Alliancebernstein L.P. Buys 60,319 Shares of Zoom Communications, Inc. $ZM

Key Points

• Alliancebernstein L.P. increased its stake in Zoom Communications by 16.1%, acquiring an additional 60,319 shares and bringing its total ownership to approximately 435,971 shares valued at $32,162,000.
• Zoom Communications' stock opened at $85.08, with a market cap of $25.74 billion and a price-to-earnings ratio of 22.45, reflecting its strong position in the video communications market.
• Insider trading activity included the sale of over 87,947 shares by insiders within the last 90 days, suggesting notable movements among those closely affiliated with the company.

Alliancebernstein L.P. grew its stake in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 16.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 435,971 shares of the company's stock after purchasing an additional 60,319 shares during the period. Alliancebernstein L.P. owned approximately 0.14% of Zoom Communications worth $32,162,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Wayfinding Financial LLC acquired a new position in shares of Zoom Communications in the 1st quarter worth approximately $25,000. SouthState Corp bought a new stake in Zoom Communications during the 1st quarter worth approximately $25,000. MassMutual Private Wealth & Trust FSB grew its position in Zoom Communications by 177.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company's stock worth $28,000 after acquiring an additional 246 shares during the last quarter. Raiffeisen Bank International AG bought a new stake in Zoom Communications during the 4th quarter worth approximately $30,000. Finally, GKV Capital Management Co. Inc. bought a new stake in Zoom Communications during the 1st quarter worth approximately $31,000. 66.54% of the stock is currently owned by institutional investors.

Zoom Communications Stock Performance

NASDAQ:ZM opened at $85.08 on Tuesday. The stock's fifty day moving average price is $76.06 and its two-hundred day moving average price is $76.36. Zoom Communications, Inc. has a 52-week low of $64.41 and a 52-week high of $92.80. The company has a market cap of $25.74 billion, a price-to-earnings ratio of 22.45, a P/E/G ratio of 11.78 and a beta of 0.57.

Insider Buying and Selling

In other news, insider Velchamy Sankarlingam sold 7,661 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $77.50, for a total value of $593,727.50. Following the transaction, the insider owned 129,377 shares of the company's stock, valued at $10,026,717.50. This represents a 5.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Aparna Bawa sold 10,528 shares of the stock in a transaction on Monday, July 14th. The shares were sold at an average price of $74.78, for a total value of $787,283.84. Following the completion of the transaction, the chief operating officer directly owned 1,978 shares in the company, valued at approximately $147,914.84. This trade represents a 84.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 87,947 shares of company stock worth $6,644,824 over the last 90 days. 10.78% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ZM has been the topic of a number of research analyst reports. Cantor Fitzgerald restated a "neutral" rating and set a $87.00 price target on shares of Zoom Communications in a research report on Thursday, May 22nd. Wall Street Zen upgraded Zoom Communications from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 30th. William Blair restated an "outperform" rating on shares of Zoom Communications in a research report on Thursday, May 22nd. Robert W. Baird decreased their price target on Zoom Communications from $100.00 to $95.00 and set an "outperform" rating on the stock in a research report on Friday, August 22nd. Finally, Wells Fargo & Company upped their price objective on Zoom Communications from $75.00 to $80.00 and gave the stock an "equal weight" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Zoom Communications currently has an average rating of "Hold" and a consensus price target of $90.30.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.