Tri Ri Asset Management Corp Makes New Investment in Zoom Video Communications, Inc. (NASDAQ:ZM)

Tri Ri Asset Management Corp acquired a new position in Zoom Video Communications, Inc. (NASDAQ:ZM) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 38,045 shares of the company’s stock, valued at approximately $2,676,000. Zoom Video Communications accounts for approximately 3.0% of Tri Ri Asset Management Corp’s portfolio, making the stock its 18th biggest position.

A number of other hedge funds also recently modified their holdings of ZM. Hohimer Wealth Management LLC raised its holdings in shares of Zoom Video Communications by 0.5% in the 3rd quarter. Hohimer Wealth Management LLC now owns 49,538 shares of the company’s stock worth $3,455,000 after buying an additional 260 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of Zoom Video Communications by 32.1% in the 3rd quarter. Toronto Dominion Bank now owns 31,965 shares of the company’s stock worth $2,229,000 after buying an additional 7,768 shares in the last quarter. Geode Capital Management LLC increased its holdings in Zoom Video Communications by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 4,595,435 shares of the company’s stock valued at $320,177,000 after purchasing an additional 184,518 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in Zoom Video Communications by 0.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 96,915 shares of the company’s stock valued at $6,759,000 after purchasing an additional 817 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its holdings in Zoom Video Communications by 9.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 72,017 shares of the company’s stock valued at $5,022,000 after purchasing an additional 5,955 shares in the last quarter. Institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Price Performance

Shares of Zoom Video Communications stock opened at $86.59 on Thursday. The firm has a market cap of $26.54 billion, a price-to-earnings ratio of 28.86, a price-to-earnings-growth ratio of 5.29 and a beta of -0.03. The stock’s 50-day moving average is $77.33 and its 200-day moving average is $67.34. Zoom Video Communications, Inc. has a one year low of $55.06 and a one year high of $92.80.

Analyst Ratings Changes

Several equities research analysts have recently commented on ZM shares. Wells Fargo & Company lifted their target price on Zoom Video Communications from $60.00 to $70.00 and gave the company an “underweight” rating in a research note on Tuesday, November 26th. Sanford C. Bernstein raised their price target on Zoom Video Communications from $78.00 to $89.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 26th. Barclays raised their price target on Zoom Video Communications from $70.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 27th. Mizuho raised their price target on Zoom Video Communications from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. Finally, Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $85.19.

Insider Activity

In related news, COO Aparna Bawa sold 10,871 shares of Zoom Video Communications stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $68.12, for a total value of $740,532.52. Following the sale, the chief operating officer now owns 12,498 shares of the company’s stock, valued at approximately $851,363.76. The trade was a 46.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Velchamy Sankarlingam sold 3,618 shares of Zoom Video Communications stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total value of $307,312.92. Following the completion of the sale, the insider now directly owns 107,826 shares in the company, valued at approximately $9,158,740.44. This represents a 3.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 437,414 shares of company stock worth $32,958,564 over the last three months. Corporate insiders own 10.78% of the company’s stock.

Zoom Video Communications 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.