Illinois Municipal Retirement Fund Grows Holdings in Zoom Communications, Inc. (NASDAQ:ZM)

Illinois Municipal Retirement Fund grew its holdings in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 11.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 225,412 shares of the company's stock after buying an additional 23,412 shares during the quarter. Illinois Municipal Retirement Fund owned 0.07% of Zoom Communications worth $16,629,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ZM. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Zoom Communications by 177.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company's stock valued at $28,000 after buying an additional 246 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in Zoom Communications by 277.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 351 shares of the company's stock worth $29,000 after purchasing an additional 258 shares during the last quarter. Raiffeisen Bank International AG bought a new position in Zoom Communications during the fourth quarter worth $30,000. Colonial Trust Co SC bought a new position in Zoom Communications during the fourth quarter worth $32,000. Finally, MRP Capital Investments LLC lifted its stake in Zoom Communications by 500.0% during the fourth quarter. MRP Capital Investments LLC now owns 600 shares of the company's stock worth $49,000 after purchasing an additional 500 shares during the last quarter. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ZM. Piper Sandler raised their price objective on Zoom Communications from $77.00 to $85.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Rosenblatt Securities raised their price objective on Zoom Communications from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Bank of America raised their price objective on Zoom Communications from $79.00 to $84.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Morgan Stanley raised their price objective on Zoom Communications from $79.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 22nd. Finally, KeyCorp initiated coverage on Zoom Communications in a research note on Friday, June 6th. They set an "underweight" rating and a $73.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $87.00.

Insider Buying and Selling

In related news, Director Santiago Subotovsky sold 2,475 shares of Zoom Communications stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $80.67, for a total value of $199,658.25. Following the transaction, the director now owns 155,349 shares of the company's stock, valued at approximately $12,532,003.83. This trade represents a 1.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Janet Napolitano sold 2,617 shares of Zoom Communications stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $76.78, for a total value of $200,933.26. Following the completion of the transaction, the director now directly owns 4,728 shares in the company, valued at $363,015.84. This represents a 35.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 94,196 shares of company stock valued at $6,885,843 over the last three months. Company insiders own 11.51% of the company's stock.

Zoom Communications Stock Performance

Shares of ZM opened at $76.96 on Friday. The firm has a market capitalization of $23.28 billion, a price-to-earnings ratio of 23.11, a price-to-earnings-growth ratio of 12.72 and a beta of 0.71. Zoom Communications, Inc. has a one year low of $55.06 and a one year high of $92.80. The stock's fifty day moving average is $78.79 and its 200-day moving average is $79.04.

Zoom Communications (NASDAQ:ZM - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.30 by $0.13. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. Zoom Communications had a return on equity of 11.08% and a net margin of 22.31%. Zoom Communications's revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.35 earnings per share. Analysts forecast that Zoom Communications, Inc. will post 2.93 EPS for the current fiscal 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.

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