Principal Financial Group Inc. Decreases Stock Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Principal Financial Group Inc. trimmed its position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 7.8% in the 3rd quarter, according to its most recent disclosure with the SEC. 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 SEC.

Several other hedge funds have also recently added to or reduced their stakes in ZM. Retirement Systems of Alabama grew its position in shares of Zoom Video Communications by 48.1% in the third quarter. Retirement Systems of Alabama now owns 903,797 shares of the company’s stock valued at $63,031,000 after purchasing an additional 293,375 shares in the last quarter. Franklin Resources Inc. boosted its stake in Zoom Video Communications by 53.6% during the third quarter. Franklin Resources Inc. now owns 331,782 shares of the company’s stock worth $22,537,000 after buying an additional 115,837 shares during the last quarter. Tri Ri Asset Management Corp purchased a new stake in Zoom Video Communications in the 3rd quarter valued at $2,653,000. Sanctuary Advisors LLC increased its stake in shares of Zoom Video Communications by 22.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 15,020 shares of the company’s stock worth $1,047,000 after acquiring an additional 2,714 shares during the last quarter. Finally, Hohimer Wealth Management LLC raised its holdings in shares of Zoom Video Communications by 0.5% during the 3rd quarter. Hohimer Wealth Management LLC now owns 49,538 shares of the company’s stock worth $3,455,000 after acquiring an additional 260 shares during the period. 66.54% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ZM. Morgan Stanley upped their price objective on shares of Zoom Video Communications from $86.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Sanford C. Bernstein increased their price target on shares of Zoom Video Communications from $78.00 to $89.00 and gave the company a “market perform” rating in a research note on Tuesday, November 26th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $95.00 price target on shares of Zoom Video Communications in a research report on Tuesday, November 26th. Benchmark upped their price objective on Zoom Video Communications from $85.00 to $97.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Scotiabank raised Zoom Video Communications to a “hold” rating in a research note on Tuesday, November 19th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $87.10.

Zoom Video Communications Trading Up 1.4 %

NASDAQ:ZM opened at $82.70 on Friday. Zoom Video Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $92.80. The firm 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. The stock has a fifty day moving average price of $82.41 and a 200 day moving average price of $70.12.

Insider Buying and Selling at Zoom Video Communications

In other news, CAO Shane Crehan sold 1,551 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total transaction of $131,741.94. Following the sale, the chief accounting officer now owns 3,251 shares of the company’s stock, valued at approximately $276,139.94. This trade represents a 32.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Velchamy Sankarlingam sold 10,338 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $69.51, for a total value of $718,594.38. Following the completion of the transaction, the insider now directly owns 104,414 shares of the company’s stock, valued at $7,257,817.14. This trade represents a 9.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 419,612 shares of company stock valued at $31,763,516 in the last quarter. Corporate insiders own 10.78% of the company’s stock.

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.