Canada Pension Plan Investment Board Increases Holdings in Zoom Communications, Inc. $ZM

Key Points

• The Canada Pension Plan Investment Board increased its stake in Zoom Communications by 27.7%, acquiring an additional 52,213 shares, bringing its total ownership to 240,407 shares valued at approximately $17.7 million.
• Zoom's stock recently opened at $81.42 with a market cap of $24.63 billion and a price-to-earnings ratio of 21.48.
• Insider trading activity has seen significant sales, with Director Jonathan Chadwick selling 25,000 shares valued at approximately $1.87 million, leading to a 80.97% decrease in his position.

Canada Pension Plan Investment Board lifted its holdings in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 27.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 240,407 shares of the company's stock after purchasing an additional 52,213 shares during the period. Canada Pension Plan Investment Board owned 0.08% of Zoom Communications worth $17,735,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position 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 during the period. Cambridge Investment Research Advisors Inc. increased its stake in Zoom Communications by 15.5% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 11,928 shares of the company's stock valued at $880,000 after purchasing an additional 1,601 shares in the last quarter. Yousif Capital Management LLC grew its holdings in shares of Zoom Communications by 31.9% during the first quarter. Yousif Capital Management LLC now owns 4,453 shares of the company's stock valued at $328,000 after buying an additional 1,076 shares during the last quarter. Spire Wealth Management increased its position in shares of Zoom Communications by 990.6% during the first quarter. Spire Wealth Management now owns 1,396 shares of the company's stock worth $103,000 after acquiring an additional 1,268 shares in the last quarter. Finally, Circle Wealth Management LLC raised its holdings in shares of Zoom Communications by 201.6% in the 1st quarter. Circle Wealth Management LLC now owns 20,391 shares of the company's stock worth $1,504,000 after acquiring an additional 13,629 shares during the last quarter. Institutional investors and hedge funds own 66.54% of the company's stock.

Insider Activity

In other news, Director Janet Napolitano sold 2,617 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $76.78, for a total value of $200,933.26. Following the transaction, the director owned 4,728 shares of the company's stock, valued at approximately $363,015.84. This represents a 35.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Velchamy Sankarlingam sold 7,661 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $77.50, for a total value of $593,727.50. Following the transaction, the insider owned 129,377 shares of the company's stock, valued at approximately $10,026,717.50. The trade was a 5.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 90,542 shares of company stock worth $6,853,099. Company insiders own 11.51% of the company's stock.

Zoom Communications Stock Performance

NASDAQ ZM traded down $0.70 during trading hours on Thursday, hitting $82.79. The company had a trading volume of 4,810,552 shares, compared to its average volume of 3,869,964. The firm has a 50 day simple moving average of $75.70 and a 200 day simple moving average of $76.48. 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 $25.05 billion, a price-to-earnings ratio of 21.84, a PEG ratio of 11.75 and a beta of 0.57.

Wall Street Analysts Forecast Growth

ZM has been the topic of a number of recent research reports. Zacks Research lowered Zoom Communications from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 20th. Royal Bank Of Canada boosted their price objective on Zoom Communications from $95.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, August 22nd. Rosenblatt Securities lifted their target price on Zoom Communications from $100.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, August 22nd. Bank of America increased their price target on shares of Zoom Communications from $79.00 to $84.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Finally, Morgan Stanley boosted their target price on shares of Zoom Communications from $79.00 to $85.00 and gave the company an "equal weight" rating in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Zoom Communications has a consensus rating of "Hold" and a consensus price target of $90.30.

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.