Zoom Communications, Inc. $ZM Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC has reduced its holdings in Zoom Communications by 23%, now owning 19,288 shares valued at approximately $1.42 million.
• Insider trading activity includes significant sales by executives, with CEO Eric S. Yuan selling 33,691 shares for about $2.52 million and Director Jonathan Chadwick selling 25,000 shares for approximately $1.87 million.
• Zoom Communications has been rated with an average of "Hold" and a consensus price target of $90.30, with recent brokerage upgrades raising target prices up to $110.00.

Rafferty Asset Management LLC lowered its holdings in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 23.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,288 shares of the company's stock after selling 5,770 shares during the period. Rafferty Asset Management LLC's holdings in Zoom Communications were worth $1,423,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wayfinding Financial LLC acquired a new position in Zoom Communications during the 1st quarter valued at about $25,000. SouthState Corp bought a new position in shares of Zoom Communications during the 1st quarter worth approximately $25,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of Zoom Communications by 177.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company's stock valued at $28,000 after buying an additional 246 shares in the last quarter. Raiffeisen Bank International AG bought a new position in shares of Zoom Communications in the fourth quarter valued at $30,000. Finally, GKV Capital Management Co. Inc. bought a new position in Zoom Communications during the first quarter worth $31,000. Institutional investors and hedge funds own 66.54% of the company's stock.

Insider Buying and Selling

In other Zoom Communications 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Santiago Subotovsky sold 2,475 shares of the firm's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $79.65, for a total value of $197,133.75. Following the transaction, the director directly owned 157,594 shares in the company, valued at approximately $12,552,362.10. This represents a 1.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold 90,542 shares of company stock valued at $6,853,099 over the last 90 days. 10.78% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ZM. JMP Securities reissued a "market perform" rating on shares of Zoom Communications in a report on Friday, August 22nd. Bank of America increased their target price on shares of Zoom Communications from $79.00 to $84.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Stifel Nicolaus decreased their target price on shares of Zoom Communications from $85.00 to $80.00 and set a "hold" rating for the company in a research report on Friday, August 22nd. Royal Bank Of Canada increased their price target on Zoom Communications from $95.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, August 22nd. Finally, Mizuho increased their target price on Zoom Communications from $95.00 to $100.00 and gave the stock an "outperform" rating in a report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $90.30.

Zoom Communications Stock Performance

Shares of ZM traded up $1.56 during midday trading on Wednesday, hitting $83.49. 3,195,320 shares of the stock were exchanged, compared to its average volume of 3,794,047. The firm has a market cap of $25.26 billion, a P/E ratio of 22.03, a P/E/G ratio of 11.46 and a beta of 0.57. Zoom Communications, Inc. has a 52-week low of $64.41 and a 52-week high of $92.80. The stock has a fifty day simple moving average of $75.70 and a 200 day simple moving average of $76.48.

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.