Victory Capital Management Inc. Purchases 765,092 Shares of Zoom Communications, Inc. (NASDAQ:ZM)

Victory Capital Management Inc. grew its stake in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 119.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,405,311 shares of the company's stock after purchasing an additional 765,092 shares during the quarter. Victory Capital Management Inc. owned about 0.46% of Zoom Communications worth $103,670,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Wayfinding Financial LLC acquired a new position in shares of Zoom Communications in the 1st quarter valued at $25,000. Raiffeisen Bank International AG acquired a new position in shares of Zoom Communications in the 4th quarter valued at $30,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Zoom Communications by 177.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company's stock valued at $28,000 after purchasing an additional 246 shares during the period. Colonial Trust Co SC acquired a new position in shares of Zoom Communications in the 4th quarter valued at $32,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Zoom Communications in the 1st quarter valued at $42,000. Institutional investors and hedge funds own 66.54% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ZM. JPMorgan Chase & Co. upped their price objective on shares of Zoom Communications from $80.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Bank of America upped their price objective on shares of Zoom Communications from $79.00 to $84.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. William Blair reiterated an "outperform" rating on shares of Zoom Communications in a report on Thursday, May 22nd. Wall Street Zen upgraded Zoom Communications from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. Finally, Piper Sandler increased their target price on Zoom Communications from $77.00 to $85.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $87.00.

Zoom Communications Stock Performance

NASDAQ:ZM traded up $0.25 during mid-day trading on Friday, hitting $74.85. The stock had a trading volume of 6,503,212 shares, compared to its average volume of 2,935,855. Zoom Communications, Inc. has a twelve month low of $55.06 and a twelve month high of $92.80. The stock has a market cap of $22.65 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 12.19 and a beta of 0.68. The company's 50 day simple moving average is $78.93 and its 200 day simple moving average is $78.19.

Zoom Communications (NASDAQ:ZM - Get Free Report) last issued its earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.13. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. Zoom Communications had a net margin of 22.31% and a return on equity of 11.08%. Zoom Communications's revenue was up 2.9% on a year-over-year basis. During the same period last year, the business posted $1.35 EPS. As a group, equities analysts forecast that Zoom Communications, Inc. will post 2.93 earnings per share for the current year.

Insider Activity

In other news, insider Velchamy Sankarlingam sold 7,661 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $77.50, for a total transaction of $593,727.50. Following the transaction, the insider directly owned 129,377 shares of the company's stock, valued at approximately $10,026,717.50. This trade represents a 5.59% 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 this hyperlink. Also, CEO Eric S. Yuan sold 33,691 shares of the firm's 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 disclosure for this sale can be found here. Over the last three months, insiders sold 92,492 shares of company stock valued at $6,991,392. Company insiders own 11.51% of the company's stock.

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.