Convergence Investment Partners LLC Takes $1.13 Million Position in Zoom Communications, Inc. (NASDAQ:ZM)

Convergence Investment Partners LLC bought a new stake in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 15,310 shares of the company's stock, valued at approximately $1,129,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Wynn Capital LLC boosted its position in shares of Zoom Communications by 1.6% during the first quarter. Wynn Capital LLC now owns 10,194 shares of the company's stock worth $752,000 after buying an additional 160 shares during the period. New York State Teachers Retirement System raised its holdings in Zoom Communications by 0.7% during the first quarter. New York State Teachers Retirement System now owns 24,298 shares of the company's stock worth $1,792,000 after purchasing an additional 171 shares in the last quarter. Siemens Fonds Invest GmbH raised its holdings in Zoom Communications by 3.8% during the fourth quarter. Siemens Fonds Invest GmbH now owns 4,732 shares of the company's stock worth $391,000 after purchasing an additional 174 shares in the last quarter. Blue Trust Inc. raised its holdings in Zoom Communications by 19.8% during the first quarter. Blue Trust Inc. now owns 1,059 shares of the company's stock worth $78,000 after purchasing an additional 175 shares in the last quarter. Finally, Burns Matteson Capital Management LLC raised its holdings in Zoom Communications by 3.1% during the first quarter. Burns Matteson Capital Management LLC now owns 5,801 shares of the company's stock worth $428,000 after purchasing an additional 177 shares in the last quarter. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Zoom Communications Trading Down 1.1%

Shares of Zoom Communications stock traded down $0.81 during trading on Friday, hitting $74.82. 1,929,417 shares of the stock were exchanged, compared to its average volume of 2,663,994. The stock has a market capitalization of $22.64 billion, a price-to-earnings ratio of 22.47, a price-to-earnings-growth ratio of 12.46 and a beta of 0.68. The company has a fifty day moving average price of $78.17 and a 200-day moving average price of $77.96. Zoom Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $92.80.

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 in the prior year, the business posted $1.35 EPS. The business's revenue was up 2.9% compared to the same quarter last year. Equities research analysts forecast that Zoom Communications, Inc. will post 2.93 EPS for the current fiscal year.

Analyst Ratings Changes

ZM has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Citigroup cut their target price on shares of Zoom Communications from $85.00 to $84.00 and set a "neutral" rating on the stock in a research note on Thursday, May 15th. Piper Sandler boosted their target price on shares of Zoom Communications from $77.00 to $85.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. JMP Securities reissued a "market perform" rating on shares of Zoom Communications in a research note on Thursday, May 22nd. Finally, Wells Fargo & Company boosted their target price on shares of Zoom Communications from $75.00 to $80.00 and gave the company an "equal weight" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Zoom Communications presently has an average rating of "Hold" and an average price target of $87.00.

Insiders Place Their Bets

In related news, Director Jonathan Chadwick sold 25,000 shares of the firm's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $74.86, for a total value of $1,871,500.00. Following the transaction, the director 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Janet Napolitano sold 2,617 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $76.78, for a total transaction of $200,933.26. Following the completion of the transaction, the director directly owned 4,728 shares in the company, valued at approximately $363,015.84. The trade was a 35.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 90,017 shares of company stock worth $6,804,703 over the last 90 days. Insiders own 11.51% 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.