Alyeska Investment Group L.P. Sells 986,501 Shares of Zoom Communications, Inc. $ZM

Key Points

• Alyeska Investment Group L.P. reduced its stake in Zoom Communications by 90.8%, selling 986,501 shares and holding only 99,532 shares worth approximately $7.34 million by the end of the first quarter.
• Despite recent insider selling, several hedge funds increased their stakes, with a notable purchase of $25,000 by both SouthState Corp and Wayfinding Financial LLC.
• Zoom's stock price has seen some analyst upgrades, with Rosenblatt Securities raising its price target to $110.00 and the average target price now set at $90.30.

Alyeska Investment Group L.P. trimmed its position in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 90.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 99,532 shares of the company's stock after selling 986,501 shares during the quarter. Alyeska Investment Group L.P.'s holdings in Zoom Communications were worth $7,342,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Smartleaf Asset Management LLC boosted its position in shares of Zoom Communications by 6.7% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,293 shares of the company's stock valued at $172,000 after purchasing an additional 143 shares during the period. Wynn Capital LLC lifted its position in 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. New York State Teachers Retirement System lifted its holdings in shares of Zoom Communications by 0.7% in the 1st quarter. New York State Teachers Retirement System now owns 24,298 shares of the company's stock valued at $1,792,000 after buying an additional 171 shares during the period. Siemens Fonds Invest GmbH lifted its holdings in shares of Zoom Communications by 3.8% in the 4th quarter. Siemens Fonds Invest GmbH now owns 4,732 shares of the company's stock valued at $391,000 after buying an additional 174 shares during the period. Finally, Blue Trust Inc. lifted 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 buying an additional 175 shares during the period. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Zoom Communications

In other Zoom Communications news, Director Herbert Raymond Mcmaster sold 2,000 shares of Zoom Communications stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $166,000.00. Following the sale, the director directly owned 7,901 shares of the company's stock, valued at approximately $655,783. The trade was a 20.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan Chadwick sold 25,000 shares of Zoom Communications stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $74.86, for a total value of $1,871,500.00. Following the sale, the director directly owned 5,875 shares in the company, valued at $439,802.50. The trade was a 80.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 90,542 shares of company stock valued at $6,853,099. Corporate insiders own 10.78% of the company's stock.

Zoom Communications Stock Performance

NASDAQ ZM traded up $1.40 during trading on Monday, reaching $85.08. 3,983,860 shares of the company traded hands, compared to its average volume of 4,012,402. The stock's 50 day moving average price is $76.06 and its two-hundred day moving average price is $76.36. 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. Zoom Communications, Inc. has a 1-year low of $64.41 and a 1-year high of $92.80.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Royal Bank Of Canada lifted their price objective on Zoom Communications from $95.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, August 22nd. Needham & Company LLC reaffirmed a "buy" rating and issued a $100.00 price objective on shares of Zoom Communications in a research report on Friday, August 22nd. Bank of America lifted their price objective on Zoom Communications from $79.00 to $84.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Zacks Research downgraded Zoom Communications from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 20th. Finally, Stifel Nicolaus reduced their price objective on Zoom Communications from $85.00 to $80.00 and set a "hold" rating on the stock in a research note on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price 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.