Allianz Asset Management GmbH Boosts Position in Zoom Communications, Inc. (NASDAQ:ZM)

Allianz Asset Management GmbH grew its holdings in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 9.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,112,293 shares of the company's stock after purchasing an additional 94,041 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.36% of Zoom Communications worth $82,054,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ZM. Montag A & Associates Inc. purchased a new position in shares of Zoom Communications during the first quarter valued at approximately $3,063,000. Kestra Private Wealth Services LLC purchased a new position in Zoom Communications during the first quarter worth approximately $308,000. Burns Matteson Capital Management LLC raised its stake in Zoom Communications by 3.1% during the first quarter. Burns Matteson Capital Management LLC now owns 5,801 shares of the company's stock worth $428,000 after purchasing an additional 177 shares during the period. Victory Capital Management Inc. raised its stake in Zoom Communications by 119.5% during the first quarter. Victory Capital Management Inc. now owns 1,405,311 shares of the company's stock worth $103,670,000 after purchasing an additional 765,092 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in Zoom Communications by 43.8% during the first quarter. Massachusetts Financial Services Co. MA now owns 148,804 shares of the company's stock worth $10,977,000 after purchasing an additional 45,298 shares during the period. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Zoom Communications from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Rosenblatt Securities increased their price objective on shares of Zoom Communications from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. JMP Securities reissued a "market perform" rating on shares of Zoom Communications in a research report on Thursday, May 22nd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $95.00 price target on shares of Zoom Communications in a report on Thursday, May 22nd. Finally, Wells Fargo & Company raised their price target on shares of Zoom Communications from $75.00 to $80.00 and gave the company an "equal weight" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $87.00.

Zoom Communications Price Performance

Shares of ZM traded up $0.73 during mid-day trading on Tuesday, hitting $75.21. 5,432,773 shares of the company's stock were exchanged, compared to its average volume of 2,959,277. The company has a market cap of $22.75 billion, a PE ratio of 24.26, a P/E/G ratio of 12.20 and a beta of 0.68. Zoom Communications, Inc. has a 52 week low of $55.06 and a 52 week high of $92.80. The company has a 50-day simple moving average of $78.80 and a 200 day simple moving average of $78.09.

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

Insider Activity at Zoom Communications

In other Zoom Communications news, insider Velchamy Sankarlingam sold 7,661 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $77.50, for a total transaction of $593,727.50. Following the transaction, the insider directly owned 129,377 shares in the company, valued at approximately $10,026,717.50. This represents a 5.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Aparna Bawa sold 10,528 shares of the stock in a transaction on Monday, July 14th. The stock was 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 owned 1,978 shares in the company, valued at approximately $147,914.84. This represents a 84.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 92,492 shares of company stock valued at $6,991,392. Corporate insiders own 10.78% of the company's stock.

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.