Pallas Capital Advisors LLC Increases Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Pallas Capital Advisors LLC lifted its holdings in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 37.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,688 shares of the company's stock after acquiring an additional 6,445 shares during the quarter. Pallas Capital Advisors LLC's holdings in Zoom Video Communications were worth $1,747,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. FMR LLC lifted its holdings in shares of Zoom Video Communications by 2.3% during the fourth quarter. FMR LLC now owns 12,727,532 shares of the company's stock valued at $1,038,694,000 after purchasing an additional 282,645 shares in the last quarter. Norges Bank bought a new stake in shares of Zoom Video Communications in the fourth quarter worth about $751,908,000. AQR Capital Management LLC increased its position in Zoom Video 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 purchasing an additional 373,509 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in Zoom Video Communications by 24.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company's stock valued at $521,123,000 after purchasing an additional 1,247,717 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Zoom Video 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 acquiring an additional 28,725 shares during the last quarter. 66.54% of the stock is owned by institutional investors.

Zoom Video Communications Stock Performance

ZM stock traded down $0.56 during mid-day trading on Friday, reaching $76.85. The company had a trading volume of 491,068 shares, compared to its average volume of 2,945,621. The firm has a fifty day simple moving average of $77.44 and a 200 day simple moving average of $79.51. The company has a market capitalization of $23.25 billion, a price-to-earnings ratio of 25.62, a price-to-earnings-growth ratio of 5.48 and a beta of 0.71. Zoom Video Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80.

Zoom Video Communications (NASDAQ:ZM - Get Free Report) last issued its earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.13. Zoom Video Communications had a net margin of 20.34% and a return on equity of 10.98%. The firm had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.17 billion. During the same quarter last year, the company earned $1.35 earnings per share. The firm's revenue was up 2.9% compared to the same quarter last year. As a group, analysts predict that Zoom Video Communications, Inc. will post 2.93 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. JMP Securities reissued a "market perform" rating on shares of Zoom Video Communications in a research note on Thursday, May 22nd. William Blair restated an "outperform" rating on shares of Zoom Video Communications in a research note on Thursday, May 22nd. Benchmark reiterated a "buy" rating and set a $97.00 price objective on shares of Zoom Video Communications in a research note on Tuesday, May 20th. UBS Group reduced their price target on Zoom Video Communications from $90.00 to $85.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. Finally, Citigroup decreased their target price on Zoom Video Communications from $85.00 to $84.00 and set a "neutral" rating on the stock in a research report on Thursday, May 15th. 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $87.00.

Insiders Place Their Bets

In other news, insider Velchamy Sankarlingam sold 2,595 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $80.26, for a total value of $208,274.70. Following the completion of the sale, the insider now directly owns 126,393 shares of the company's stock, valued at approximately $10,144,302.18. The trade was a 2.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Aparna Bawa sold 16,099 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $72.59, for a total value of $1,168,626.41. Following the transaction, the chief operating officer now directly owns 1,978 shares in the company, valued at approximately $143,583.02. This trade represents a 89.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 94,054 shares of company stock valued at $6,877,613 in the last ninety days. Insiders own 11.51% of the company's stock.

Zoom Video 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.