Amundi Cuts Position in Zoom Communications, Inc. $ZM

Amundi cut its stake in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 31.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 638,266 shares of the company's stock after selling 287,957 shares during the period. Amundi owned approximately 0.21% of Zoom Communications worth $46,753,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ZM. Comerica Bank increased its position in shares of Zoom Communications by 18.5% during the fourth quarter. Comerica Bank now owns 3,502 shares of the company's stock valued at $286,000 after acquiring an additional 547 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Zoom Communications by 17.8% during the fourth quarter. Ameriprise Financial Inc. now owns 132,120 shares of the company's stock valued at $10,779,000 after acquiring an additional 20,000 shares during the last quarter. Captrust Financial Advisors increased its position in shares of Zoom Communications by 58.2% during the fourth quarter. Captrust Financial Advisors now owns 17,975 shares of the company's stock valued at $1,467,000 after acquiring an additional 6,614 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Zoom Communications by 3.8% during the fourth quarter. Cetera Investment Advisers now owns 16,590 shares of the company's stock valued at $1,354,000 after acquiring an additional 600 shares during the last quarter. Finally, Colonial Trust Co SC acquired a new stake in shares of Zoom Communications during the fourth quarter valued at about $32,000. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and set a $100.00 price target on shares of Zoom Communications in a research report on Friday, August 22nd. JMP Securities restated a "market perform" rating on shares of Zoom Communications in a report on Friday, August 22nd. Wall Street Zen upgraded shares of Zoom Communications from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 30th. Zacks Research cut shares of Zoom Communications from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 20th. Finally, Stifel Nicolaus dropped their price objective on shares of Zoom Communications from $85.00 to $80.00 and set a "hold" rating for the company in a report on Friday, August 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 given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $90.30.

Zoom Communications Stock Up 0.6%

NASDAQ ZM traded up $0.54 on Tuesday, hitting $85.62. 3,012,319 shares of the stock were exchanged, compared to its average volume of 4,102,285. Zoom Communications, Inc. has a fifty-two week low of $64.41 and a fifty-two week high of $92.80. The company has a market cap of $25.90 billion, a PE ratio of 22.59, a PEG ratio of 11.98 and a beta of 0.57. The company has a 50-day moving average price of $76.23 and a 200-day moving average price of $76.43.

Insiders Place Their Bets

In other news, COO Aparna Bawa sold 10,528 shares of the company's 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 owned 1,978 shares in the company, valued at approximately $147,914.84. This represents a 84.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Eric S. Yuan sold 33,691 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $74.79, for a total transaction of $2,519,749.89. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,422 shares of company stock worth $6,851,239. 10.78% of the stock is currently owned by company insiders.

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.