Prudential PLC Sells 5,017 Shares of Zoom Communications, Inc. (NASDAQ:ZM)

Key Points

• Prudential PLC has reduced its stake in Zoom Communications, Inc. by 63.5%, selling 5,017 shares and now holding 2,888 shares valued at approximately $213,000.
• Zoom's latest earnings report showed a quarterly earnings per share of $1.43, surpassing analysts' estimates of $1.30, with revenue remaining steady at $1.17 billion.
• The consensus rating for Zoom Communications from analysts is currently a "Hold" with a price target of $87.00, reflecting a mix of ratings including sells, holds, and buys from various research firms.

Prudential PLC reduced its position in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 63.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,888 shares of the company's stock after selling 5,017 shares during the period. Prudential PLC's holdings in Zoom Communications were worth $213,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wynn Capital LLC increased its position in shares of Zoom Communications by 1.6% during the first quarter. Wynn Capital LLC now owns 10,194 shares of the company's stock valued at $752,000 after buying an additional 160 shares during the period. New York State Teachers Retirement System increased its position in shares of 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 valued at $1,792,000 after buying an additional 171 shares during the period. Siemens Fonds Invest GmbH increased its position in shares of Zoom Communications by 3.8% during the fourth quarter. Siemens Fonds Invest GmbH now owns 4,732 shares of the company's stock valued at $391,000 after buying an additional 174 shares during the period. Blue Trust Inc. increased its position in shares of Zoom Communications by 19.8% during the first quarter. Blue Trust Inc. now owns 1,059 shares of the company's stock valued at $78,000 after buying an additional 175 shares during the period. Finally, Burns Matteson Capital Management LLC increased its position in shares of Zoom Communications by 3.1% during the first quarter. Burns Matteson Capital Management LLC now owns 5,801 shares of the company's stock valued at $428,000 after buying an additional 177 shares during the period. 66.54% of the stock is currently owned by institutional investors.

Zoom Communications Price Performance

Shares of ZM opened at $73.14 on Friday. The firm has a market cap of $22.13 billion, a P/E ratio of 21.96, a P/E/G ratio of 19.14 and a beta of 0.68. The stock has a 50 day simple moving average of $75.44 and a two-hundred day simple moving average of $77.05. Zoom Communications, Inc. has a 1 year low of $57.23 and a 1 year high of $92.80.

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, beating analysts' consensus estimates of $1.30 by $0.13. The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. Zoom Communications had a return on equity of 11.08% and a net margin of 22.31%. The business's quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.35 earnings per share. On average, equities analysts anticipate that Zoom Communications, Inc. will post 2.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. William Blair reiterated an "outperform" rating on shares of Zoom Communications in a research report on Thursday, May 22nd. Cantor Fitzgerald reiterated a "neutral" rating and set a $87.00 price target on shares of Zoom Communications in a research report on Thursday, May 22nd. Needham & Company LLC upgraded Zoom Communications from a "hold" rating to a "moderate buy" rating and set a $100.00 price target on the stock in a research report on Thursday, May 22nd. Wells Fargo & Company boosted their price objective on Zoom Communications from $75.00 to $80.00 and gave the stock an "equal weight" rating in a report on Thursday, May 22nd. Finally, KeyCorp started coverage on Zoom Communications in a report on Friday, June 6th. They set an "underweight" rating and a $73.00 price objective for the company. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $87.00.

Insider Activity

In other news, COO Aparna Bawa sold 10,528 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $74.78, for a total transaction of $787,283.84. Following the completion of the sale, the chief operating officer owned 1,978 shares of the company's stock, valued at approximately $147,914.84. This represents a 84.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Velchamy Sankarlingam sold 7,661 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $77.50, for a total value of $593,727.50. Following the sale, the insider directly owned 129,377 shares of the company's stock, valued at approximately $10,026,717.50. This trade represents a 5.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,542 shares of company stock valued at $6,609,623. Corporate insiders own 11.51% of the company's stock.

About Zoom Communications

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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