Connective Capital Management LLC Makes New Investment in Zoom Communications, Inc. $ZM

Key Points

• Connective Capital Management LLC has acquired a new stake in Zoom Communications, purchasing nearly 40,000 shares valued at approximately $2.93 million, making it the firm's 10th largest position.
• Analysts have mixed ratings on Zoom, with Zacks Research downgrading the stock from "strong-buy" to "hold" while JPMorgan increased its price objective from $80 to $85.
• Insider trading has been significant, with multiple insiders selling a total of over 87,000 shares valued at approximately $6.6 million in the past 90 days.

Connective Capital Management LLC purchased a new stake in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 39,782 shares of the company's stock, valued at approximately $2,935,000. Zoom Communications comprises approximately 2.7% of Connective Capital Management LLC's holdings, making the stock its 10th largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. SouthState Corp purchased a new stake in shares of Zoom Communications during the first quarter valued at $25,000. Wayfinding Financial LLC purchased a new stake in Zoom Communications in the first quarter worth about $25,000. Raiffeisen Bank International AG purchased a new stake in shares of Zoom Communications in the 4th quarter worth approximately $30,000. MassMutual Private Wealth & Trust FSB boosted its position in Zoom Communications by 177.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company's stock valued at $28,000 after acquiring an additional 246 shares in the last quarter. Finally, Colonial Trust Co SC bought a new position in shares of Zoom Communications in the 4th quarter worth $32,000. Hedge funds and other institutional investors own 66.54% of the company's stock.

Analysts Set New Price Targets

ZM has been the topic of a number of research analyst reports. Zacks Research lowered Zoom Communications from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. Stifel Nicolaus dropped their price objective on Zoom Communications from $85.00 to $80.00 and set a "hold" rating on the stock in a report on Friday. William Blair reaffirmed an "outperform" rating on shares of Zoom Communications in a research note on Thursday, May 22nd. JPMorgan Chase & Co. upped their price objective on shares of Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Finally, Wedbush reaffirmed an "outperform" rating and set a $95.00 price objective on shares of Zoom Communications in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $89.00.

Zoom Communications Stock Performance

Shares of NASDAQ ZM opened at $82.47 on Monday. The firm has a market capitalization of $24.95 billion, a P/E ratio of 21.76, a PEG ratio of 21.46 and a beta of 0.68. Zoom Communications, Inc. has a one year low of $64.41 and a one year high of $92.80. The company's fifty day moving average is $75.08 and its two-hundred day moving average is $76.57.

Insider Activity

In other Zoom Communications news, Director Jonathan Chadwick sold 25,000 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $74.86, for a total value of $1,871,500.00. Following the sale, the director directly owned 5,875 shares of the company's stock, valued at approximately $439,802.50. This trade represents a 80.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Velchamy Sankarlingam sold 7,661 shares of the company's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $77.50, for a total value of $593,727.50. Following the sale, 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. Insiders have sold 87,542 shares of company stock valued at $6,609,623 in the last 90 days. Insiders own 10.78% of the company's stock.

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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