Principal Financial Group Inc. Has $12.12 Million Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

Principal Financial Group Inc. boosted its position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 768.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 148,488 shares of the company’s stock after purchasing an additional 131,383 shares during the period. Principal Financial Group Inc.’s holdings in Zoom Video Communications were worth $12,118,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James & Associates lifted its position in Zoom Video Communications by 0.7% in the 3rd quarter. Raymond James & Associates now owns 53,089 shares of the company’s stock worth $3,702,000 after buying an additional 383 shares in the last quarter. Allworth Financial LP increased its stake in shares of Zoom Video Communications by 43.8% in the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after acquiring an additional 180 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Zoom Video Communications by 93.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 36,867 shares of the company’s stock worth $2,564,000 after acquiring an additional 17,831 shares in the last quarter. PFG Investments LLC acquired a new stake in Zoom Video Communications during the third quarter valued at $228,000. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Zoom Video Communications by 558.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 74,492 shares of the company’s stock valued at $5,195,000 after purchasing an additional 63,181 shares in the last quarter. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Zoom Video Communications Trading Down 1.7 %

Shares of NASDAQ:ZM opened at $72.88 on Friday. The business’s 50 day moving average is $82.54 and its 200-day moving average is $76.63. The firm has a market capitalization of $22.34 billion and a PE ratio of 24.29. Zoom Video Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $92.80.

Analysts Set New Price Targets

Several research analysts have weighed in on ZM shares. Scotiabank raised Zoom Video Communications to a “hold” rating in a research report on Tuesday, November 19th. Rosenblatt Securities reaffirmed a “buy” rating and set a $95.00 price objective on shares of Zoom Video Communications in a research report on Tuesday. Morgan Stanley boosted their target price on shares of Zoom Video Communications from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research note on Tuesday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $95.00 price objective on shares of Zoom Video Communications in a research note on Tuesday, November 26th. Fifteen 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 company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $90.05.

Insiders Place Their Bets

In related news, Director Jonathan Chadwick sold 25,000 shares of Zoom Video Communications stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $80.33, for a total transaction of $2,008,250.00. Following the completion of the transaction, the director now directly owns 1,514 shares of the company’s stock, valued at $121,619.62. This trade represents a 94.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Velchamy Sankarlingam sold 3,618 shares of the company’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 $307,312.92. Following the sale, the insider now directly owns 107,826 shares in the company, valued at $9,158,740.44. This represents a 3.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 382,242 shares of company stock worth $31,230,938 over the last 90 days. Corporate insiders own 10.78% of the company’s stock.

Zoom Video Communications Company 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.