Sumitomo Mitsui DS Asset Management Company Ltd Sells 2,733 Shares of Zoom Communications, Inc. $ZM

Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in Zoom Communications, Inc. (NASDAQ:ZM) by 10.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,151 shares of the company’s stock after selling 2,733 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Zoom Communications were worth $1,883,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Sivia Capital Partners LLC bought a new position in Zoom Communications in the second quarter worth about $217,000. Pallas Capital Advisors LLC raised its stake in Zoom Communications by 4.3% in the second quarter. Pallas Capital Advisors LLC now owns 24,699 shares of the company’s stock worth $1,926,000 after buying an additional 1,011 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new position in Zoom Communications in the second quarter worth about $242,000. MassMutual Private Wealth & Trust FSB raised its stake in Zoom Communications by 44.4% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 556 shares of the company’s stock worth $43,000 after buying an additional 171 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake in Zoom Communications by 27.4% in the second quarter. Parallel Advisors LLC now owns 2,970 shares of the company’s stock worth $232,000 after buying an additional 638 shares in the last quarter. 66.54% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wall Street Zen cut shares of Zoom Communications from a “strong-buy” rating to a “buy” rating in a report on Saturday. Piper Sandler restated a “neutral” rating and issued a $85.00 price objective on shares of Zoom Communications in a report on Friday, August 22nd. Wedbush restated an “outperform” rating and issued a $95.00 price objective on shares of Zoom Communications in a report on Friday, August 22nd. Dbs Bank upgraded shares of Zoom Communications to a “moderate buy” rating in a report on Tuesday, September 16th. Finally, Stifel Nicolaus upped their price objective on shares of Zoom Communications from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $91.30.

Insider Activity at Zoom Communications

In other news, insider Velchamy Sankarlingam sold 7,661 shares of Zoom Communications stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $77.50, for a total transaction of $593,727.50. Following the transaction, the insider owned 129,377 shares in the company, valued at $10,026,717.50. This trade represents a 5.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Santiago Subotovsky sold 2,475 shares of Zoom Communications stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $77.17, for a total transaction of $190,995.75. Following the transaction, the director owned 157,235 shares in the company, valued at $12,133,824.95. This represents a 1.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 90,400 shares of company stock valued at $6,871,114 over the last quarter. 10.78% of the stock is owned by company insiders.

Zoom Communications Stock Down 3.1%

Shares of Zoom Communications stock opened at $84.16 on Monday. The company has a market cap of $25.46 billion, a price-to-earnings ratio of 22.21, a price-to-earnings-growth ratio of 11.73 and a beta of 0.57. The company’s 50 day moving average is $77.53 and its 200 day moving average is $76.99. Zoom Communications, Inc. has a twelve month low of $64.41 and a twelve month high of $92.80.

Zoom 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.