AQR Capital Management LLC Trims Stock Position in Zoom Communications, Inc. $ZM

Key Points

• AQR Capital Management LLC has reduced its stake in Zoom Communications by 1.8%, now holding approximately 7.4 million shares valued at $536.5 million, making it the firm’s 21st largest holding.
• Insider trading activity saw COO Aparna Bawa selling over 10,500 shares and CEO Eric S. Yuan selling almost 33,700 shares, with insider ownership now at 10.78%.
• Zoom's stock is currently priced around $81.93 and has received mixed analyst ratings, with a consensus price target of $90.30.

AQR Capital Management LLC reduced its stake in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 1.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,406,223 shares of the company's stock after selling 132,521 shares during the quarter. Zoom Communications makes up about 0.6% of AQR Capital Management LLC's holdings, making the stock its 21st biggest holding. AQR Capital Management LLC owned about 2.43% of Zoom Communications worth $536,507,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of ZM. Stifel Financial Corp boosted its holdings in shares of Zoom Communications by 3.3% during the 4th quarter. Stifel Financial Corp now owns 13,910 shares of the company's stock valued at $1,135,000 after buying an additional 450 shares in the last quarter. Comerica Bank boosted its holdings in shares of Zoom Communications by 18.5% during the 4th quarter. Comerica Bank now owns 3,502 shares of the company's stock valued at $286,000 after buying an additional 547 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Zoom Communications by 15.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 17,962 shares of the company's stock valued at $1,466,000 after buying an additional 2,437 shares in the last quarter. Ancora Advisors LLC boosted its stake in Zoom Communications by 20.8% in the 4th quarter. Ancora Advisors LLC now owns 1,366 shares of the company's stock worth $111,000 after purchasing an additional 235 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in Zoom Communications by 17.8% during the 4th quarter. Ameriprise Financial Inc. now owns 132,120 shares of the company's stock valued at $10,779,000 after purchasing an additional 20,000 shares during the last quarter. Institutional investors own 66.54% of the company's stock.

Insider Transactions at Zoom Communications

In other news, COO Aparna Bawa sold 10,528 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer owned 1,978 shares in the company, valued at $147,914.84. This represents a 84.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric S. Yuan sold 33,691 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was 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. Over the last ninety days, insiders have sold 90,542 shares of company stock worth $6,853,099. 10.78% of the stock is currently owned by corporate insiders.

Zoom Communications Stock Performance

ZM opened at $81.93 on Wednesday. The company's 50-day simple moving average is $75.56 and its two-hundred day simple moving average is $76.43. Zoom Communications, Inc. has a 52-week low of $64.41 and a 52-week high of $92.80. The stock has a market capitalization of $24.79 billion, a P/E ratio of 21.62, a P/E/G ratio of 11.46 and a beta of 0.57.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ZM. Wells Fargo & Company increased their price objective on shares of Zoom Communications from $75.00 to $80.00 and gave the company an "equal weight" rating in a research report on Thursday, May 22nd. Benchmark reissued a "buy" rating and set a $97.00 price objective on shares of Zoom Communications in a research report on Tuesday, May 20th. JMP Securities reissued a "market perform" rating on shares of Zoom Communications in a research report on Friday, August 22nd. Wedbush reissued an "outperform" rating and set a $95.00 price objective on shares of Zoom Communications in a research report on Friday, August 22nd. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $87.00 price objective on shares of Zoom Communications in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $90.30.

Zoom Communications 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.

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