Galvin Gaustad & Stein LLC cut its stake in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 69.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,370 shares of the company's stock after selling 19,416 shares during the period. Galvin Gaustad & Stein LLC's holdings in Zoom Communications were worth $617,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of ZM. Principal Financial Group Inc. raised its holdings in shares of Zoom Communications by 18.5% in the first quarter. Principal Financial Group Inc. now owns 175,918 shares of the company's stock worth $12,977,000 after acquiring an additional 27,430 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Zoom Communications by 15.5% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 11,928 shares of the company's stock worth $880,000 after purchasing an additional 1,601 shares in the last quarter. Yousif Capital Management LLC raised its stake in Zoom Communications by 31.9% in the 1st quarter. Yousif Capital Management LLC now owns 4,453 shares of the company's stock valued at $328,000 after purchasing an additional 1,076 shares during the last quarter. Spire Wealth Management lifted its holdings in Zoom Communications by 990.6% in the 1st quarter. Spire Wealth Management now owns 1,396 shares of the company's stock valued at $103,000 after purchasing an additional 1,268 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in Zoom Communications by 0.7% in the 1st quarter. New York State Teachers Retirement System now owns 24,298 shares of the company's stock valued at $1,792,000 after purchasing an additional 171 shares in the last quarter. 66.54% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several brokerages have weighed in on ZM. Mizuho cut their price target on Zoom Communications from $105.00 to $71.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Piper Sandler increased their target price on Zoom Communications from $77.00 to $85.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Bank of America lifted their price target on Zoom Communications from $79.00 to $84.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Benchmark reaffirmed a "buy" rating and set a $97.00 price objective on shares of Zoom Communications in a research note on Tuesday, May 20th. Finally, Morgan Stanley raised their target price on shares of Zoom Communications from $79.00 to $85.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Zoom Communications has a consensus rating of "Hold" and a consensus price target of $87.00.
View Our Latest Analysis on Zoom Communications
Zoom Communications Trading Down 1.1%
ZM opened at $74.82 on Monday. Zoom Communications, Inc. has a twelve month low of $55.06 and a twelve month high of $92.80. The firm has a market cap of $22.64 billion, a price-to-earnings ratio of 22.47, a PEG ratio of 12.26 and a beta of 0.68. The company has a fifty day simple moving average of $77.97 and a 200 day simple moving average of $77.89.
Zoom Communications (NASDAQ:ZM - Get Free Report) last announced its earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share 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 during the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the firm earned $1.35 earnings per share. The company's revenue was up 2.9% on a year-over-year basis. On average, analysts forecast that Zoom Communications, Inc. will post 2.93 earnings per share for the current fiscal year.
Insider Activity at Zoom Communications
In other news, 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 sale, the insider owned 129,377 shares in the company, valued at approximately $10,026,717.50. This represents a 5.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Herbert Raymond Mcmaster sold 500 shares of Zoom Communications stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $75.00, for a total value of $37,500.00. Following the completion of the transaction, the director owned 10,901 shares of the company's stock, valued at $817,575. This trade represents a 4.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,017 shares of company stock worth $6,804,703 over the last ninety days. Company insiders own 10.78% of the company's stock.
About Zoom Communications
(
Free Report)
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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