately $14,747,000. Institutional investors and hedge funds own 66.54% of the company’s stock.

Zoom Video Communications Trading Up 1.1 %

NASDAQ ZM opened at $87.10 on Tuesday. The company has a 50-day moving average price of $83.18 and a two-hundred day moving average price of $74.55. The stock has a market cap of $26.70 billion and a price-to-earnings ratio of 29.03. Zoom Video Communications, Inc. has a 52 week low of $55.06 and a 52 week high of $92.80.

Wall Street Analysts Forecast Growth

ZM has been the topic of a number of recent research reports. Bank of America boosted their price objective on Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Rosenblatt Securities reiterated a “buy” rating and issued a $78.00 price target on shares of Zoom Video Communications in a research note on Friday, November 22nd. Benchmark upped their price target on shares of Zoom Video Communications from $85.00 to $97.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Mizuho raised their price objective on shares of Zoom Video Communications from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Finally, Piper Sandler lifted their price target on Zoom Video Communications from $68.00 to $89.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Sixteen equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Zoom Video Communications presently has a consensus rating of “Hold” and a consensus target price of $89.10.

Insider Activity at Zoom Video Communications

In related news, COO Aparna Bawa sold 9,317 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $733,154.73. Following the transaction, the chief operating officer now owns 14,053 shares in the company, valued at $1,105,830.57. This trade represents a 39.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eric S. Yuan sold 83,332 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $86.28, for a total value of $7,189,884.96. The disclosure for this sale can be found here. Insiders have sold a total of 382,242 shares of company stock worth $31,230,938 in the last three months. 10.78% of the stock is owned by company insiders.

About Zoom Video Communications

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.