Korea Investment CORP Has $14.17 Million Holdings in Zoom Communications, Inc. $ZM

Key Points

• Korea Investment CORP increased its holdings in Zoom Communications, Inc. by 20.2%, owning 192,062 shares worth approximately $14.17 million as of its latest SEC filing.
• Institutional investors now hold around 66.54% of Zoom's stock, with significant increases from firms like Victory Capital Management and Vanguard Group.
• Brokerages have raised their price targets for Zoom shares to approximately $85.00, with a current consensus target price of $87.43 and a predominant "Hold" rating.

Korea Investment CORP raised its stake in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 20.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 192,062 shares of the company's stock after buying an additional 32,300 shares during the quarter. Korea Investment CORP owned 0.06% of Zoom Communications worth $14,168,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of ZM. Victory Capital Management Inc. boosted its stake in Zoom Communications by 119.5% during the 1st quarter. Victory Capital Management Inc. now owns 1,405,311 shares of the company's stock worth $103,670,000 after acquiring an additional 765,092 shares during the last quarter. Vanguard Group Inc. raised its holdings in Zoom Communications by 2.6% in the first quarter. Vanguard Group Inc. now owns 24,796,654 shares of the company's stock worth $1,829,249,000 after purchasing an additional 624,863 shares during the period. Nuveen LLC bought a new position in shares of Zoom Communications during the first quarter worth $37,646,000. Junto Capital Management LP acquired a new position in shares of Zoom Communications in the 4th quarter valued at $36,580,000. Finally, AQR Capital Management LLC increased its position in shares of Zoom Communications by 5.2% in the 4th 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. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on ZM. Scotiabank raised their price objective on Zoom Communications from $75.00 to $85.00 and gave the stock a "sector perform" rating in a research note on Friday, May 16th. Piper Sandler boosted their price objective on Zoom Communications from $77.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Morgan Stanley increased their target price 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. JPMorgan Chase & Co. lifted their price target on shares of Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Finally, KeyCorp began coverage on shares of Zoom Communications in a report on Friday, June 6th. They issued an "underweight" rating and a $73.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $87.43.

Insiders Place Their Bets

In other Zoom Communications news, Director Herbert Raymond Mcmaster sold 500 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $75.00, for a total value of $37,500.00. Following the completion of the transaction, the director directly owned 10,901 shares in the company, valued at $817,575. This trade represents a 4.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Aparna Bawa sold 10,528 shares of the company's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $74.78, for a total value of $787,283.84. Following the sale, the chief operating officer owned 1,978 shares in the company, valued at approximately $147,914.84. This represents a 84.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 87,542 shares of company stock valued at $6,609,623 in the last quarter. 11.51% of the stock is currently owned by corporate insiders.

Zoom Communications Stock Up 1.4%

Shares of ZM stock opened at $73.17 on Friday. Zoom Communications, Inc. has a 12 month low of $60.71 and a 12 month high of $92.80. The company's fifty day simple moving average is $74.96 and its 200-day simple moving average is $76.73. The firm has a market cap of $22.14 billion, a PE ratio of 21.97, a P/E/G ratio of 18.89 and a beta of 0.68.

Zoom Communications (NASDAQ:ZM - Get Free Report) last issued 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. Zoom Communications had a net margin of 22.31% and a return on equity of 11.08%. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the business earned $1.35 EPS. The company's revenue was up 2.9% compared to the same quarter last year. On average, equities analysts predict that Zoom Communications, Inc. will post 2.93 earnings per share for the current fiscal 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.

Want to see what other hedge funds are holding ZM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zoom Communications, Inc. (NASDAQ:ZM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.