Resona Asset Management Co. Ltd. Buys 4,439 Shares of Zoom Communications, Inc. (NASDAQ:ZM)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Zoom Communications by 5.7% in Q1, acquiring an additional 4,439 shares, bringing its total holdings to 82,338 shares valued at approximately $6.1 million.
• Several institutional investors, including T. Rowe Price and Vanguard Group, have also significantly increased their stakes in Zoom Communications, indicating growing confidence in the company, with institutional ownership at 66.54%.
• Zoom Communications recently reported a quarterly earnings per share (EPS) of $1.43, surpassing estimates, while the company's stock has a current market capitalization of $22.13 billion.

Resona Asset Management Co. Ltd. grew its stake in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 5.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 82,338 shares of the company's stock after acquiring an additional 4,439 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Zoom Communications were worth $6,084,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ZM. T. Rowe Price Investment Management Inc. increased its stake in shares of Zoom Communications by 24.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company's stock valued at $521,123,000 after acquiring an additional 1,247,717 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Zoom Communications by 119.5% during the 1st quarter. Victory Capital Management Inc. now owns 1,405,311 shares of the company's stock worth $103,670,000 after buying an additional 765,092 shares during the period. Vanguard Group Inc. raised its holdings in Zoom Communications by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 24,796,654 shares of the company's stock worth $1,829,249,000 after buying an additional 624,863 shares during the period. Nuveen LLC acquired a new stake in Zoom Communications during the 1st quarter worth approximately $37,646,000. Finally, Junto Capital Management LP acquired a new stake in Zoom Communications during the 4th quarter worth approximately $36,580,000. 66.54% of the stock is owned by institutional investors.

Insider Buying and Selling at Zoom Communications

In other Zoom Communications news, COO Aparna Bawa sold 10,528 shares of the firm's stock in a transaction 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 $147,914.84. This trade represents a 84.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Velchamy Sankarlingam sold 7,661 shares of the firm's stock in a transaction 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 $10,026,717.50. This represents a 5.59% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 87,542 shares of company stock worth $6,609,623. 11.51% of the stock is currently owned by corporate insiders.

Zoom Communications Trading Up 1.8%

NASDAQ:ZM opened at $73.14 on Friday. Zoom Communications, Inc. has a 1-year low of $57.23 and a 1-year high of $92.80. The firm has a fifty day simple moving average of $75.44 and a 200 day simple moving average of $77.12. The stock has a market capitalization of $22.13 billion, a PE ratio of 21.96, a P/E/G ratio of 18.81 and a beta of 0.68.

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 (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.13. Zoom Communications had a return on equity of 11.08% and a net margin of 22.31%. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the firm posted $1.35 EPS. The company's quarterly revenue was up 2.9% on a year-over-year basis. On average, equities analysts predict that Zoom Communications, Inc. will post 2.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Benchmark restated a "buy" rating and set a $97.00 target price on shares of Zoom Communications in a report on Tuesday, May 20th. Wall Street Zen downgraded shares of Zoom Communications from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. Royal Bank Of Canada restated an "outperform" rating and set a $95.00 target price on shares of Zoom Communications in a report on Thursday, May 22nd. Piper Sandler raised their target price on shares of Zoom Communications from $77.00 to $85.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $87.00 target price on shares of Zoom Communications in a report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Zoom Communications currently has an average rating of "Hold" and an average target price of $87.00.

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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