Highland Capital Management LLC Buys New Stake in Zoom Communications, Inc. $ZM

Key Points

• Highland Capital Management LLC acquired a new stake in Zoom Communications, purchasing 50,100 shares for approximately $3.91 million during the second quarter.
• CEO Eric S. Yuan sold 33,691 shares of the company for nearly $2.52 million in July, contributing to a total insider sale of 87,925 shares valued at $6.68 million over the past 90 days.
• Zoom Communications has a current market capitalization of $24.49 billion and maintains a consensus average target price of $91.74 among analysts, with ratings ranging from Strong Buy to Sell.

Highland Capital Management LLC bought a new stake in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 50,100 shares of the company's stock, valued at approximately $3,907,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SouthState Corp acquired a new position in Zoom Communications in the 1st quarter worth $25,000. Wayfinding Financial LLC acquired a new position in Zoom Communications in the 1st quarter worth $25,000. GKV Capital Management Co. Inc. acquired a new position in Zoom Communications in the 1st quarter worth $31,000. Brooklyn Investment Group lifted its holdings in Zoom Communications by 277.8% in the 1st quarter. Brooklyn Investment Group now owns 442 shares of the company's stock worth $33,000 after buying an additional 325 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in Zoom Communications by 44.4% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 556 shares of the company's stock worth $43,000 after buying an additional 171 shares in the last quarter. Institutional investors and hedge funds own 66.54% of the company's stock.

Insider Activity

In related news, CEO Eric S. Yuan sold 33,691 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $74.79, for a total transaction of $2,519,749.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Velchamy Sankarlingam sold 2,595 shares of the firm's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $85.09, for a total transaction of $220,808.55. Following the sale, the insider owned 130,242 shares of the company's stock, valued at $11,082,291.78. The trade was a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 87,925 shares of company stock valued at $6,680,119 in the last ninety days. 11.51% of the stock is owned by company insiders.

Zoom Communications Price Performance

Zoom Communications stock opened at $80.96 on Friday. The firm has a 50 day simple moving average of $79.10 and a 200-day simple moving average of $77.55. The stock has a market capitalization 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 12-month low of $64.41 and a 12-month high of $92.80.

Wall Street Analyst Weigh In

ZM has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a "buy" rating and issued a $100.00 price objective on shares of Zoom Communications in a report on Thursday, September 18th. Mizuho boosted their price objective on shares of Zoom Communications from $95.00 to $100.00 and gave the stock an "outperform" rating in a report on Tuesday, August 26th. Royal Bank Of Canada restated an "outperform" rating and issued a $100.00 target price on shares of Zoom Communications in a research note on Thursday, September 18th. Weiss Ratings restated a "hold (c)" rating on shares of Zoom Communications in a research note on Saturday, September 27th. Finally, Robert W. Baird cut their target price on shares of Zoom Communications from $100.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, August 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $91.74.

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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