Royal Bank of Canada Boosts Holdings in Zoom Communications, Inc. $ZM

Key Points

• Royal Bank of Canada increased its stake in Zoom Communications, Inc. by 7.4%, now holding a total of 437,598 shares valued at approximately $32.28 million.
• Other institutional investors, such as Victory Capital Management and Citigroup, also significantly boosted their positions in Zoom during the first quarter, indicating strong interest in the company.
• Zoom Communications currently has a market cap of $25.32 billion and an average price target of $90.30, with the stock rated as a "Hold" by analysts on average.

Royal Bank of Canada raised its position in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 7.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 437,598 shares of the company's stock after purchasing an additional 30,295 shares during the period. Royal Bank of Canada owned 0.14% of Zoom Communications worth $32,283,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in Zoom Communications by 119.5% during the first quarter. Victory Capital Management Inc. now owns 1,405,311 shares of the company's stock valued at $103,670,000 after buying an additional 765,092 shares during the period. Vanguard Group Inc. raised its holdings in shares of Zoom Communications by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 24,796,654 shares of the company's stock valued at $1,829,249,000 after acquiring an additional 624,863 shares in the last quarter. Nuveen LLC bought a new stake in shares of Zoom Communications during the 1st quarter valued at about $37,646,000. Junto Capital Management LP bought a new stake in shares of Zoom Communications during the 4th quarter valued at about $36,580,000. Finally, Citigroup Inc. grew its holdings in shares of Zoom Communications by 119.5% during the first quarter. Citigroup Inc. now owns 593,334 shares of the company's stock worth $43,770,000 after purchasing an additional 323,036 shares in the last quarter. Institutional investors own 66.54% of the company's stock.

Zoom Communications Stock Up 1.1%

Shares of NASDAQ:ZM opened at $83.68 on Friday. The stock has a market cap of $25.32 billion, a PE ratio of 22.08, a PEG ratio of 11.78 and a beta of 0.57. The company's fifty day moving average is $75.92 and its 200 day moving average is $76.40. Zoom Communications, Inc. has a 52 week low of $64.41 and a 52 week high of $92.80.

Insider Transactions at Zoom Communications

In other news, COO Aparna Bawa sold 10,528 shares of the business's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $74.78, for a total value 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. The trade was a 84.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jonathan Chadwick sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $74.86, for a total value of $1,871,500.00. Following the transaction, the director owned 5,875 shares in the company, valued at approximately $439,802.50. The trade was a 80.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,542 shares of company stock valued at $6,853,099. 11.51% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ZM shares. Robert W. Baird lowered their target price on shares of Zoom Communications from $100.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, August 22nd. Benchmark restated a "buy" rating and set a $97.00 price objective on shares of Zoom Communications in a research report on Tuesday, May 20th. Scotiabank upped their target price on shares of Zoom Communications from $75.00 to $85.00 and gave the stock a "sector perform" rating in a research report on Friday, May 16th. Piper Sandler reissued a "neutral" rating and issued a $85.00 target price on shares of Zoom Communications in a research note on Friday, August 22nd. Finally, Stifel Nicolaus dropped their price target on Zoom Communications from $85.00 to $80.00 and set a "hold" rating for the company in a research note on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Zoom Communications presently has an average rating of "Hold" and a consensus price target of $90.30.

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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