Allspring Global Investments Holdings LLC Buys 160,535 Shares of Zoom Communications, Inc. (NASDAQ:ZM)

Allspring Global Investments Holdings LLC increased its stake in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 294.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 215,029 shares of the company's stock after buying an additional 160,535 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.07% of Zoom Communications worth $15,916,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Wynn Capital LLC lifted its holdings in shares of Zoom Communications by 1.6% during the 1st quarter. Wynn Capital LLC now owns 10,194 shares of the company's stock worth $752,000 after acquiring an additional 160 shares during the period. PNC Financial Services Group Inc. raised its position in Zoom Communications by 4.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,040 shares of the company's stock valued at $330,000 after purchasing an additional 168 shares in the last quarter. Siemens Fonds Invest GmbH lifted its stake in Zoom Communications by 3.8% during the fourth quarter. Siemens Fonds Invest GmbH now owns 4,732 shares of the company's stock worth $391,000 after purchasing an additional 174 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Zoom Communications by 19.8% in the 1st quarter. Blue Trust Inc. now owns 1,059 shares of the company's stock valued at $78,000 after purchasing an additional 175 shares in the last quarter. Finally, Evergreen Capital Management LLC increased its stake in shares of Zoom Communications by 0.5% in the 4th quarter. Evergreen Capital Management LLC now owns 40,472 shares of the company's stock valued at $3,303,000 after purchasing an additional 215 shares during the last quarter. Institutional investors own 66.54% of the company's stock.

Insider Activity

In other Zoom Communications news, Director Jonathan Chadwick sold 12,500 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $72.57, for a total value of $907,125.00. Following the completion of the sale, the director owned 1,514 shares in the company, valued at approximately $109,870.98. This trade represents a 89.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Aparna Bawa sold 16,099 shares of Zoom Communications stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $72.59, for a total transaction of $1,168,626.41. Following the transaction, the chief operating officer directly owned 1,978 shares in the company, valued at approximately $143,583.02. This represents a 89.06% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,196 shares of company stock worth $6,885,843. Company insiders own 11.51% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ZM shares. William Blair reiterated an "outperform" rating on shares of Zoom Communications in a report on Thursday, May 22nd. KeyCorp began coverage on Zoom Communications in a report on Friday, June 6th. They issued an "underweight" rating and a $73.00 target price for the company. JMP Securities reiterated a "market perform" rating on shares of Zoom Communications in a research report on Thursday, May 22nd. Wells Fargo & Company raised their target price on Zoom Communications from $75.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 22nd. Finally, Scotiabank upped their price target on Zoom Communications from $75.00 to $85.00 and gave the company a "sector perform" rating in a research report on Friday, May 16th. One investment 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. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $87.00.

Zoom Communications Price Performance

Shares of NASDAQ ZM traded up $0.53 during mid-day trading on Thursday, reaching $78.12. 2,889,396 shares of the company's stock traded hands, compared to its average volume of 2,896,279. The business has a 50-day simple moving average of $79.29 and a 200 day simple moving average of $78.83. The stock has a market cap of $23.64 billion, a P/E ratio of 23.46, a PEG ratio of 12.88 and a beta of 0.68. Zoom Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $92.80.

Zoom Communications (NASDAQ:ZM - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 in the previous year, the business earned $1.35 EPS. The company's quarterly revenue was up 2.9% on a year-over-year basis. Equities research analysts anticipate that Zoom Communications, Inc. will post 2.93 earnings per share for the current fiscal year.

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.