Bank of New York Mellon Corp Purchases 34,174 Shares of Zoom Communications, Inc. $ZM

Key Points

• Bank of New York Mellon Corp boosted its Zoom stake by 3.6% in the fourth quarter, buying 34,174 shares and bringing its holdings to 976,764 shares valued at about $84.3 million.
• Wall Street sentiment on Zoom remains constructive, with analysts maintaining a “Moderate Buy” consensus and a $109.33 average price target; several firms recently raised their targets.
• Zoom reported a strong quarter, beating expectations on both earnings and revenue, while insider selling continued, including recent sales by Director Santiago Subotovsky and COO Aparna Bawa.

Bank of New York Mellon Corp increased its position in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 3.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 976,764 shares of the company's stock after purchasing an additional 34,174 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.33% of Zoom Communications worth $84,285,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. New York State Teachers Retirement System lifted its holdings in shares of Zoom Communications by 0.5% during the fourth quarter. New York State Teachers Retirement System now owns 24,263 shares of the company's stock valued at $2,094,000 after acquiring an additional 123 shares during the period. Root Financial Partners LLC lifted its holdings in shares of Zoom Communications by 33.5% during the fourth quarter. Root Financial Partners LLC now owns 542 shares of the company's stock valued at $47,000 after acquiring an additional 136 shares during the period. MAI Capital Management lifted its holdings in shares of Zoom Communications by 34.7% during the third quarter. MAI Capital Management now owns 579 shares of the company's stock valued at $48,000 after acquiring an additional 149 shares during the period. Harrington Investments INC lifted its holdings in shares of Zoom Communications by 1.1% during the fourth quarter. Harrington Investments INC now owns 16,174 shares of the company's stock valued at $1,396,000 after acquiring an additional 169 shares during the period. Finally, Brookstone Capital Management lifted its holdings in shares of Zoom Communications by 2.2% during the fourth quarter. Brookstone Capital Management now owns 8,024 shares of the company's stock valued at $692,000 after acquiring an additional 170 shares during the period. 66.54% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ZM has been the subject of a number of analyst reports. Citigroup lifted their price objective on Zoom Communications from $122.00 to $126.00 and gave the company a "buy" rating in a report on Tuesday, May 26th. Morgan Stanley lifted their price objective on Zoom Communications from $92.00 to $105.00 and gave the company an "equal weight" rating in a report on Friday, May 22nd. Piper Sandler raised their target price on Zoom Communications from $91.00 to $107.00 and gave the company a "neutral" rating in a research note on Friday, May 22nd. Robert W. Baird raised their target price on Zoom Communications from $95.00 to $105.00 and gave the company an "outperform" rating in a research note on Tuesday, May 19th. Finally, Rosenblatt Securities raised their target price on Zoom Communications from $115.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, May 22nd. Fifteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat, Zoom Communications has an average rating of "Moderate Buy" and a consensus price target of $109.33.

Zoom Communications Stock Down 0.5%

Shares of ZM stock opened at $101.15 on Tuesday. The stock has a 50-day moving average price of $94.82 and a 200 day moving average price of $88.34. The firm has a market cap of $29.66 billion, a price-to-earnings ratio of 14.85, a PEG ratio of 5.64 and a beta of 1.01. Zoom Communications, Inc. has a 12 month low of $69.15 and a 12 month high of $114.74.

Zoom Communications (NASDAQ:ZM - Get Free Report) last announced its quarterly earnings data on Thursday, May 21st. The company reported $1.55 EPS for the quarter, topping analysts' consensus estimates of $1.42 by $0.13. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Zoom Communications had a return on equity of 11.87% and a net margin of 41.99%.The company's revenue was up 5.5% on a year-over-year basis. During the same period last year, the company earned $1.43 earnings per share. Zoom Communications has set its FY 2027 guidance at 5.960-6.000 EPS and its Q2 2027 guidance at 1.450-1.470 EPS. Sell-side analysts predict that Zoom Communications, Inc. will post 4.06 earnings per share for the current fiscal year.

Insider Transactions at Zoom Communications

In related news, Director Santiago Subotovsky sold 5,274 shares of Zoom Communications stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $109.78, for a total value of $578,979.72. Following the completion of the sale, the director directly owned 137,608 shares in the company, valued at $15,106,606.24. This trade represents a 3.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Aparna Bawa sold 12,886 shares of Zoom Communications stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $87.62, for a total value of $1,129,071.32. Following the completion of the sale, the chief operating officer owned 1,978 shares of the company's stock, valued at approximately $173,312.36. The trade was a 86.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 156,638 shares of company stock valued at $13,900,194 in the last three months. Company insiders own 10.78% of the company's stock.

Zoom Communications Profile

Zoom Video Communications, Inc (commonly referred to as Zoom) is a provider of cloud-based communications and collaboration solutions. The company's platform supports video conferencing, voice calling, instant messaging, webinars and large-scale virtual events, and meeting room systems, marketed to businesses, educational institutions, government organizations and individual users. Zoom's product lineup includes Zoom Meetings, Zoom Phone, Zoom Rooms, Zoom Video Webinars and Zoom Chat, and the company offers integrations and extensions through a developer marketplace and third-party apps.

Founded in 2011 by Eric S.

Want to see what other hedge funds are holding ZM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zoom Communications, Inc. (NASDAQ:ZM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.