Pacer Advisors Inc. Sells 2,801,144 Shares of Zoom Communications, Inc. (NASDAQ:ZM)

Key Points

• Pacer Advisors Inc. significantly reduced its stake in Zoom Communications by 58.4%, selling 2,801,144 shares, and now owns approximately 0.65% of the company valued at $147.1 million.
• CEO Eric S. Yuan sold 33,691 shares at an average price of $74.79, while COO Aparna Bawa sold 10,528 shares, reflecting substantial insider activity.
• Zoom Communications' stock opened at $75.63, with analysts predicting earnings of $2.93 per share for the current fiscal year and a consensus rating of "Hold".

Pacer Advisors Inc. lessened its position in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 58.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,994,516 shares of the company's stock after selling 2,801,144 shares during the quarter. Pacer Advisors Inc. owned 0.65% of Zoom Communications worth $147,135,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Commonwealth Equity Services LLC boosted its position in Zoom Communications by 2.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 33,501 shares of the company's stock valued at $2,734,000 after buying an additional 715 shares during the period. American Century Companies Inc. lifted its stake in Zoom Communications by 10.3% in the fourth quarter. American Century Companies Inc. now owns 259,176 shares of the company's stock worth $21,151,000 after acquiring an additional 24,261 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its stake in Zoom Communications by 54.5% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,273 shares of the company's stock worth $430,000 after acquiring an additional 1,860 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Zoom Communications by 11.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 187,073 shares of the company's stock worth $15,471,000 after acquiring an additional 19,121 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co increased its position in Zoom Communications by 22.6% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 27,271 shares of the company's stock valued at $2,226,000 after purchasing an additional 5,026 shares during the period. Institutional investors own 66.54% of the company's stock.

Insider Activity

In other news, CEO Eric S. Yuan sold 33,691 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $74.79, for a total transaction of $2,519,749.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Aparna Bawa sold 10,528 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $74.78, for a total value of $787,283.84. Following the transaction, the chief operating officer owned 1,978 shares in the company, valued at $147,914.84. This trade represents a 84.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 90,017 shares of company stock valued at $6,804,703 in the last three months. Corporate insiders own 11.51% of the company's stock.

Zoom Communications Trading Down 0.6%

Shares of NASDAQ:ZM opened at $75.63 on Friday. Zoom Communications, Inc. has a twelve month low of $55.06 and a twelve month high of $92.80. The company has a market cap of $22.88 billion, a PE ratio of 22.71, a price-to-earnings-growth ratio of 12.46 and a beta of 0.68. The company's 50 day moving average is $78.17 and its 200 day moving average is $77.96.

Zoom Communications (NASDAQ:ZM - Get Free Report) last released 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 firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the business earned $1.35 earnings per share. The business's quarterly revenue was up 2.9% compared to the same quarter last year. Equities research analysts predict that Zoom Communications, Inc. will post 2.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ZM. William Blair reaffirmed an "outperform" rating on shares of Zoom Communications in a research report on Thursday, May 22nd. Benchmark reissued a "buy" rating and issued a $97.00 price objective on shares of Zoom Communications in a research note on Tuesday, May 20th. Piper Sandler increased their target price on Zoom Communications from $77.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Scotiabank boosted their price target on Zoom Communications from $75.00 to $85.00 and gave the stock a "sector perform" rating in a research report on Friday, May 16th. Finally, Citigroup dropped their price objective on Zoom Communications from $85.00 to $84.00 and set a "neutral" rating on the stock in a research report on Thursday, May 15th. One investment 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $87.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.