Martingale Asset Management L P Cuts Stock Position in Zoom Communications, Inc. $ZM

Key Points

• Martingale Asset Management L P decreased its position in Zoom Communications by 13.1%, now holding 277,427 shares valued at approximately $20.47 million.
• Analysts have varied opinions on Zoom, with most recently Citigroup lowering its price target from $85.00 to $84.00, while Royal Bank of Canada set a target of $95.00.
• Despite a slight dip, Zoom Communications reported earnings of $1.43 per share for the last quarter, surpassing the consensus estimate and showing a 2.9% year-over-year revenue increase.

Martingale Asset Management L P lowered its stake in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 13.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 277,427 shares of the company's stock after selling 41,720 shares during the quarter. Martingale Asset Management L P owned 0.09% of Zoom Communications worth $20,466,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of ZM. SouthState Corp purchased a new position in shares of Zoom Communications during the 1st quarter worth about $25,000. Wayfinding Financial LLC bought a new position in shares of Zoom Communications during the first quarter valued at approximately $25,000. Raiffeisen Bank International AG purchased a new stake in shares of Zoom Communications in the fourth quarter worth approximately $30,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Zoom Communications by 177.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company's stock worth $28,000 after buying an additional 246 shares during the period. Finally, Colonial Trust Co SC bought a new stake in shares of Zoom Communications during the 4th quarter worth approximately $32,000. 66.54% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on ZM. Wall Street Zen downgraded Zoom Communications from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 26th. Citigroup cut their price target on shares of Zoom Communications from $85.00 to $84.00 and set a "neutral" rating on the stock in a report on Thursday, May 15th. Scotiabank raised their price target on shares of Zoom Communications from $75.00 to $85.00 and gave the stock a "sector perform" rating in a research note on Friday, May 16th. Wells Fargo & Company boosted their price objective on shares of Zoom Communications from $75.00 to $80.00 and gave the company an "equal weight" rating in a research report on Thursday, May 22nd. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $95.00 price target on shares of Zoom Communications in a research note on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $87.00.

Zoom Communications Stock Down 0.0%

Shares of Zoom Communications stock opened at $72.16 on Thursday. The company has a market cap of $21.83 billion, a P/E ratio of 21.67, a PEG ratio of 18.89 and a beta of 0.68. The firm's 50 day moving average price is $75.05 and its 200-day moving average price is $76.82. Zoom Communications, Inc. has a 52-week low of $59.35 and a 52-week high of $92.80.

Zoom Communications (NASDAQ:ZM - Get Free Report) last announced its earnings results 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 company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. Zoom Communications had a net margin of 22.31% and a return on equity of 11.08%. Zoom Communications's revenue was up 2.9% compared to the same quarter last year. During the same period last year, the firm earned $1.35 earnings per share. As a group, equities research analysts forecast that Zoom Communications, Inc. will post 2.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other Zoom Communications news, insider Velchamy Sankarlingam sold 7,661 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $77.50, for a total transaction of $593,727.50. Following the sale, the insider owned 129,377 shares in the company, valued at approximately $10,026,717.50. The trade was a 5.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Herbert Raymond Mcmaster sold 500 shares of Zoom Communications stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $75.00, for a total value of $37,500.00. Following the sale, the director directly owned 10,901 shares of the company's stock, valued at $817,575. This trade represents a 4.39% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,542 shares of company stock valued at $6,609,623. 11.51% of the stock is currently owned by corporate insiders.

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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