Assenagon Asset Management S.A. Sells 665,641 Shares of Zoom Communications, Inc. $ZM

Key Points

• Assenagon Asset Management S.A. reduced its stake in Zoom Communications, Inc. by 63.5% during the second quarter, holding about $29.80 million worth of shares as of the latest report.
• Other institutional investors also shifted positions, with Victory Capital Management increasing its stake by 119.5% and Vanguard Group boosting its holdings by 2.6% in the first quarter.
• Analysts maintain a consensus rating of "Moderate Buy" for Zoom, with price targets ranging from $69.00 to $100.00, according to various reports.

Assenagon Asset Management S.A. lowered its position in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 63.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 382,200 shares of the company's stock after selling 665,641 shares during the period. Assenagon Asset Management S.A. owned 0.13% of Zoom Communications worth $29,804,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ZM. Vanguard Group Inc. increased its stake in shares of Zoom Communications by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 24,796,654 shares of the company's stock valued at $1,829,249,000 after acquiring an additional 624,863 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Zoom Communications by 0.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 6,421,733 shares of the company's stock worth $473,732,000 after buying an additional 36,210 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Zoom Communications by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,679,499 shares of the company's stock worth $123,912,000 after buying an additional 16,819 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Zoom Communications by 119.5% in the 1st quarter. Victory Capital Management Inc. now owns 1,405,311 shares of the company's stock worth $103,670,000 after buying an additional 765,092 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Zoom Communications by 13.1% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,399,652 shares of the company's stock worth $103,252,000 after buying an additional 161,751 shares during the last quarter. Institutional investors and hedge funds own 66.54% of the company's stock.

Zoom Communications Trading Down 0.7%

Shares of NASDAQ:ZM traded down $0.63 during trading on Monday, reaching $83.53. 2,759,852 shares of the company traded hands, compared to its average volume of 3,393,836. The business's fifty day moving average is $77.53 and its 200-day moving average is $76.99. Zoom Communications, Inc. has a 52-week low of $64.41 and a 52-week high of $92.80. The firm has a market capitalization of $25.27 billion, a price-to-earnings ratio of 22.04, a P/E/G ratio of 11.73 and a beta of 0.57.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Piper Sandler reaffirmed a "neutral" rating and set a $85.00 price objective on shares of Zoom Communications in a report on Friday, August 22nd. Mizuho upped their price objective on shares of Zoom Communications from $95.00 to $100.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 26th. Wedbush restated an "outperform" rating and issued a $95.00 price objective on shares of Zoom Communications in a research report on Friday, August 22nd. Dbs Bank upgraded shares of Zoom Communications to a "moderate buy" rating in a research report on Tuesday, September 16th. Finally, Zacks Research upgraded shares of Zoom Communications from a "hold" rating to a "strong-buy" rating in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $91.30.

Insider Buying and Selling

In related news, Director Herbert Raymond Mcmaster sold 2,000 shares of the firm's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $83.00, for a total value of $166,000.00. Following the completion of the sale, the director owned 7,901 shares of the company's stock, valued at $655,783. This trade represents a 20.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Eric S. Yuan sold 33,691 shares of the firm's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $74.79, for a total value of $2,519,749.89. The disclosure for this sale can be found here. Insiders have sold a total of 90,400 shares of company stock valued at $6,871,114 over the last three months. Insiders own 10.78% of the company's stock.

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.