Zoom Communications, Inc. (NASDAQ:ZM) Stake Lessened by Harvey Capital Management Inc.

Harvey Capital Management Inc. reduced its holdings in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 25.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 51,335 shares of the company's stock after selling 17,820 shares during the period. Harvey Capital Management Inc.'s holdings in Zoom Communications were worth $3,787,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of ZM. FMR LLC lifted its position in Zoom Communications by 2.3% in the fourth quarter. FMR LLC now owns 12,727,532 shares of the company's stock valued at $1,038,694,000 after purchasing an additional 282,645 shares during the period. Norges Bank acquired a new stake in shares of Zoom Communications in the 4th quarter valued at approximately $751,908,000. AQR Capital Management LLC boosted its stake in shares of Zoom Communications by 5.2% in the fourth quarter. AQR Capital Management LLC now owns 7,538,744 shares of the company's stock valued at $615,237,000 after buying an additional 373,509 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Zoom Communications by 24.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company's stock worth $521,123,000 after acquiring an additional 1,247,717 shares during the period. Finally, Geode Capital Management LLC raised its position in Zoom Communications by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 4,624,160 shares of the company's stock worth $377,429,000 after acquiring an additional 28,725 shares in the last quarter. Institutional investors and hedge funds own 66.54% of the company's stock.

Insider Buying and Selling

In other news, Director Jonathan Chadwick sold 12,500 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $72.57, for a total transaction of $907,125.00. Following the completion of the transaction, the director directly owned 1,514 shares of the company's stock, valued at approximately $109,870.98. This represents a 89.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Velchamy Sankarlingam sold 11,839 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $71.91, for a total value of $851,342.49. Following the transaction, the insider owned 125,529 shares of the company's stock, valued at $9,026,790.39. This represents a 8.62% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 104,332 shares of company stock worth $7,670,566. Company insiders own 11.51% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. KeyCorp initiated coverage on shares of Zoom Communications in a research report on Friday, June 6th. They set an "underweight" rating and a $73.00 target price on the stock. Piper Sandler increased their price target on shares of Zoom Communications from $77.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. upped their target price on shares of Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Bank of America lifted their price objective on Zoom Communications from $79.00 to $84.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Finally, Scotiabank increased their price target on shares of Zoom Communications from $75.00 to $85.00 and gave the stock a "sector perform" rating in a research note on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Zoom Communications presently has a consensus rating of "Hold" and an average target price of $87.00.

Zoom Communications Stock Down 2.2%

Shares of Zoom Communications stock traded down $1.65 during trading hours on Friday, hitting $73.40. 4,071,362 shares of the company's stock traded hands, compared to its average volume of 2,908,802. Zoom Communications, Inc. has a twelve month low of $55.06 and a twelve month high of $92.80. The stock has a 50 day simple moving average of $79.35 and a 200-day simple moving average of $78.54. The company has a market cap of $22.21 billion, a PE ratio of 22.04, a PEG ratio of 12.68 and a beta of 0.68.

Zoom Communications (NASDAQ:ZM - Get Free Report) last posted 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. The firm had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.17 billion. Zoom Communications had a net margin of 22.31% and a return on equity of 11.08%. The firm's quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.35 earnings per share. As a group, equities research analysts predict that Zoom Communications, Inc. will post 2.93 EPS for the current year.

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.