Prudential Financial Inc. Sells 88,662 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Prudential Financial Inc. lessened its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM) by 14.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 505,004 shares of the company’s stock after selling 88,662 shares during the period. Prudential Financial Inc.’s holdings in Zoom Video Communications were worth $41,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in ZM. Charles Schwab Investment Management Inc. grew its stake in shares of Zoom Video Communications by 6.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,297,443 shares of the company’s stock valued at $90,484,000 after purchasing an additional 78,940 shares during the period. Cerity Partners LLC grew its position in Zoom Video Communications by 263.9% in the third quarter. Cerity Partners LLC now owns 92,464 shares of the company’s stock valued at $6,448,000 after acquiring an additional 67,054 shares during the period. Algert Global LLC raised its stake in Zoom Video Communications by 10.7% during the third quarter. Algert Global LLC now owns 9,841 shares of the company’s stock worth $686,000 after acquiring an additional 951 shares in the last quarter. Swedbank AB lifted its holdings in shares of Zoom Video Communications by 6.4% during the third quarter. Swedbank AB now owns 41,896 shares of the company’s stock valued at $2,922,000 after acquiring an additional 2,518 shares during the period. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Zoom Video Communications by 7.8% in the 3rd quarter. Daiwa Securities Group Inc. now owns 22,982 shares of the company’s stock valued at $1,603,000 after purchasing an additional 1,669 shares in the last quarter. Institutional investors and hedge funds own 66.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ZM. Bank of America lifted their price target on shares of Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Morgan Stanley lifted their target price on shares of Zoom Video Communications from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. JMP Securities restated a “market perform” rating on shares of Zoom Video Communications in a research report on Tuesday, November 26th. The Goldman Sachs Group lifted their price objective on Zoom Video Communications from $72.00 to $86.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Hsbc Global Res upgraded Zoom Video Communications to a “strong-buy” rating in a report on Tuesday, November 26th. Fifteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $89.33.

Zoom Video Communications Price Performance

Shares of NASDAQ:ZM opened at $78.13 on Wednesday. The company has a market capitalization of $23.85 billion, a price-to-earnings ratio of 26.04, a P/E/G ratio of 5.48 and a beta of 0.26. The firm’s 50 day simple moving average is $79.95 and its 200 day simple moving average is $78.11. Zoom Video Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80.

Insiders Place Their Bets

In other Zoom Video Communications news, CAO Shane Crehan sold 1,412 shares of Zoom Video Communications stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $78.69, for a total value of $111,110.28. Following the sale, the chief accounting officer now owns 5,404 shares of the company’s stock, valued at $425,240.76. This trade represents a 20.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Eric S. Yuan sold 75,531 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $74.98, for a total value of $5,663,314.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 369,271 shares of company stock worth $29,496,892. Company insiders own 10.78% of the company’s stock.

About Zoom Video Communications

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.