OVERSEA CHINESE BANKING Corp Ltd Has $451,000 Holdings in Zoom Communications, Inc. (NASDAQ:ZM)

Key Points

• Oversea Chinese Banking Corp Ltd significantly cut its stake in Zoom Communications by 70.4%, selling over 14,000 shares during the 1st quarter, reducing its holdings to 6,118 shares valued at $451,000.
• Despite the reduction from Oversea Chinese Banking, other institutional investors like FMR LLC and T. Rowe Price increased their stakes during the fourth quarter, indicating ongoing interest in Zoom.
• Zoom reported a quarterly earnings per share (EPS) of $1.43, exceeding analysts' expectations, with revenues reaching $1.17 billion, reflecting a year-over-year increase of 2.9%.

OVERSEA CHINESE BANKING Corp Ltd lowered its position in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 70.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,118 shares of the company's stock after selling 14,526 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Zoom Communications were worth $451,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ZM. Klein Pavlis & Peasley Financial Inc. raised its position in Zoom Communications by 6.7% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 13,412 shares of the company's stock worth $993,000 after purchasing an additional 838 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Zoom Communications by 28.6% in the first quarter. PNC Financial Services Group Inc. now owns 5,195 shares of the company's stock valued at $383,000 after buying an additional 1,155 shares during the period. Jupiter Asset Management Ltd. raised its stake in Zoom Communications by 3,660.5% during the first quarter. Jupiter Asset Management Ltd. now owns 175,012 shares of the company's stock worth $12,911,000 after buying an additional 170,358 shares during the last quarter. LSV Asset Management boosted its holdings in Zoom Communications by 6.7% in the first quarter. LSV Asset Management now owns 906,420 shares of the company's stock worth $66,867,000 after acquiring an additional 56,860 shares in the last quarter. Finally, Baker Avenue Asset Management LP boosted its stake in shares of Zoom Communications by 6.4% in the 1st quarter. Baker Avenue Asset Management LP now owns 34,760 shares of the company's stock worth $2,564,000 after buying an additional 2,079 shares during the last quarter. Institutional investors and hedge funds own 66.54% of the company's stock.

Insider Activity at Zoom Communications

In related news, Director Jonathan Chadwick sold 25,000 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $74.86, for a total transaction of $1,871,500.00. Following the completion of the sale, the director owned 5,875 shares in the company, valued at $439,802.50. This trade represents a 80.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Janet Napolitano sold 2,617 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $76.78, for a total value of $200,933.26. Following the transaction, the director directly owned 4,728 shares in the company, valued at approximately $363,015.84. This represents a 35.63% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 87,542 shares of company stock valued at $6,609,623. 11.51% of the stock is owned by corporate insiders.

Zoom Communications Trading Down 2.1%

Shares of NASDAQ ZM traded down $1.57 during trading hours on Thursday, reaching $71.61. The stock had a trading volume of 1,773,949 shares, compared to its average volume of 2,640,301. Zoom Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The firm has a 50-day moving average of $76.73 and a 200-day moving average of $77.58. The firm has a market cap of $21.66 billion, a price-to-earnings ratio of 21.50, a PEG ratio of 11.82 and a beta of 0.68.

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 for the quarter, beating 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 analyst estimates of $1.17 billion. During the same quarter in the previous year, the business posted $1.35 earnings per share. The company's revenue was up 2.9% on a year-over-year basis. On average, equities analysts predict that Zoom Communications, Inc. will post 2.93 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ZM shares. Mizuho reduced their price objective on Zoom Communications from $105.00 to $71.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Bank of America boosted their price target on Zoom Communications from $79.00 to $84.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. increased their price objective on shares of Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Benchmark reiterated a "buy" rating and issued a $97.00 price objective on shares of Zoom Communications in a research note on Tuesday, May 20th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $95.00 price target on shares of Zoom Communications in a report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $87.00.

About Zoom Communications

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.