Empowered Funds LLC Boosts Stock Holdings in Zoom Communications, Inc. $ZM

Key Points

• Empowered Funds LLC increased its stake in Zoom Communications by 9.7%, now holding 125,789 shares worth approximately $9.28 million as of the latest SEC filing.
• Several other hedge funds, including Victory Capital Management, have significantly boosted their holdings in Zoom Communications, indicating strong institutional interest in the company.
• Wall Street analysts have mixed views on Zoom, with target prices ranging from $69 to $100, reflecting differing opinions on the company's growth potential.

Empowered Funds LLC boosted its position in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 9.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 125,789 shares of the company's stock after buying an additional 11,073 shares during the quarter. Empowered Funds LLC's holdings in Zoom Communications were worth $9,279,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its position in Zoom Communications by 119.5% during the first quarter. Victory Capital Management Inc. now owns 1,405,311 shares of the company's stock worth $103,670,000 after purchasing an additional 765,092 shares during the period. Vanguard Group Inc. raised its position in shares of Zoom Communications by 2.6% in the first 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 period. Nuveen LLC purchased a new stake in shares of Zoom Communications during the 1st quarter valued at approximately $37,646,000. Junto Capital Management LP boosted its holdings in Zoom Communications by 93.8% in the 1st quarter. Junto Capital Management LP now owns 868,507 shares of the company's stock worth $64,070,000 after buying an additional 420,275 shares during the period. Finally, Citigroup Inc. boosted its holdings in Zoom Communications by 119.5% in the 1st quarter. Citigroup Inc. now owns 593,334 shares of the company's stock worth $43,770,000 after buying an additional 323,036 shares during the period. 66.54% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Jonathan Chadwick sold 25,000 shares of the firm's stock in a transaction that occurred on 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 sale, the director directly owned 5,875 shares of the company's stock, valued at $439,802.50. This trade represents a 80.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Aparna Bawa sold 10,528 shares of Zoom Communications stock in a transaction that occurred 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 sale, the chief operating officer owned 1,978 shares of the company's stock, valued at approximately $147,914.84. The trade was a 84.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,422 shares of company stock valued at $6,851,239 in the last 90 days. 10.78% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Morgan Stanley raised their price target on Zoom Communications from $79.00 to $85.00 and gave the stock an "equal weight" rating in a report on Thursday, May 22nd. Zacks Research cut Zoom Communications from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 20th. Needham & Company LLC restated a "buy" rating and issued a $100.00 target price on shares of Zoom Communications in a research note on Friday, August 22nd. KeyCorp decreased their price target on Zoom Communications from $73.00 to $69.00 and set an "underweight" rating on the stock in a research report on Friday, August 22nd. Finally, Piper Sandler reissued a "neutral" rating and issued a $85.00 price target on shares of Zoom Communications in a report on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $90.30.

Zoom Communications Stock Up 0.6%

Shares of NASDAQ ZM opened at $85.62 on Wednesday. The stock's 50-day simple moving average is $76.23 and its two-hundred day simple moving average is $76.43. Zoom Communications, Inc. has a twelve month low of $64.41 and a twelve month high of $92.80. The firm has a market capitalization of $25.90 billion, a P/E ratio of 22.59, a P/E/G ratio of 11.98 and a beta of 0.57.

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.

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