Zoom Video Communications, Inc. (NASDAQ:ZM) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 7.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 17,105 shares of the company’s stock after selling 1,442 shares during the quarter. Principal Financial Group Inc.’s holdings in Zoom Video Communications were worth $1,193,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of ZM. Truvestments Capital LLC purchased a new stake in Zoom Video Communications during the 3rd quarter valued at approximately $37,000. Allworth Financial LP raised its stake in shares of Zoom Video Communications by 43.8% during the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after purchasing an additional 180 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Zoom Video Communications by 56.0% during the third quarter. Venturi Wealth Management LLC now owns 763 shares of the company’s stock worth $53,000 after purchasing an additional 274 shares during the period. True Wealth Design LLC grew its position in Zoom Video Communications by 10,763.6% in the 3rd quarter. True Wealth Design LLC now owns 1,195 shares of the company’s stock valued at $83,000 after buying an additional 1,184 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Zoom Video Communications by 69.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,685 shares of the company’s stock valued at $102,000 after buying an additional 692 shares during the last quarter. 66.54% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Zoom Video Communications

In other Zoom Video Communications news, CEO Eric S. Yuan sold 178,571 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $76.91, for a total value of $13,733,895.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Velchamy Sankarlingam sold 3,618 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total value of $307,312.92. Following the transaction, the insider now directly owns 107,826 shares in the company, valued at approximately $9,158,740.44. This represents a 3.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 419,612 shares of company stock valued at $31,763,516 over the last quarter. Insiders own 10.78% of the company’s stock.

Zoom Video Communications Stock Performance

Shares of NASDAQ:ZM opened at $82.70 on Friday. The business’s fifty day moving average price is $82.41 and its two-hundred day moving average price is $70.12. The stock has a market cap of $25.35 billion, a PE ratio of 27.57, a price-to-earnings-growth ratio of 5.29 and a beta of -0.03. Zoom Video Communications, Inc. has a one year low of $55.06 and a one year high of $92.80.

Analysts Set New Price Targets

Several analysts have recently commented on ZM shares. Rosenblatt Securities restated a “buy” rating and issued a $78.00 target price on shares of Zoom Video Communications in a research note on Friday, November 22nd. Jefferies Financial Group upgraded shares of Zoom Video Communications from a “hold” rating to a “buy” rating and raised their price objective for the company from $85.00 to $100.00 in a research report on Thursday, December 19th. Royal Bank of Canada reiterated an “outperform” rating and set a $95.00 target price on shares of Zoom Video Communications in a research report on Tuesday, November 26th. Bank of America raised their price target on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Evercore ISI raised Zoom Video Communications from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $70.00 to $115.00 in a report on Tuesday, November 26th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $87.10.

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.