Alhambra Investment Management LLC Cuts Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Alhambra Investment Management LLC cut its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 36.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,008 shares of the company's stock after selling 3,451 shares during the quarter. Alhambra Investment Management LLC's holdings in Zoom Video Communications were worth $443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank purchased a new stake in Zoom Video Communications in the 4th quarter worth approximately $751,908,000. Altshuler Shaham Ltd raised its stake in Zoom Video Communications by 285.9% during the fourth quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company's stock valued at $167,813,000 after buying an additional 1,523,480 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in Zoom Video Communications by 24.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company's stock valued at $521,123,000 after buying an additional 1,247,717 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Zoom Video Communications in the fourth quarter worth $99,471,000. Finally, Contrarius Group Holdings Ltd purchased a new position in shares of Zoom Video Communications in the fourth quarter worth $72,854,000. 66.54% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ZM. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $87.00 price objective on shares of Zoom Video Communications in a report on Thursday, May 22nd. Stifel Nicolaus dropped their price objective on Zoom Video Communications from $90.00 to $85.00 and set a "hold" rating for the company in a research note on Tuesday, February 25th. Mizuho decreased their target price on Zoom Video Communications from $105.00 to $71.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. JMP Securities restated a "market perform" rating on shares of Zoom Video Communications in a research report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. upped their price objective on Zoom Video Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $87.00.

Zoom Video Communications Trading Down 1.0%

Shares of ZM traded down $0.78 during midday trading on Friday, hitting $76.63. 2,266,932 shares of the company's stock traded hands, compared to its average volume of 2,945,215. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80. The firm's fifty day moving average is $77.64 and its 200-day moving average is $79.47. The stock has a market capitalization of $23.18 billion, a price-to-earnings ratio of 25.54, a price-to-earnings-growth ratio of 5.48 and a beta of 0.71.

Zoom Video Communications (NASDAQ:ZM - Get Free Report) last issued its earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.30 by $0.13. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. Zoom Video Communications had a return on equity of 10.98% and a net margin of 20.34%. The firm's quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $1.35 EPS. On average, equities research analysts anticipate that Zoom Video Communications, Inc. will post 2.93 EPS for the current year.

Insider Buying and Selling at Zoom Video Communications

In other news, CEO Eric S. Yuan sold 41,121 shares of the business's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $72.18, for a total transaction of $2,968,113.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Velchamy Sankarlingam sold 2,595 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $80.26, for a total value of $208,274.70. Following the transaction, the insider now owns 126,393 shares in the company, valued at approximately $10,144,302.18. This represents a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 96,671 shares of company stock worth $7,078,546. Insiders own 11.51% of the company's stock.

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.