Principal Financial Group Inc. Lowers Stake in Zoom Video Communications, Inc. (NASDAQ:ZM)

Principal Financial Group Inc. trimmed its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM) by 7.8% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 17,105 shares of the company’s stock after selling 1,442 shares during the period. Principal Financial Group Inc.’s holdings in Zoom Video Communications were worth $1,193,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Donald L. Hagan LLC purchased a new position in Zoom Video Communications in the 3rd quarter valued at $672,000. Amalgamated Bank raised its holdings in Zoom Video Communications by 1.9% during the third quarter. Amalgamated Bank now owns 13,912 shares of the company’s stock worth $970,000 after purchasing an additional 257 shares in the last quarter. QRG Capital Management Inc. lifted its position in Zoom Video Communications by 128.6% in the third quarter. QRG Capital Management Inc. now owns 15,914 shares of the company’s stock valued at $1,110,000 after purchasing an additional 8,952 shares during the period. National Pension Service boosted its holdings in Zoom Video Communications by 30.1% in 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 in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Zoom Video Communications by 15.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock worth $87,713,000 after buying an additional 167,618 shares in the last quarter. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Price Performance

Shares of NASDAQ:ZM opened at $85.88 on Friday. The business has a 50-day moving average of $73.43 and a two-hundred day moving average of $65.51. The firm has a market capitalization of $26.43 billion, a PE ratio of 30.78, a P/E/G ratio of 6.93 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.

Zoom Video Communications (NASDAQ:ZM) last released its quarterly earnings data on Wednesday, August 21st. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.18. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.55 earnings per share. As a group, research analysts anticipate that Zoom Video Communications, Inc. will post 2.77 earnings per share for the current year.

Insider Activity at Zoom Video Communications

In other Zoom Video Communications news, CEO Eric S. Yuan sold 2,420 shares of Zoom Video Communications stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $68.38, for a total transaction of $165,479.60. Following the sale, the chief executive officer now directly owns 85,514 shares in the company, valued at $5,847,447.32. The trade was a 2.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Aparna Bawa sold 880 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $68.09, for a total value of $59,919.20. Following the completion of the transaction, the chief operating officer now directly owns 2,809 shares in the company, valued at approximately $191,264.81. The trade was a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 367,108 shares of company stock worth $26,796,191. 10.78% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ZM shares. Stifel Nicolaus increased their price target on shares of Zoom Video Communications from $65.00 to $70.00 and gave the company a “hold” rating in a report on Thursday, October 10th. Robert W. Baird lowered their price target on Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating on the stock in a report on Thursday, August 22nd. Wells Fargo & Company lifted their price objective on Zoom Video Communications from $55.00 to $60.00 and gave the stock an “underweight” rating in a report on Thursday, August 22nd. Benchmark raised their price target on Zoom Video Communications from $83.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $95.00 price objective on shares of Zoom Video Communications in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Zoom Video Communications presently has a consensus rating of “Hold” and an average price target of $76.61.

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.