Panagora Asset Management Inc. Boosts Stock Position in Zoom Communications, Inc. $ZM

Key Points

• Panagora Asset Management Inc. significantly increased its stake in Zoom Communications by 5,457.2% in the first quarter, holding approximately $18.7 million worth of shares.
• Insider trading activity included Director Jonathan Chadwick selling 25,000 shares at an average price of $74.86, representing an 80.97% decrease in his ownership.
• Wall Street analysts have mixed ratings for Zoom Communications, with an average price target of $90.30 and recent forecasts showing price objectives ranging from $69.00 to $100.00.

Panagora Asset Management Inc. boosted its holdings in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 5,457.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 253,018 shares of the company's stock after buying an additional 248,465 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.08% of Zoom Communications worth $18,665,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Vident Advisory LLC increased its holdings in Zoom Communications by 190.0% in the first quarter. Vident Advisory LLC now owns 12,962 shares of the company's stock valued at $956,000 after buying an additional 8,492 shares during the last quarter. Evergreen Capital Management LLC increased its holdings in Zoom Communications by 1.1% in the first quarter. Evergreen Capital Management LLC now owns 40,901 shares of the company's stock valued at $3,017,000 after buying an additional 429 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Zoom Communications by 27.7% during the first quarter. Canada Pension Plan Investment Board now owns 240,407 shares of the company's stock worth $17,735,000 after purchasing an additional 52,213 shares during the last quarter. GKV Capital Management Co. Inc. purchased a new position in shares of Zoom Communications during the first quarter worth about $31,000. Finally, Shannon River Fund Management LLC purchased a new position in shares of Zoom Communications during the first quarter worth about $8,025,000. Hedge funds and other institutional investors own 66.54% of the company's stock.

Insider Activity at Zoom Communications

In other Zoom Communications news, Director Jonathan Chadwick sold 25,000 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was 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 directly owned 5,875 shares of the company's stock, valued at approximately $439,802.50. This trade represents a 80.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Santiago Subotovsky sold 2,475 shares of Zoom Communications stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $79.65, for a total value of $197,133.75. Following the completion of the sale, the director directly owned 157,594 shares in the company, valued at $12,552,362.10. This represents a 1.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold 93,017 shares of company stock worth $7,052,757 in the last ninety days. Company insiders own 11.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Morgan Stanley raised their price objective on Zoom Communications from $79.00 to $85.00 and gave the stock an "equal weight" rating in a report on Thursday, May 22nd. KeyCorp dropped their price objective on Zoom Communications from $73.00 to $69.00 and set an "underweight" rating on the stock in a report on Friday, August 22nd. JMP Securities reaffirmed a "market perform" rating on shares of Zoom Communications in a report on Friday, August 22nd. Wedbush reaffirmed an "outperform" rating and set a $95.00 price objective on shares of Zoom Communications in a report on Friday, August 22nd. Finally, Mizuho raised their price objective on Zoom Communications from $95.00 to $100.00 and gave the stock an "outperform" rating in a report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $90.30.

Zoom Communications Trading Up 0.7%

Zoom Communications stock opened at $81.42 on Friday. Zoom Communications, Inc. has a twelve month low of $64.41 and a twelve month high of $92.80. The stock has a 50 day moving average of $75.37 and a two-hundred day moving average of $76.48. The stock has a market capitalization of $24.63 billion, a price-to-earnings ratio of 21.48, a PEG ratio of 12.50 and a beta of 0.68.

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.

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