Bank of New York Mellon Corp Cuts Stake in Zoom Communications, Inc. (NASDAQ:ZM)

Bank of New York Mellon Corp lowered its stake in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,052,227 shares of the company's stock after selling 44,841 shares during the quarter. Bank of New York Mellon Corp owned about 0.34% of Zoom Communications worth $77,623,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ZM. Wayfinding Financial LLC acquired a new position in Zoom Communications in the 1st quarter worth approximately $25,000. Raiffeisen Bank International AG acquired a new position in Zoom Communications in the 4th quarter worth approximately $30,000. MassMutual Private Wealth & Trust FSB increased its holdings in Zoom Communications by 177.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company's stock worth $28,000 after buying an additional 246 shares during the period. Colonial Trust Co SC acquired a new position in Zoom Communications in the 4th quarter worth approximately $32,000. Finally, MRP Capital Investments LLC increased its holdings in Zoom Communications by 500.0% in the 4th quarter. MRP Capital Investments LLC now owns 600 shares of the company's stock worth $49,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 66.54% of the company's stock.

Insider Activity

In related news, insider Velchamy Sankarlingam sold 7,661 shares of the stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $77.50, for a total value of $593,727.50. Following the sale, the insider directly owned 129,377 shares of the company's stock, valued at approximately $10,026,717.50. This represents a 5.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jonathan Chadwick sold 12,500 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $72.57, for a total transaction of $907,125.00. Following the completion of the sale, the director directly owned 1,514 shares in the company, valued at approximately $109,870.98. The trade was a 89.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 63,211 shares of company stock valued at $4,702,452 in the last quarter. Insiders own 10.78% of the company's stock.

Analysts Set New Price Targets

ZM has been the topic of several recent research reports. Wall Street Zen upgraded Zoom Communications from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. William Blair restated an "outperform" rating on shares of Zoom Communications in a research report on Thursday, May 22nd. Benchmark restated a "buy" rating and issued a $97.00 price objective on shares of Zoom Communications in a research report on Tuesday, May 20th. Scotiabank upped their price objective on Zoom Communications from $75.00 to $85.00 and gave the stock a "sector perform" rating in a research report on Friday, May 16th. Finally, JPMorgan Chase & Co. increased their target price on Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $87.00.

Zoom Communications Trading Up 1.9%

Shares of Zoom Communications stock traded up $1.43 during trading on Monday, reaching $74.83. The company's stock had a trading volume of 3,577,807 shares, compared to its average volume of 2,906,948. The company has a 50-day moving average price of $79.26 and a two-hundred day moving average price of $78.36. Zoom Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The firm has a market cap of $22.64 billion, a PE ratio of 22.47, a P/E/G ratio of 12.02 and a beta of 0.68.

Zoom Communications (NASDAQ:ZM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.30 by $0.13. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. Zoom Communications had a net margin of 22.31% and a return on equity of 11.08%. The business's revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.35 earnings per share. On average, analysts predict that Zoom Communications, Inc. will post 2.93 earnings per share for the current fiscal year.

About Zoom Communications

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.