Ontario Teachers Pension Plan Board Raises Position in Zoom Communications, Inc. (NASDAQ:ZM)

Key Points

• The Ontario Teachers Pension Plan Board increased its stake in Zoom Communications by 62.5%, acquiring an additional 5,673 shares, bringing its total ownership to 14,743 shares valued at approximately $1,088,000.
• Research firms have recently upgraded their ratings on Zoom, with several setting price targets between $84.00 and $100.00, indicating a positive outlook for the stock.
• Insiders at Zoom Communications have sold a total of 87,542 shares valued at over $6.6 million in the last quarter, reflecting a shift in their ownership stakes.

Ontario Teachers Pension Plan Board grew its holdings in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 62.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,743 shares of the company's stock after buying an additional 5,673 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Zoom Communications were worth $1,088,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of ZM. Principal Financial Group Inc. increased its holdings in shares of Zoom Communications by 18.5% in the 1st quarter. Principal Financial Group Inc. now owns 175,918 shares of the company's stock worth $12,977,000 after buying an additional 27,430 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Zoom Communications by 15.5% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 11,928 shares of the company's stock valued at $880,000 after buying an additional 1,601 shares during the period. Yousif Capital Management LLC grew its position in shares of Zoom Communications by 31.9% in the 1st quarter. Yousif Capital Management LLC now owns 4,453 shares of the company's stock worth $328,000 after buying an additional 1,076 shares during the last quarter. Spire Wealth Management raised its holdings in Zoom Communications by 990.6% in the 1st quarter. Spire Wealth Management now owns 1,396 shares of the company's stock worth $103,000 after purchasing an additional 1,268 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in Zoom Communications by 0.7% in the first quarter. New York State Teachers Retirement System now owns 24,298 shares of the company's stock worth $1,792,000 after buying an additional 171 shares during the period. Institutional investors own 66.54% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Wall Street Zen cut shares of Zoom Communications from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th. Bank of America raised their target price on Zoom Communications from $79.00 to $84.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Wells Fargo & Company increased their price objective on shares of Zoom Communications from $75.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 22nd. Piper Sandler boosted their target price on shares of Zoom Communications from $77.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Finally, Morgan Stanley increased their target price on Zoom Communications from $79.00 to $85.00 and gave the company an "equal weight" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $87.00.

Insider Buying and Selling

In related news, Director Herbert Raymond Mcmaster sold 500 shares of the 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 approximately $817,575. This represents a 4.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Velchamy Sankarlingam sold 7,661 shares of Zoom Communications stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $77.50, for a total value of $593,727.50. Following the completion of the sale, the insider directly owned 129,377 shares of the company's stock, valued at $10,026,717.50. The trade was a 5.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 87,542 shares of company stock worth $6,609,623 over the last quarter. Corporate insiders own 10.78% of the company's stock.

Zoom Communications Stock Performance

Shares of Zoom Communications stock traded down $1.80 during trading on Monday, hitting $69.77. 2,186,841 shares of the company's stock were exchanged, compared to its average volume of 2,641,609. The stock has a market capitalization of $21.11 billion, a price-to-earnings ratio of 20.95, a PEG ratio of 18.73 and a beta of 0.68. The business has a 50-day simple moving average of $76.39 and a 200-day simple moving average of $77.46. Zoom Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $92.80.

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

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.