Truist Financial Corp reduced its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM – Get Rating) by 11.5% in the third quarter, Holdings Channel reports. The firm owned 6,147 shares of the company’s stock after selling 796 shares during the period. Truist Financial Corp’s holdings in Zoom Video Communications were worth $452,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Renaissance Technologies LLC raised its position in Zoom Video Communications by 61.0% during the 1st quarter. Renaissance Technologies LLC now owns 6,449,306 shares of the company’s stock valued at $756,052,000 after purchasing an additional 2,444,294 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Zoom Video Communications by 20.3% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,341,298 shares of the company’s stock worth $466,656,000 after purchasing an additional 1,071,273 shares during the period. State Street Corp boosted its stake in shares of Zoom Video Communications by 3.7% during the second quarter. State Street Corp now owns 4,947,998 shares of the company’s stock valued at $534,235,000 after purchasing an additional 178,842 shares in the last quarter. Public Investment Fund bought a new position in Zoom Video Communications in the second quarter worth approximately $507,208,000. Finally, Northern Trust Corp raised its stake in Zoom Video Communications by 4.9% in the second quarter. Northern Trust Corp now owns 1,493,832 shares of the company’s stock worth $161,289,000 after buying an additional 69,452 shares in the last quarter. 52.96% of the stock is owned by hedge funds and other institutional investors.
In related news, CFO Kelly Steckelberg sold 3,224 shares of Zoom Video Communications stock in a transaction dated Friday, December 9th. The stock was sold at an average price of $72.87, for a total value of $234,932.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, President Gregory Tomb sold 3,752 shares of Zoom Video Communications stock in a transaction dated Monday, December 12th. The stock was sold at an average price of $71.85, for a total value of $269,581.20. Following the completion of the transaction, the president now owns 27,520 shares in the company, valued at approximately $1,977,312. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kelly Steckelberg sold 3,224 shares of Zoom Video Communications stock in a transaction dated Friday, December 9th. The shares were sold at an average price of $72.87, for a total value of $234,932.88. The disclosure for this sale can be found here. Insiders sold a total of 21,218 shares of company stock valued at $1,490,951 in the last quarter. 11.24% of the stock is currently owned by company insiders.
Zoom Video Communications Stock Up 2.1 %
Zoom Video Communications (NASDAQ:ZM – Get Rating) last issued its quarterly earnings data on Monday, November 21st. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.05). The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.10 billion. Zoom Video Communications had a net margin of 16.07% and a return on equity of 8.86%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the firm earned $0.72 EPS. Sell-side analysts anticipate that Zoom Video Communications, Inc. will post 1 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several research analysts have recently commented on ZM shares. UBS Group set a $83.00 price target on Zoom Video Communications in a research report on Wednesday, November 23rd. Benchmark reduced their price objective on shares of Zoom Video Communications from $118.00 to $102.00 in a research note on Tuesday, November 22nd. Evercore ISI lowered their target price on shares of Zoom Video Communications from $95.00 to $85.00 in a research note on Tuesday, November 22nd. Citigroup reduced their price target on Zoom Video Communications from $76.00 to $72.00 and set a “sell” rating on the stock in a research report on Wednesday, November 16th. Finally, Robert W. Baird decreased their price objective on Zoom Video Communications from $125.00 to $100.00 in a report on Friday, November 18th. Two investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $103.76.
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.
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