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

Other institutional investors also recently modified their holdings of the company. FMR LLC raised its stake in shares of Zoom Communications by 2.3% in the fourth quarter. FMR LLC now owns 12,727,532 shares of the company's stock worth $1,038,694,000 after acquiring an additional 282,645 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Zoom Communications by 5.2% in the fourth quarter. AQR Capital Management LLC now owns 7,538,744 shares of the company's stock worth $615,237,000 after acquiring an additional 373,509 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of Zoom Communications by 24.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company's stock worth $521,123,000 after acquiring an additional 1,247,717 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Zoom Communications by 9.7% in the fourth quarter. Renaissance Technologies LLC now owns 4,304,848 shares of the company's stock worth $351,319,000 after acquiring an additional 380,900 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Zoom Communications by 2.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,174,025 shares of the company's stock worth $340,642,000 after acquiring an additional 87,775 shares during the last quarter. Institutional investors own 66.54% of the company's stock.

Zoom Communications Price Performance

NASDAQ ZM traded up $1.09 during trading hours on Monday, reaching $72.06. The company's stock had a trading volume of 1,994,729 shares, compared to its average volume of 3,453,192. The firm has a fifty day simple moving average of $77.01 and a 200-day simple moving average of $77.65. The stock has a market cap of $21.80 billion, a P/E ratio of 21.64, a P/E/G ratio of 11.63 and a beta of 0.68. 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 released its quarterly earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the business earned $1.35 EPS. The company's revenue was up 2.9% compared to the same quarter last year. On average, research analysts expect that Zoom Communications, Inc. will post 2.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Rosenblatt Securities lifted their price target on shares of Zoom Communications from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Piper Sandler boosted their price objective on shares of Zoom Communications from $77.00 to $85.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Morgan Stanley boosted their price objective on shares of Zoom Communications from $79.00 to $85.00 and gave the company an "equal weight" rating in a report on Thursday, May 22nd. Finally, Benchmark restated a "buy" rating and set a $97.00 price objective on shares of Zoom Communications in a report on Tuesday, May 20th. 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 company's stock. According to data from MarketBeat.com, Zoom Communications currently has a consensus rating of "Hold" and a consensus target price of $87.00.

Insider Buying and Selling

In other Zoom Communications news, CEO Eric S. Yuan sold 33,691 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $74.79, for a total transaction of $2,519,749.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Herbert Raymond Mcmaster sold 500 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $75.00, for a total transaction of $37,500.00. Following the sale, the director 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. Insiders have sold a total of 87,542 shares of company stock worth $6,609,623 over the last ninety days. 10.78% of the stock is owned by company insiders.

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.