Zoom Communications, Inc. (NASDAQ:ZM) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd lessened its holdings in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 70.4% during the first quarter, according to the company in its most recent 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 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 hedge funds also recently bought and sold shares of the company. FMR LLC grew its holdings in shares of Zoom Communications by 2.3% during the 4th 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 period. Norges Bank purchased a new position in shares of Zoom Communications during the 4th quarter worth approximately $751,908,000. AQR Capital Management LLC grew its holdings in shares of Zoom Communications by 5.2% during the 4th 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 period. T. Rowe Price Investment Management Inc. grew its holdings in shares of Zoom Communications by 24.3% during the 4th 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 period. Finally, Geode Capital Management LLC boosted its position in shares of Zoom Communications by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 4,624,160 shares of the company's stock worth $377,429,000 after purchasing an additional 28,725 shares in the last quarter. Hedge funds and other institutional investors own 66.54% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ZM. JPMorgan Chase & Co. boosted their price target on Zoom Communications from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Wells Fargo & Company upped their price objective on Zoom Communications from $75.00 to $80.00 and gave the company an "equal weight" rating in a research report on Thursday, May 22nd. Benchmark reaffirmed a "buy" rating and issued a $97.00 price objective on shares of Zoom Communications in a research report on Tuesday, May 20th. Scotiabank upped their price objective on Zoom Communications from $75.00 to $85.00 and gave the company a "sector perform" rating in a research report on Friday, May 16th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $87.00 price objective on shares of Zoom Communications in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $87.00.

Zoom Communications Stock Up 0.5%

ZM stock traded up $0.34 during trading on Thursday, reaching $74.78. The company's stock had a trading volume of 4,517,632 shares, compared to its average volume of 2,915,560. Zoom Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80. The company has a market capitalization of $22.62 billion, a P/E ratio of 22.42, a price-to-earnings-growth ratio of 12.24 and a beta of 0.68. The company's fifty day moving average is $79.04 and its 200-day moving average is $78.25.

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, beating analysts' consensus estimates of $1.30 by $0.13. Zoom Communications had a return on equity of 11.08% and a net margin of 22.31%. 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 posted $1.35 earnings per share. The business's quarterly revenue was up 2.9% compared to the same quarter last year. Analysts anticipate that Zoom Communications, Inc. will post 2.93 earnings per share for the current year.

Insider Activity

In other news, insider Velchamy Sankarlingam sold 7,661 shares of Zoom Communications stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $77.50, for a total transaction of $593,727.50. Following the completion of the sale, the insider owned 129,377 shares of the company's stock, valued at approximately $10,026,717.50. The trade was a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Eric S. Yuan sold 33,691 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $74.79, for a total transaction of $2,519,749.89. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,492 shares of company stock valued at $6,991,392. Insiders own 11.51% of the company's stock.

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.