Merit Financial Group LLC Has $1.25 Million Stake in Zoom Video Communications, Inc. (NASDAQ:ZM)

Merit Financial Group LLC grew its stake in Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 29.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,000 shares of the company's stock after purchasing an additional 3,869 shares during the period. Merit Financial Group LLC's holdings in Zoom Video Communications were worth $1,254,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new position in Zoom Video Communications during the 4th quarter valued at about $751,908,000. Altshuler Shaham Ltd grew its holdings in Zoom Video Communications by 285.9% during the fourth quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company's stock valued at $167,813,000 after purchasing an additional 1,523,480 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in Zoom Video 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 purchasing an additional 1,247,717 shares during the period. Raymond James Financial Inc. bought a new position in Zoom Video Communications in the fourth quarter valued at approximately $99,471,000. Finally, Contrarius Group Holdings Ltd bought a new position in Zoom Video Communications in the fourth quarter valued at approximately $72,854,000. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Zoom Video Communications Stock Performance

ZM opened at $80.35 on Friday. The stock has a market capitalization of $24.53 billion, a P/E ratio of 26.78, a P/E/G ratio of 5.48 and a beta of 0.79. The company's 50-day simple moving average is $76.82 and its two-hundred day simple moving average is $79.65. Zoom Video Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $92.80.

Zoom Video Communications (NASDAQ:ZM - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.30 by $0.13. Zoom Video Communications had a net margin of 20.34% and a return on equity of 10.98%. The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the firm earned $1.35 EPS. The business's revenue for the quarter was up 2.9% compared to the same quarter last year. Research analysts forecast that Zoom Video Communications, Inc. will post 2.93 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on ZM. Barclays cut their price target on shares of Zoom Video Communications from $85.00 to $80.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 26th. Morgan Stanley raised their target price on shares of Zoom Video Communications from $79.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 22nd. Rosenblatt Securities raised their target price on shares of Zoom Video Communications from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Citigroup cut their target price on shares of Zoom Video Communications from $85.00 to $84.00 and set a "neutral" rating for the company in a research note on Thursday, May 15th. Finally, Wells Fargo & Company raised their price target on shares of Zoom Video Communications from $75.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $87.00.

Insider Buying and Selling

In other news, COO Aparna Bawa sold 16,099 shares of Zoom Video Communications stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $72.59, for a total transaction of $1,168,626.41. Following the completion of the sale, the chief operating officer now directly owns 1,978 shares in the company, valued at approximately $143,583.02. This trade represents a 89.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Santiago Subotovsky sold 2,475 shares of Zoom Video Communications stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $80.67, for a total value of $199,658.25. Following the completion of the sale, the director now owns 155,349 shares of the company's stock, valued at $12,532,003.83. The trade was a 1.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 91,459 shares of company stock worth $6,669,338 over the last three months. 11.51% of the stock is owned by insiders.

Zoom Video 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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