Kentucky Retirement Systems Insurance Trust Fund Buys Shares of 7,667 Zoom Communications, Inc. (NASDAQ:ZM)

Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 7,667 shares of the company's stock, valued at approximately $566,000.

A number of other institutional investors also recently made changes to their positions in ZM. Principal Securities Inc. raised its position in shares of Zoom Communications by 26.9% in the 4th quarter. Principal Securities Inc. now owns 783 shares of the company's stock valued at $64,000 after purchasing an additional 166 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Zoom Communications by 768.1% in the 4th quarter. Principal Financial Group Inc. now owns 148,488 shares of the company's stock valued at $12,118,000 after acquiring an additional 131,383 shares during the last quarter. Truist Financial Corp increased its holdings in shares of Zoom Communications by 5.1% in the 4th quarter. Truist Financial Corp now owns 6,120 shares of the company's stock valued at $499,000 after acquiring an additional 297 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in shares of Zoom Communications by 15.0% in the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 80,700 shares of the company's stock valued at $6,586,000 after acquiring an additional 10,500 shares during the last quarter. Finally, World Equity Group Inc. bought a new stake in shares of Zoom Communications in the 4th quarter valued at approximately $212,000. 66.54% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Velchamy Sankarlingam sold 2,595 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $80.26, for a total transaction of $208,274.70. Following the completion of the sale, the insider now directly owns 126,393 shares of the company's stock, valued at $10,144,302.18. This represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Santiago Subotovsky sold 2,475 shares of the company's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $75.43, for a total value of $186,689.25. Following the sale, the director now directly owns 160,299 shares of the company's stock, valued at approximately $12,091,353.57. This represents a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 94,196 shares of company stock worth $6,885,843 over the last 90 days. 10.78% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ZM. Piper Sandler boosted their price target on Zoom Communications from $77.00 to $85.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. UBS Group lowered their price target on Zoom Communications from $90.00 to $85.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. William Blair reiterated an "outperform" rating on shares of Zoom Communications in a report on Thursday, May 22nd. JMP Securities reiterated a "market perform" rating on shares of Zoom Communications in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. boosted their price target on Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. One investment 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 MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $87.00.

Zoom Communications Stock Performance

NASDAQ:ZM opened at $76.45 on Wednesday. Zoom Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80. The stock has a market cap of $23.13 billion, a price-to-earnings ratio of 22.96, a PEG ratio of 12.83 and a beta of 0.71. The business has a fifty day moving average of $78.57 and a 200-day moving average of $79.12.

Zoom Communications (NASDAQ:ZM - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $1.17 billion during 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%. The company's revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.35 earnings per share. On average, equities research analysts predict that Zoom Communications, Inc. will post 2.93 EPS for the current year.

Zoom Communications 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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