Primecap Management Co. CA Sells 86,900 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Primecap Management Co. CA reduced its position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 6.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,202,250 shares of the company’s stock after selling 86,900 shares during the quarter. Primecap Management Co. CA owned about 0.39% of Zoom Video Communications worth $98,116,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its position in Zoom Video Communications by 23.8% in the third quarter. FMR LLC now owns 12,444,887 shares of the company’s stock worth $867,906,000 after buying an additional 2,395,396 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Zoom Video Communications in the fourth quarter worth $99,471,000. Eagle Asset Management Inc. bought a new stake in Zoom Video Communications in the third quarter worth $62,038,000. Assenagon Asset Management S.A. lifted its position in Zoom Video Communications by 126.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,251,302 shares of the company’s stock worth $102,119,000 after buying an additional 699,625 shares during the last quarter. Finally, Nordea Investment Management AB lifted its position in Zoom Video Communications by 202.8% in the fourth quarter. Nordea Investment Management AB now owns 779,051 shares of the company’s stock worth $64,054,000 after buying an additional 521,778 shares during the last quarter. 66.54% of the stock is currently owned by institutional investors.

Zoom Video Communications Stock Up 0.4 %

Shares of NASDAQ ZM opened at $75.45 on Wednesday. The business’s 50 day moving average price is $80.20 and its 200 day moving average price is $77.80. The firm has a market cap of $23.03 billion, a P/E ratio of 25.15, a P/E/G ratio of 5.48 and a beta of 0.26. Zoom Video Communications, Inc. has a 52 week low of $55.06 and a 52 week high of $92.80.

Analysts Set New Price Targets

Several analysts have recently weighed in on ZM shares. Citigroup decreased their target price on Zoom Video Communications from $86.00 to $85.00 and set a “neutral” rating for the company in a research report on Tuesday, February 18th. Jefferies Financial Group upgraded Zoom Video Communications from a “hold” rating to a “buy” rating and lifted their target price for the stock from $85.00 to $100.00 in a research report on Thursday, December 19th. Stifel Nicolaus decreased their target price on Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, February 25th. Mizuho raised their price target on Zoom Video Communications from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. Finally, UBS Group cut their price target on Zoom Video Communications from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Fifteen 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 stock. Based on data from MarketBeat, Zoom Video Communications currently has a consensus rating of “Hold” and a consensus price target of $89.33.

Insiders Place Their Bets

In other Zoom Video Communications news, CEO Eric S. Yuan sold 118,036 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $79.03, for a total value of $9,328,385.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Velchamy Sankarlingam sold 10,817 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $78.69, for a total value of $851,189.73. Following the completion of the sale, the insider now owns 117,760 shares in the company, valued at approximately $9,266,534.40. This represents a 8.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 369,271 shares of company stock worth $29,496,892. Corporate 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.