Bank of New York Mellon Corp Sells 44,841 Shares of Zoom Communications, Inc. (NASDAQ:ZM)

Bank of New York Mellon Corp reduced its stake in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 4.1% during the first quarter, according to the company in its most recent 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 filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Wayfinding Financial LLC purchased a new position in Zoom Communications in the 1st quarter worth approximately $25,000. IFM Investors Pty Ltd raised its stake in Zoom Communications by 11.5% during the 1st quarter. IFM Investors Pty Ltd now owns 53,262 shares of the company's stock valued at $3,714,000 after buying an additional 5,493 shares during the last quarter. GF Fund Management CO. LTD. increased its stake in shares of Zoom Communications by 277.2% in the 1st quarter. GF Fund Management CO. LTD. now owns 6,847 shares of the company's stock worth $505,000 after purchasing an additional 5,032 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Zoom Communications by 18.5% in the 1st quarter. Principal Financial Group Inc. now owns 175,918 shares of the company's stock worth $12,977,000 after purchasing an additional 27,430 shares in the last quarter. Finally, Yelin Lapidot Holdings Management Ltd. increased its stake in shares of Zoom Communications by 94.7% in the 1st quarter. Yelin Lapidot Holdings Management Ltd. now owns 25,900 shares of the company's stock worth $1,911,000 after purchasing an additional 12,600 shares in the last quarter. 66.54% of the stock is owned by institutional investors.

Insider Buying and Selling at Zoom Communications

In other news, insider Velchamy Sankarlingam sold 11,839 shares of the company's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $71.91, for a total transaction of $851,342.49. Following the transaction, the insider directly owned 125,529 shares of the company's stock, valued at approximately $9,026,790.39. This represents a 8.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jonathan Chadwick sold 12,500 shares of the business's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $72.57, for a total transaction of $907,125.00. Following the sale, the director directly owned 1,514 shares in the company, valued at $109,870.98. This trade represents a 89.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 104,332 shares of company stock valued at $7,670,566. Corporate insiders own 11.51% of the company's stock.

Zoom Communications Stock Performance

Zoom Communications stock opened at $75.05 on Friday. The company has a 50 day moving average price of $79.35 and a 200-day moving average price of $78.54. Zoom Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The company has a market capitalization of $22.71 billion, a PE ratio of 22.54, a P/E/G ratio of 12.68 and a beta of 0.68.

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

Wall Street Analysts Forecast Growth

ZM has been the subject of a number of analyst reports. Piper Sandler increased their price target on Zoom Communications from $77.00 to $85.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Rosenblatt Securities increased their target price on Zoom Communications from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Scotiabank increased their target price 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. Citigroup cut their target price on Zoom Communications from $85.00 to $84.00 and set a "neutral" rating for the company in a research report on Thursday, May 15th. Finally, Needham & Company LLC upgraded Zoom Communications from a "hold" rating to a "moderate buy" rating and set a $100.00 target price for the company in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Zoom Communications presently has an average rating of "Hold" and an average price target of $87.00.

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.

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