Circle Wealth Management LLC Increases Stock Position in Zoom Communications, Inc. $ZM

Key Points

• Circle Wealth Management LLC increased its stake in Zoom Communications, owning 20,391 shares after acquiring an additional 13,629 shares, raising its position by 201.6% during Q1.
• Institutional investors control approximately 66.54% of Zoom's stock, with prominent firms like Vanguard and AQR also boosting their holdings recently.
• Zoom Communications reported a 2.9% year-over-year revenue increase, with earnings of $1.43 per share, surpassing analyst expectations of $1.30.

Circle Wealth Management LLC raised its position in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 201.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,391 shares of the company's stock after acquiring an additional 13,629 shares during the quarter. Circle Wealth Management LLC's holdings in Zoom Communications were worth $1,504,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ZM. Vanguard Group Inc. raised its position in Zoom Communications by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 24,796,654 shares of the company's stock valued at $1,829,249,000 after purchasing an additional 624,863 shares during the last quarter. AQR Capital Management LLC raised its holdings in Zoom Communications by 5.2% in the 4th quarter. AQR Capital Management LLC now owns 7,538,744 shares of the company's stock worth $615,237,000 after purchasing an additional 373,509 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in Zoom Communications by 0.6% in the first 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Zoom Communications by 2.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,174,025 shares of the company's stock worth $340,642,000 after buying an additional 87,775 shares during the period. Finally, Northern Trust Corp lifted its holdings in Zoom Communications by 3.7% in the fourth quarter. Northern Trust Corp now owns 1,779,423 shares of the company's stock worth $145,219,000 after buying an additional 63,458 shares during the period. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Velchamy Sankarlingam sold 7,661 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $77.50, for a total transaction of $593,727.50. Following the completion of the sale, the insider owned 129,377 shares of the company's stock, valued at $10,026,717.50. This trade represents a 5.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric S. Yuan sold 33,691 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $74.79, for a total transaction of $2,519,749.89. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 87,542 shares of company stock valued at $6,609,623. Company insiders own 11.51% of the company's stock.

Zoom Communications Price Performance

Shares of NASDAQ:ZM opened at $73.17 on Friday. The business has a fifty day moving average price of $74.96 and a 200-day moving average price of $76.73. The company has a market capitalization of $22.14 billion, a PE ratio of 21.97, a PEG ratio of 18.89 and a beta of 0.68. Zoom Communications, Inc. has a 1-year low of $60.71 and a 1-year high of $92.80.

Zoom Communications (NASDAQ:ZM - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $1.43 earnings per share for the quarter, beating analysts' consensus estimates of $1.30 by $0.13. The business had revenue of $1.17 billion during 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%. Zoom Communications's revenue was up 2.9% compared to the same quarter last year. During the same period last year, the business earned $1.35 EPS. On average, sell-side analysts anticipate that Zoom Communications, Inc. will post 2.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ZM. Needham & Company LLC reiterated a "buy" rating and set a $100.00 target price on shares of Zoom Communications in a report on Friday. JMP Securities reiterated a "market perform" rating on shares of Zoom Communications in a report on Thursday, May 22nd. Piper Sandler raised their price objective on Zoom Communications from $77.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Wells Fargo & Company upped their target price on shares of Zoom Communications from $75.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 22nd. Finally, Citigroup lowered their price target on shares of Zoom Communications from $85.00 to $84.00 and set a "neutral" rating for the company in a research report on Thursday, May 15th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, sixteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $88.30.

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.

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