Summit Global Investments Sells 1,240 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Summit Global Investments cut its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM) by 2.3% in the fourth quarter, HoldingsChannel reports. The firm owned 53,828 shares of the company’s stock after selling 1,240 shares during the period. Summit Global Investments’ holdings in Zoom Video Communications were worth $4,393,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Adero Partners LLC raised its position in Zoom Video Communications by 2.4% in the fourth quarter. Adero Partners LLC now owns 5,509 shares of the company’s stock worth $450,000 after purchasing an additional 129 shares in the last quarter. Itau Unibanco Holding S.A. raised its position in Zoom Video Communications by 1.9% in the third quarter. Itau Unibanco Holding S.A. now owns 7,121 shares of the company’s stock worth $497,000 after purchasing an additional 131 shares in the last quarter. MML Investors Services LLC raised its position in Zoom Video Communications by 1.4% in the third quarter. MML Investors Services LLC now owns 9,395 shares of the company’s stock worth $655,000 after purchasing an additional 132 shares in the last quarter. MetLife Investment Management LLC raised its position in Zoom Video Communications by 3.4% in the third quarter. MetLife Investment Management LLC now owns 4,619 shares of the company’s stock worth $322,000 after purchasing an additional 154 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Zoom Video Communications by 27.1% in the fourth quarter. GAMMA Investing LLC now owns 770 shares of the company’s stock worth $63,000 after purchasing an additional 164 shares in the last quarter. 66.54% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on ZM shares. UBS Group dropped their price target on shares of Zoom Video Communications from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Bank of America increased their price target on shares of Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Jefferies Financial Group raised shares of Zoom Video Communications from a “hold” rating to a “buy” rating and raised their price objective for the stock from $85.00 to $100.00 in a report on Thursday, December 19th. Barclays dropped their price objective on shares of Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $95.00 price objective on shares of Zoom Video Communications in a report on Wednesday. Fifteen equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $89.33.

Insider Buying and Selling at Zoom Video Communications

In other Zoom Video Communications news, CEO Eric S. Yuan sold 75,531 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $74.98, for a total value of $5,663,314.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Shane Crehan sold 1,412 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 $111,110.28. Following the completion of the transaction, the chief accounting officer now directly owns 5,404 shares in the company, valued at approximately $425,240.76. The trade was a 20.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 369,271 shares of company stock valued at $29,496,892. 10.78% of the stock is currently owned by insiders.

Zoom Video Communications Price Performance

ZM opened at $75.97 on Friday. Zoom Video Communications, Inc. has a one year low of $55.06 and a one year high of $92.80. The company’s 50 day simple moving average is $79.98 and its 200-day simple moving average is $77.82. The stock has a market capitalization of $23.19 billion, a P/E ratio of 25.32, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26.

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.