Corient IA LLC Takes Position in Zoom Communications, Inc. $ZM

Key Points

• Corient IA LLC has acquired a new stake in Zoom Communications, Inc. by purchasing 4,000 shares valued at approximately $295,000.
• Several large investors, including Raymond James Financial and Aberdeen Group, have increased their stakes in Zoom, indicating strong institutional interest as they now own 66.54% of the company's stock.
• Zoom Communications reported $1.43 EPS for the last quarter, surpassing analyst estimates and reflecting a 2.9% increase in revenue from the previous year.

Corient IA LLC purchased a new stake in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,000 shares of the company's stock, valued at approximately $295,000.

Several other large investors have also made changes to their positions in the company. Raymond James Financial Inc. lifted its stake in shares of Zoom Communications by 5.6% during the first quarter. Raymond James Financial Inc. now owns 1,287,551 shares of the company's stock valued at $94,983,000 after acquiring an additional 68,699 shares during the period. Cresset Asset Management LLC lifted its stake in Zoom Communications by 1.7% in the first quarter. Cresset Asset Management LLC now owns 14,551 shares of the company's stock valued at $1,073,000 after buying an additional 238 shares during the period. American Century Companies Inc. lifted its stake in Zoom Communications by 1.9% in the first quarter. American Century Companies Inc. now owns 264,069 shares of the company's stock valued at $19,480,000 after buying an additional 4,893 shares during the period. Ethic Inc. lifted its stake in Zoom Communications by 5.3% in the first quarter. Ethic Inc. now owns 11,410 shares of the company's stock valued at $845,000 after buying an additional 576 shares during the period. Finally, Aberdeen Group plc lifted its stake in Zoom Communications by 200.1% in the first quarter. Aberdeen Group plc now owns 229,926 shares of the company's stock valued at $16,962,000 after buying an additional 153,312 shares during the period. Institutional investors and hedge funds own 66.54% of the company's stock.

Wall Street Analyst Weigh In

ZM has been the topic of a number of research analyst reports. William Blair reaffirmed an "outperform" rating on shares of Zoom Communications in a research report on Thursday, May 22nd. Bank of America raised their price target on Zoom Communications from $79.00 to $84.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Scotiabank raised their price target on Zoom Communications from $75.00 to $85.00 and gave the stock a "sector perform" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. raised their price target on Zoom Communications from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Finally, Wall Street Zen lowered Zoom Communications from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 26th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $87.00.

Zoom Communications Stock Performance

Shares of ZM opened at $73.14 on Monday. Zoom Communications, Inc. has a 52-week low of $57.23 and a 52-week high of $92.80. The business's fifty day moving average is $75.44 and its 200-day moving average is $76.98. The firm has a market cap of $22.13 billion, a price-to-earnings ratio of 21.96, a PEG ratio of 19.14 and a beta of 0.68.

Zoom Communications (NASDAQ:ZM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.13. Zoom Communications had a return on equity of 11.08% and a net margin of 22.31%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the company posted $1.35 EPS. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, research analysts forecast that Zoom Communications, Inc. will post 2.93 EPS for the current fiscal year.

Insider Buying and Selling at Zoom Communications

In other Zoom Communications news, COO Aparna Bawa sold 10,528 shares of the company's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $74.78, for a total value of $787,283.84. Following the sale, the chief operating officer owned 1,978 shares in the company, valued at approximately $147,914.84. The trade was a 84.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Velchamy Sankarlingam sold 7,661 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $77.50, for a total value of $593,727.50. Following the completion of the sale, the insider owned 129,377 shares in the company, valued at $10,026,717.50. This trade represents a 5.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 87,542 shares of company stock worth $6,609,623 over the last three months. 10.78% of the stock is owned by corporate insiders.

Zoom Communications Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.