The cluster shows no meaningful conviction: buying is trivial in scale and comes from tiny managers, while the single large seller's reduction dominates. Without insider buying or larger active manager participation, this filing offers no actionable signal. Monitor next quarter's 13F for follow-through from either side.
Executive Summary
Five small asset managers added or doubled ZM positions in Q3 2026, totaling $2.0M in net buying, while one large institutional seller trimmed $18.3M. The cluster is dominated by minor active managers with tiny aggregate positions, and the single seller's reduction dwarfs all buying combined. Insider activity shows no corroborating open-market purchases, weakening the signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$16.3M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Unisuper Management Pty | ADD | +38% | $725.0K | $225.0K |
| Concurrent Investment Advisors | ADD | +86.5% | $393.0K | $192.0K |
| Nisa Investment Advisors | ADD | +29.1% | $952.0K | $251.0K |
| Abn Amro Investment Solutions | ADD | +45.8% | $1.6M | $553.0K |
| Hb Wealth Management | DOUBLED | +107.2% | $1.5M | $816.0K |
▼ Sellers (1)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Robeco Institutional Asset Management B.v. | TRIM | -30.1% | $69.1M | -$18.3M |
Key Facts
- 5 buyers added $2.0M in net new positions (total current holdings $5.2M)
- 1 seller trimmed $18.3M (Robeco reduced 241.1K shares, value from $69.1M to $50.8M)
- Net institutional flow is heavily negative: -$16.3M (buying minus selling)
- All buyers are small asset managers; the sole seller is a large institutional manager
- Insider activity shows 0 open-market buyers in the concurrent period (confluence score 16/100, divergent)
Financial Impact
5 small asset managers accumulated $2.0M in new ZM positions, while 1 large manager reduced holdings by $18.3M, resulting in a net outflow of $16.3M from tracked institutions
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Hedge funds may strategically misreport 13F holdings
- Single large seller's reduction ($18.3M) vastly outweighs total buying ($2.0M), suggesting net institutional distribution
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-ZM-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | Institutional Cluster | $98.04 | awaiting T+5 | — | — |
Oct 13, 2026 14d ago | Insider Cluster | $94.47 $99.44 | ▼ −5.26% | ▼ −4.81% | — |
Oct 13, 2026 14d ago | 144 | $94.47 $99.44 | ▲ +5.26% | ▲ +4.81% | — |
Oct 8, 2026 19d ago | 144 | $94.67 $98.51 | ▲ +4.06% | ▲ +4.33% | — |
Sep 10, 2026 6w ago | Insider Cluster | $95.57 $88.77 | ▼ −7.12% | ▼ −6.89% | — |
Sep 10, 2026 6w ago | Insider Cluster | $95.57 $88.77 | ▼ −7.12% | ▼ −6.89% | — |
Sep 2, 2026 7w ago | 8-K | $98.14 $95.57 | ▼ −2.62% | ▼ −1.47% | — |
Aug 25, 2026 9w ago | Press Release | $93.83 $95.86 | ▲ +2.16% | ▲ +2.28% | — |
Aug 14, 2026 10w ago | Insider Cluster | $105.56 $104.83 | ▼ −0.69% | ▲ +0.50% | — |
Aug 7, 2026 11w ago | Insider Cluster | $107.20 $105.48 | ▼ −1.60% | ▼ −1.56% | — |
US Market Status
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