Zoom Communications, Inc. (NASDAQ:ZM) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 584,813 shares of the company's stock after selling 5,674 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.19% of Zoom Communications worth $43,142,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Allspring Global Investments Holdings LLC lifted its holdings in Zoom Communications by 294.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 215,029 shares of the company's stock valued at $15,916,000 after acquiring an additional 160,535 shares during the last quarter. 3Chopt Investment Partners LLC acquired a new position in Zoom Communications in the first quarter valued at approximately $216,000. Illinois Municipal Retirement Fund lifted its holdings in Zoom Communications by 11.6% in the first quarter. Illinois Municipal Retirement Fund now owns 225,412 shares of the company's stock valued at $16,629,000 after acquiring an additional 23,412 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in Zoom Communications by 4.3% in the first quarter. Robeco Institutional Asset Management B.V. now owns 1,306,700 shares of the company's stock valued at $96,395,000 after acquiring an additional 53,639 shares during the last quarter. Finally, Spire Wealth Management lifted its holdings in Zoom Communications by 990.6% in the first quarter. Spire Wealth Management now owns 1,396 shares of the company's stock valued at $103,000 after acquiring an additional 1,268 shares during the last quarter. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Zoom Communications

In other news, CEO Eric S. Yuan sold 41,121 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $72.18, for a total transaction of $2,968,113.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jonathan Chadwick sold 12,500 shares of the stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $72.57, for a total transaction of $907,125.00. Following the sale, the director owned 1,514 shares of the company's stock, valued at $109,870.98. This trade represents a 89.20% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 94,196 shares of company stock valued at $6,885,843. Corporate insiders own 11.51% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on ZM shares. Wells Fargo & Company upped their price target on Zoom Communications from $75.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 22nd. Morgan Stanley upped their price target on Zoom Communications from $79.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 22nd. William Blair restated an "outperform" rating on shares of Zoom Communications in a research note on Thursday, May 22nd. Piper Sandler upped their price target on Zoom Communications from $77.00 to $85.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Finally, JPMorgan Chase & Co. upped their price target on Zoom Communications from $80.00 to $85.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $87.00.

Zoom Communications Stock Performance

Shares of ZM stock traded up $0.02 during mid-day trading on Wednesday, hitting $77.59. 2,596,885 shares of the stock were exchanged, compared to its average volume of 2,892,426. The stock's fifty day simple moving average is $79.19 and its two-hundred day simple moving average is $78.84. The stock has a market capitalization of $23.47 billion, a price-to-earnings ratio of 23.30, a P/E/G ratio of 12.94 and a beta of 0.68. Zoom Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $92.80.

Zoom Communications (NASDAQ:ZM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.13. The company had revenue of $1.17 billion for 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 last year, the company posted $1.35 earnings per share. On average, research analysts expect that Zoom Communications, Inc. will post 2.93 earnings per share for the current fiscal year.

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.