Bank of New York Mellon Corp Sells 8,791 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Bank of New York Mellon Corp reduced its position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 0.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,097,068 shares of the company’s stock after selling 8,791 shares during the quarter. Bank of New York Mellon Corp owned 0.36% of Zoom Video Communications worth $89,532,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ZM. Baker Avenue Asset Management LP lifted its position in Zoom Video Communications by 82.1% during the third quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock valued at $1,994,000 after purchasing an additional 12,890 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Zoom Video Communications by 449.4% during the 3rd quarter. HighTower Advisors LLC now owns 63,618 shares of the company’s stock valued at $4,429,000 after buying an additional 52,039 shares in the last quarter. Merit Financial Group LLC bought a new position in shares of Zoom Video Communications during the 4th quarter valued at approximately $1,072,000. Robeco Institutional Asset Management B.V. increased its holdings in Zoom Video Communications by 15.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock worth $87,713,000 after acquiring an additional 167,618 shares in the last quarter. Finally, Eagle Asset Management Inc. bought a new stake in Zoom Video Communications during the 3rd quarter worth approximately $62,038,000. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Stock Up 1.1 %

Shares of ZM opened at $73.70 on Monday. Zoom Video Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $92.80. The company has a market cap of $22.59 billion and a PE ratio of 24.57. The business has a fifty day moving average of $82.30 and a 200 day moving average of $77.04.

Insider Buying and Selling

In related news, CEO Eric S. Yuan sold 83,332 shares of the business’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $86.28, for a total transaction of $7,189,884.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jonathan Chadwick sold 25,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $80.33, for a total value of $2,008,250.00. Following the completion of the sale, the director now owns 1,514 shares in the company, valued at approximately $121,619.62. The trade was a 94.29 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 382,242 shares of company stock valued at $31,230,938. Company insiders own 10.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ZM. Mizuho upped their price target on shares of Zoom Video Communications from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. Barclays cut their price target on Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 26th. Wells Fargo & Company raised Zoom Video Communications from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $70.00 to $85.00 in a report on Tuesday, January 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $95.00 price objective on shares of Zoom Video Communications in a research note on Tuesday, November 26th. Finally, Benchmark reissued a “buy” rating and set a $97.00 target price on shares of Zoom Video Communications in a research note on Tuesday, February 25th. 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 stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $90.05.

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.