Russell Investments Group Ltd. Reduces Stock Holdings in Zoom Communications, Inc. (NASDAQ:ZM)

Key Points

• Russell Investments Group Ltd. has reduced its stake in Zoom Communications by 6.9%, owning 392,551 shares valued at approximately $29.2 million after selling almost 29,000 shares in the first quarter.
• Insider transactions included notable sales by CEO Eric S. Yuan and COO Aparna Bawa, with Yuan selling about 33,691 shares worth over $2.5 million.
• Zoom Communications is currently rated as "Hold" by analysts, with an average target price set at $87.00, amidst various price adjustments by firms like Morgan Stanley and Piper Sandler.

Russell Investments Group Ltd. trimmed its holdings in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 6.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 392,551 shares of the company's stock after selling 28,966 shares during the quarter. Russell Investments Group Ltd. owned 0.13% of Zoom Communications worth $29,245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ZM. T. Rowe Price Investment Management Inc. lifted its position in Zoom Communications by 24.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company's stock worth $521,123,000 after acquiring an additional 1,247,717 shares during the period. Victory Capital Management Inc. lifted its position 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 acquiring an additional 765,092 shares during the period. Vanguard Group Inc. lifted its position 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 acquiring an additional 624,863 shares during the period. Nuveen LLC acquired a new stake in Zoom Communications during the 1st quarter worth about $37,646,000. Finally, Junto Capital Management LP acquired a new stake in Zoom Communications during the 4th quarter worth about $36,580,000. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Zoom Communications

In other Zoom Communications news, CEO Eric S. Yuan sold 33,691 shares of the stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Aparna Bawa sold 10,528 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $74.78, for a total value of $787,283.84. Following the transaction, the chief operating officer directly owned 1,978 shares of the company's stock, valued at $147,914.84. The trade was a 84.18% 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 valued at $6,609,623. 11.51% of the stock is owned by insiders.

Zoom Communications Price Performance

Shares of Zoom Communications stock opened at $73.14 on Friday. The business has a 50 day simple moving average of $75.44 and a two-hundred day simple moving average of $77.12. Zoom Communications, Inc. has a 12 month low of $57.23 and a 12 month high of $92.80. The stock has a market capitalization of $22.13 billion, a P/E ratio of 21.96, a PEG ratio of 18.81 and a beta of 0.68.

Zoom Communications (NASDAQ:ZM - Get Free Report) last announced its earnings results on Wednesday, May 21st. The company reported $1.43 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $1.17 billion. During the same quarter in the prior year, the firm earned $1.35 earnings per share. The business's revenue was up 2.9% compared to the same quarter last year. As a group, research analysts anticipate that Zoom Communications, Inc. will post 2.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ZM has been the subject of a number of research reports. Morgan Stanley lifted their price target on Zoom Communications from $79.00 to $85.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 22nd. Piper Sandler lifted their price target on Zoom Communications from $77.00 to $85.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $87.00 price target on shares of Zoom Communications in a research report on Thursday, May 22nd. KeyCorp started coverage on Zoom Communications in a research report on Friday, June 6th. They set an "underweight" rating and a $73.00 price target for the company. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $95.00 price objective 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, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.