Principal Financial Group Inc. Grows Stock Holdings in Zoom Communications, Inc. (NASDAQ:ZM)

Principal Financial Group Inc. grew its stake in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 18.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 175,918 shares of the company's stock after purchasing an additional 27,430 shares during the quarter. Principal Financial Group Inc. owned approximately 0.06% of Zoom Communications worth $12,977,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Wynn Capital LLC increased its stake in Zoom Communications by 1.6% during the first quarter. Wynn Capital LLC now owns 10,194 shares of the company's stock worth $752,000 after acquiring an additional 160 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Zoom Communications by 4.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,040 shares of the company's stock worth $330,000 after acquiring an additional 168 shares during the last quarter. New York State Teachers Retirement System increased its stake in Zoom Communications by 0.7% during the first quarter. New York State Teachers Retirement System now owns 24,298 shares of the company's stock worth $1,792,000 after acquiring an additional 171 shares during the last quarter. Siemens Fonds Invest GmbH increased its stake in Zoom Communications by 3.8% during the fourth quarter. Siemens Fonds Invest GmbH now owns 4,732 shares of the company's stock worth $391,000 after acquiring an additional 174 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in Zoom Communications by 19.8% during the first quarter. Blue Trust Inc. now owns 1,059 shares of the company's stock worth $78,000 after acquiring an additional 175 shares during the last quarter. Institutional investors own 66.54% of the company's stock.

Zoom Communications Trading Down 0.4%

ZM traded down $0.29 during midday trading on Wednesday, hitting $74.44. 3,258,609 shares of the company were exchanged, compared to its average volume of 2,907,117. The company's 50 day simple moving average is $79.12 and its 200 day simple moving average is $78.27. The firm has a market capitalization of $22.52 billion, a price-to-earnings ratio of 22.35, a price-to-earnings-growth ratio of 12.26 and a beta of 0.68. Zoom Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $92.80.

Zoom Communications (NASDAQ:ZM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.13. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. Zoom Communications had a return on equity of 11.08% and a net margin of 22.31%. The firm's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the firm earned $1.35 EPS. On average, equities analysts anticipate that Zoom Communications, Inc. will post 2.93 EPS for the current year.

Insider Activity

In related news, Director Santiago Subotovsky sold 2,475 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $77.17, for a total value of $190,995.75. Following the transaction, the director directly owned 157,235 shares of the company's stock, valued at approximately $12,133,824.95. This trade represents a 1.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Velchamy Sankarlingam sold 7,661 shares of the firm's stock in a transaction dated 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 transaction, the insider directly owned 129,377 shares in the company, valued at $10,026,717.50. This represents a 5.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,773 shares of company stock worth $1,775,358 in the last ninety days. Company insiders own 11.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ZM shares. JMP Securities reaffirmed a "market perform" rating on shares of Zoom Communications in a research note on Thursday, May 22nd. JPMorgan Chase & Co. upped their target price on Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. KeyCorp started coverage on Zoom Communications in a research note on Friday, June 6th. They set an "underweight" rating and a $73.00 target price on the stock. Scotiabank boosted their price target on Zoom Communications from $75.00 to $85.00 and gave the company a "sector perform" rating in a report on Friday, May 16th. Finally, William Blair reiterated an "outperform" rating on shares of Zoom Communications in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target 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.