Kentucky Retirement Systems Insurance Trust Fund Takes Position in Zoom Communications, Inc. (NASDAQ:ZM)

Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 7,667 shares of the company's stock, valued at approximately $566,000.

Several other large investors have also made changes to their positions in the business. FMR LLC increased its stake in Zoom Communications by 2.3% during the fourth quarter. FMR LLC now owns 12,727,532 shares of the company's stock valued at $1,038,694,000 after acquiring an additional 282,645 shares during the period. Norges Bank bought a new position in Zoom Communications during the fourth quarter valued at about $751,908,000. AQR Capital Management LLC increased its stake in Zoom Communications by 5.2% during the fourth quarter. AQR Capital Management LLC now owns 7,538,744 shares of the company's stock valued at $615,237,000 after acquiring an additional 373,509 shares during the period. T. Rowe Price Investment Management Inc. increased its stake 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 valued at $521,123,000 after acquiring an additional 1,247,717 shares during the period. Finally, Geode Capital Management LLC increased its stake in Zoom Communications by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 4,624,160 shares of the company's stock valued at $377,429,000 after acquiring an additional 28,725 shares during the period. Institutional investors and hedge funds own 66.54% of the company's stock.

Zoom Communications Price Performance

Shares of ZM traded up $1.42 on Friday, hitting $78.38. The company's stock had a trading volume of 3,411,330 shares, compared to its average volume of 2,886,190. The company has a market capitalization of $23.71 billion, a PE ratio of 23.54, a PEG ratio of 13.01 and a beta of 0.71. Zoom Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The company has a 50 day moving average price of $78.93 and a 200 day moving average price of $78.95.

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ZM. KeyCorp began coverage on Zoom Communications in a research note on Friday, June 6th. They set an "underweight" rating and a $73.00 price target on the stock. William Blair reiterated an "outperform" rating on shares of Zoom Communications in a research note on Thursday, May 22nd. Bank of America upped their price objective on Zoom Communications from $79.00 to $84.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Needham & Company LLC upgraded Zoom Communications from a "hold" rating to a "moderate buy" rating and set a $100.00 price objective on the stock in a research note on Thursday, May 22nd. Finally, JPMorgan Chase & Co. upped their price objective on Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $87.00.

Insiders Place Their Bets

In other news, CEO Eric S. Yuan sold 41,121 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $72.18, for a total value of $2,968,113.78. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Velchamy Sankarlingam sold 11,839 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 125,529 shares in the company, valued at approximately $9,026,790.39. This trade represents a 8.62% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 94,196 shares of company stock valued at $6,885,843. 11.51% of the stock is currently owned by corporate insiders.

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.