T. Rowe Price Investment Management Inc. Grows Position in Zoom Communications, Inc. $ZM

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Zoom Communications, Inc. by 0.6%, owning 6.42 million shares valued at approximately $473.7 million as of the end of the first quarter.
• Insider sales have occurred, with COO Aparna Bawa selling over 10,500 shares, which represents an 84.18% decrease in her ownership of the stock.
• Zoom's stock has recently been rated by analysts with a consensus target price of $87.00, reflecting various opinions with one "Strong Buy" and multiple "Buy" and "Hold" ratings.

T. Rowe Price Investment Management Inc. raised its position in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 0.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,421,733 shares of the company's stock after purchasing an additional 36,210 shares during the quarter. T. Rowe Price Investment Management Inc. owned 2.10% of Zoom Communications worth $473,732,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ZM. SouthState Corp purchased a new stake in shares of Zoom Communications during the 1st quarter valued at about $25,000. Wayfinding Financial LLC purchased a new stake in shares of Zoom Communications during the 1st quarter valued at about $25,000. Raiffeisen Bank International AG purchased a new stake in shares of Zoom Communications during the 4th quarter valued at about $30,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Zoom Communications by 177.0% during the 1st 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 during the period. Finally, Colonial Trust Co SC purchased a new stake in shares of Zoom Communications during the 4th quarter valued at about $32,000. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Zoom Communications

In other Zoom Communications 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 transaction, the chief operating officer owned 1,978 shares in the company, valued at $147,914.84. The trade was a 84.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Velchamy Sankarlingam sold 7,661 shares of the business's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $77.50, for a total value of $593,727.50. Following the completion of the transaction, the insider owned 129,377 shares in the company, valued at $10,026,717.50. This trade 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 valued at $6,609,623. Corporate insiders own 10.78% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ZM. JPMorgan Chase & Co. raised their price objective on Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. William Blair reiterated an "outperform" rating on shares of Zoom Communications in a research report on Thursday, May 22nd. KeyCorp began coverage on Zoom Communications in a research report on Friday, June 6th. They issued an "underweight" rating and a $73.00 target price for the company. Morgan Stanley lifted their target price 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. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Zoom Communications currently has an average rating of "Hold" and a consensus price target of $87.00.

Zoom Communications Stock Down 2.0%

Shares of NASDAQ ZM opened at $72.19 on Wednesday. Zoom Communications, Inc. has a 52-week low of $58.78 and a 52-week high of $92.80. The stock has a market capitalization of $21.84 billion, a price-to-earnings ratio of 21.68, a PEG ratio of 19.27 and a beta of 0.68. The stock's fifty day simple moving average is $75.16 and its 200 day simple moving average is $76.86.

Zoom Communications (NASDAQ:ZM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share 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 for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the company posted $1.35 earnings per share. Zoom Communications's revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, analysts anticipate that Zoom Communications, Inc. will post 2.93 earnings per share for the current year.

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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