Zoom Communications, Inc. (NASDAQ:ZM) Shares Acquired by Citigroup Inc.

Key Points

• Citigroup Inc. increased its stake in Zoom Communications by 119.5% during the first quarter, owning 593,334 shares worth approximately $43.77 million.
• A variety of hedge funds also raised their stakes in Zoom, with Spire Wealth Management notably boosting its position by 990.6%.
• Analysts have mixed views on Zoom's stock, with a consensus rating of "Hold" and an average target price of $87.00.

Citigroup Inc. boosted its stake in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 119.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 593,334 shares of the company's stock after acquiring an additional 323,036 shares during the period. Citigroup Inc. owned about 0.19% of Zoom Communications worth $43,770,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wayfinding Financial LLC purchased a new position in Zoom Communications during the first quarter worth about $25,000. MassMutual Private Wealth & Trust FSB grew its position in Zoom Communications by 177.0% during the first 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. Raiffeisen Bank International AG acquired a new position in Zoom Communications during the fourth quarter worth about $30,000. Colonial Trust Co SC acquired a new position in Zoom Communications during the fourth quarter worth about $32,000. Finally, Cloud Capital Management LLC acquired a new position in Zoom Communications during the first quarter worth about $42,000. 66.54% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Zoom Communications news, Director Janet Napolitano sold 2,617 shares of Zoom Communications 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 in the company, valued at $363,015.84. This trade represents a 35.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Aparna Bawa sold 10,528 shares of Zoom Communications stock in a transaction on Monday, July 14th. The shares were sold at an average price of $74.78, for a total transaction of $787,283.84. Following the completion of the transaction, the chief operating officer owned 1,978 shares in the company, valued at approximately $147,914.84. This trade represents a 84.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 87,542 shares of company stock worth $6,609,623 over the last 90 days. Company insiders own 10.78% of the company's stock.

Zoom Communications Stock Performance

NASDAQ ZM traded up $0.19 during mid-day trading on Tuesday, reaching $69.96. 3,089,019 shares of the stock were exchanged, compared to its average volume of 3,084,080. Zoom Communications, Inc. has a 1-year low of $55.28 and a 1-year high of $92.80. The business's fifty day simple moving average is $75.94 and its 200 day simple moving average is $77.33. The stock has a market capitalization of $21.17 billion, a PE ratio of 21.01, a PEG ratio of 18.26 and a beta of 0.68.

Zoom Communications (NASDAQ:ZM - Get Free Report) last announced its 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. Zoom Communications had a net margin of 22.31% and a return on equity of 11.08%. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the business earned $1.35 earnings per share. Zoom Communications's revenue was up 2.9% compared to the same quarter last year. On average, analysts anticipate that Zoom Communications, Inc. will post 2.93 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Royal Bank Of Canada restated an "outperform" rating and set a $95.00 target price on shares of Zoom Communications in a research report on Thursday, May 22nd. Bank of America upped their target price on shares of Zoom Communications from $79.00 to $84.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. upped their target price on shares of Zoom Communications from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Mizuho lowered their target price on shares of Zoom Communications from $105.00 to $71.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Finally, William Blair restated an "outperform" rating on shares of Zoom Communications in a research report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $87.00.

Zoom Communications Profile

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.