Vinva Investment Management Ltd Cuts Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

Vinva Investment Management Ltd trimmed its position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 10.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 76,288 shares of the company’s stock after selling 8,530 shares during the quarter. Vinva Investment Management Ltd’s holdings in Zoom Video Communications were worth $5,306,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ZM. Innealta Capital LLC acquired a new position in Zoom Video Communications in the 2nd quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Zoom Video Communications during the second quarter worth $36,000. Truvestments Capital LLC acquired a new position in Zoom Video Communications during the third quarter valued at $37,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Zoom Video Communications in the second quarter valued at $41,000. Finally, Allworth Financial LP grew its position in Zoom Video Communications by 43.8% during the 3rd quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after purchasing an additional 180 shares during the period. Institutional investors and hedge funds own 66.54% of the company’s stock.

Zoom Video Communications Stock Performance

NASDAQ:ZM opened at $85.36 on Friday. The company has a market capitalization of $26.27 billion, a P/E ratio of 28.45, a P/E/G ratio of 5.69 and a beta of -0.05. The stock’s 50 day moving average price is $74.92 and its 200 day moving average price is $66.16. Zoom Video Communications, Inc. has a 52 week low of $55.06 and a 52 week high of $92.80.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Zoom Video Communications from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Bank of America raised their price target on shares of Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday. Evercore ISI raised shares of Zoom Video Communications from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $70.00 to $115.00 in a research note on Tuesday. UBS Group lifted their price target on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Wells Fargo & Company increased their price target on Zoom Video Communications from $60.00 to $70.00 and gave the stock an “underweight” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Zoom Video Communications has an average rating of “Hold” and an average price target of $85.19.

Insider Activity

In related news, CEO Eric S. Yuan sold 178,571 shares of Zoom Video Communications stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $76.91, for a total value of $13,733,895.61. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kelly Steckelberg sold 14,151 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $68.12, for a total value of $963,966.12. Following the transaction, the chief financial officer now owns 140,427 shares of the company’s stock, valued at approximately $9,565,887.24. This trade represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 367,108 shares of company stock worth $26,796,191. 10.78% of the stock is owned by corporate insiders.

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.