Zoom Communications, Inc. (NASDAQ:ZM) Shares Bought by Vestcor Inc

Key Points

• Vestcor Inc increased its stake in Zoom Communications by 163.3% in Q1, owning 13,743 shares valued at over $1 million.
• Zoom reported a net profit margin of 22.31% with a quarterly revenue of $1.17 billion, which was a 2.9% increase year-over-year.
• Insider trading activity included significant sales, with Director Jonathan Chadwick selling 25,000 shares, resulting in an 80.97% decrease in his ownership.

Vestcor Inc boosted its holdings in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 163.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,743 shares of the company's stock after acquiring an additional 8,523 shares during the quarter. Vestcor Inc's holdings in Zoom Communications were worth $1,014,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ZM. Altshuler Shaham Ltd grew its position in shares of Zoom Communications by 285.9% during the 4th quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company's stock worth $167,813,000 after buying an additional 1,523,480 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in Zoom Communications by 24.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company's stock valued at $521,123,000 after purchasing an additional 1,247,717 shares during the period. Victory Capital Management Inc. increased its stake in Zoom Communications by 119.5% in the first quarter. Victory Capital Management Inc. now owns 1,405,311 shares of the company's stock valued at $103,670,000 after purchasing an additional 765,092 shares in the last quarter. Junto Capital Management LP acquired a new stake in Zoom Communications in the fourth quarter worth $36,580,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Zoom Communications by 9.7% in the 4th quarter. Renaissance Technologies LLC now owns 4,304,848 shares of the company's stock valued at $351,319,000 after buying an additional 380,900 shares during the period. 66.54% of the stock is owned by institutional investors.

Insider Activity at Zoom Communications

In other news, COO Aparna Bawa sold 10,528 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $74.78, for a total transaction of $787,283.84. Following the sale, the chief operating officer owned 1,978 shares of the company's stock, valued at approximately $147,914.84. This represents a 84.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Janet Napolitano sold 2,617 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $76.78, for a total transaction of $200,933.26. Following the completion of the transaction, the director directly owned 4,728 shares of the company's stock, valued at approximately $363,015.84. The trade was a 35.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 87,542 shares of company stock worth $6,609,623 over the last ninety days. Company insiders own 10.78% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Bank of America raised their price objective on Zoom Communications from $79.00 to $84.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Mizuho dropped their price objective on Zoom Communications from $105.00 to $71.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Royal Bank Of Canada reissued an "outperform" rating and set a $95.00 price objective on shares of Zoom Communications in a research report on Thursday, May 22nd. Rosenblatt Securities increased their price objective on shares of Zoom Communications from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Finally, KeyCorp started coverage on shares of Zoom Communications in a research report on Friday, June 6th. They set an "underweight" rating and a $73.00 price objective for the company. One analyst has rated the stock with a sell rating, fifteen have issued 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 currently has a consensus rating of "Hold" and a consensus target price of $87.00.

Zoom Communications Price Performance

ZM stock traded up $1.09 during trading on Monday, hitting $72.06. 1,994,729 shares of the company traded hands, compared to its average volume of 3,453,192. The stock's 50-day simple moving average is $77.15 and its 200 day simple moving average is $77.70. The company has a market cap of $21.80 billion, a PE ratio of 23.12, a P/E/G ratio of 11.63 and a beta of 0.68. Zoom Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80.

Zoom Communications (NASDAQ:ZM - Get Free Report) last announced its earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share for the quarter, topping 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 period in the prior year, the company posted $1.35 EPS. The business's quarterly revenue was up 2.9% on a year-over-year basis. Research analysts expect that Zoom Communications, Inc. will post 2.93 earnings per share for the current year.

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.