Kentucky Retirement Systems Buys New Stake in Zoom Communications, Inc. (NASDAQ:ZM)

Kentucky Retirement Systems acquired a new position in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 18,001 shares of the company's stock, valued at approximately $1,328,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ZM. Principal Securities Inc. increased its stake in shares of Zoom Communications by 26.9% in the fourth quarter. Principal Securities Inc. now owns 783 shares of the company's stock worth $64,000 after acquiring an additional 166 shares during the period. Principal Financial Group Inc. grew its position in Zoom Communications by 768.1% during the fourth quarter. Principal Financial Group Inc. now owns 148,488 shares of the company's stock valued at $12,118,000 after buying an additional 131,383 shares during the period. Truist Financial Corp grew its position in Zoom Communications by 5.1% during the fourth quarter. Truist Financial Corp now owns 6,120 shares of the company's stock valued at $499,000 after buying an additional 297 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Zoom Communications by 15.0% during the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 80,700 shares of the company's stock valued at $6,586,000 after buying an additional 10,500 shares during the period. Finally, World Equity Group Inc. acquired a new stake in Zoom Communications during the fourth quarter valued at $212,000. Institutional investors and hedge funds own 66.54% of the company's stock.

Insider Buying and Selling at Zoom Communications

In other news, CEO Eric S. Yuan sold 41,121 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $72.18, for a total transaction of $2,968,113.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Santiago Subotovsky sold 2,475 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $80.67, for a total transaction of $199,658.25. Following the sale, the director now owns 155,349 shares of the company's stock, valued at $12,532,003.83. This represents a 1.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 94,196 shares of company stock worth $6,885,843 in the last ninety days. 11.51% of the stock is owned by insiders.

Zoom Communications Stock Performance

Shares of NASDAQ:ZM traded up $1.42 during midday trading on Friday, hitting $78.38. The company's stock had a trading volume of 3,411,330 shares, compared to its average volume of 2,886,190. The business's 50 day simple moving average is $78.93 and its 200 day simple moving average is $78.95. The company has a market cap of $23.71 billion, a P/E ratio of 23.54, a price-to-earnings-growth ratio of 13.01 and a beta of 0.71. Zoom Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $92.80.

Zoom Communications (NASDAQ:ZM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.13. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. Zoom Communications had a net margin of 22.31% and a return on equity of 11.08%. The company's revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the firm posted $1.35 earnings per share. On average, sell-side analysts predict that Zoom Communications, Inc. will post 2.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ZM has been the topic of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. JMP Securities restated a "market perform" rating on shares of Zoom Communications in a research report on Thursday, May 22nd. Benchmark restated a "buy" rating and set a $97.00 price target on shares of Zoom Communications in a research report on Tuesday, May 20th. William Blair restated an "outperform" rating on shares of Zoom Communications in a research report on Thursday, May 22nd. Finally, Bank of America raised their price target on shares of Zoom Communications from $79.00 to $84.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $87.00.

About Zoom 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.