Grimes & Company Inc. Reduces Position in Zoom Communications, Inc. $ZM

Grimes & Company Inc. trimmed its position in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 3.7% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 199,832 shares of the company's stock after selling 7,610 shares during the period. Grimes & Company Inc. owned 0.07% of Zoom Communications worth $15,583,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. SouthState Corp acquired a new position in Zoom Communications in the first quarter worth about $25,000. Wayfinding Financial LLC acquired a new position in Zoom Communications in the first quarter worth about $25,000. GKV Capital Management Co. Inc. acquired a new position in Zoom Communications in the first quarter worth about $31,000. Brooklyn Investment Group grew its stake in Zoom Communications by 277.8% in the first quarter. Brooklyn Investment Group now owns 442 shares of the company's stock worth $33,000 after purchasing an additional 325 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in Zoom Communications by 44.4% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 556 shares of the company's stock worth $43,000 after purchasing an additional 171 shares in the last quarter. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Zoom Communications

In other news, Director Herbert Raymond Mcmaster sold 2,000 shares of Zoom Communications stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $166,000.00. Following the sale, the director owned 7,901 shares of the company's stock, valued at approximately $655,783. The trade was a 20.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jonathan Chadwick sold 25,000 shares of Zoom Communications 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 in the company, valued at approximately $439,802.50. This trade represents a 80.97% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,925 shares of company stock valued at $6,680,119. Company insiders own 10.78% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on ZM. Wedbush reiterated an "outperform" rating and issued a $95.00 price target on shares of Zoom Communications in a research note on Friday, August 22nd. Wall Street Zen upgraded Zoom Communications from a "buy" rating to a "strong-buy" rating in a research note on Sunday, September 28th. KeyCorp decreased their target price on Zoom Communications from $73.00 to $69.00 and set an "underweight" rating for the company in a research note on Friday, August 22nd. Robert W. Baird decreased their target price on Zoom Communications from $100.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, August 22nd. Finally, Rosenblatt Securities restated a "buy" rating and issued a $110.00 target price on shares of Zoom Communications in a research note on Thursday, September 18th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $91.74.

Zoom Communications Trading Down 1.6%

ZM opened at $80.96 on Monday. The business's 50 day moving average is $79.10 and its 200-day moving average is $77.56. The stock has a market cap of $24.49 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 11.18 and a beta of 0.78. Zoom Communications, Inc. has a twelve month low of $64.41 and a twelve month high of $92.80.

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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