Westpac Banking Corp Sells 5,919 Shares of Zoom Communications, Inc. (NASDAQ:ZM)

Key Points

• Westpac Banking Corp reduced its stake in Zoom Communications by 22.3%, selling 5,919 shares, and now holds 20,652 shares worth approximately $1.52 million.
• Despite Westpac's reduction, institutional investors now own over 66.54% of Zoom’s stock, with Vanguard Group increasing its holdings by 2.6% in Q1.
• A majority of analysts have assigned a hold rating to Zoom Communications, with an average price target of $87.00.

Westpac Banking Corp reduced its holdings in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 22.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,652 shares of the company's stock after selling 5,919 shares during the quarter. Westpac Banking Corp's holdings in Zoom Communications were worth $1,523,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Wynn Capital LLC raised its position in Zoom Communications by 1.6% in the 1st quarter. Wynn Capital LLC now owns 10,194 shares of the company's stock worth $752,000 after purchasing an additional 160 shares during the last quarter. New York State Teachers Retirement System grew its holdings in Zoom Communications by 0.7% during the 1st quarter. New York State Teachers Retirement System now owns 24,298 shares of the company's stock worth $1,792,000 after acquiring an additional 171 shares during the period. Siemens Fonds Invest GmbH lifted its holdings in shares of Zoom Communications by 3.8% during the 4th quarter. Siemens Fonds Invest GmbH now owns 4,732 shares of the company's stock valued at $391,000 after purchasing an additional 174 shares in the last quarter. Blue Trust Inc. boosted its stake in Zoom Communications by 19.8% in the 1st quarter. Blue Trust Inc. now owns 1,059 shares of the company's stock worth $78,000 after purchasing an additional 175 shares during the period. Finally, Burns Matteson Capital Management LLC boosted its stake in Zoom Communications by 3.1% in the 1st quarter. Burns Matteson Capital Management LLC now owns 5,801 shares of the company's stock worth $428,000 after purchasing an additional 177 shares during the period. 66.54% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Zoom Communications

In related news, Director Janet Napolitano sold 2,617 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $76.78, for a total value of $200,933.26. Following the transaction, the director owned 4,728 shares in the company, valued at $363,015.84. The trade was a 35.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Aparna Bawa sold 10,528 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $74.78, for a total transaction of $787,283.84. Following the completion of the transaction, the chief operating officer owned 1,978 shares in the company, valued at approximately $147,914.84. The trade was a 84.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 87,542 shares of company stock valued at $6,609,623 in the last quarter. Insiders own 11.51% of the company's stock.

Zoom Communications Trading Down 0.7%

Zoom Communications stock traded down $0.53 during mid-day trading on Thursday, reaching $71.86. The company had a trading volume of 1,931,923 shares, compared to its average volume of 3,052,333. Zoom Communications, Inc. has a fifty-two week low of $57.23 and a fifty-two week high of $92.80. The company has a market cap of $21.74 billion, a P/E ratio of 21.58, a P/E/G ratio of 18.95 and a beta of 0.68. The business has a fifty day simple moving average of $75.59 and a 200 day simple moving average of $77.23.

Zoom Communications (NASDAQ:ZM - Get Free Report) last issued its 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 net margin of 22.31% and a return on equity of 11.08%. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the business posted $1.35 earnings per share. The company's quarterly revenue was up 2.9% on a year-over-year basis. Research analysts forecast that Zoom Communications, Inc. will post 2.93 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ZM. Royal Bank Of Canada restated an "outperform" rating and set a $95.00 price objective on shares of Zoom Communications in a research note on Thursday, May 22nd. Morgan Stanley upped their target price on shares of Zoom Communications from $79.00 to $85.00 and gave the company an "equal weight" rating in a report on Thursday, May 22nd. Benchmark reaffirmed a "buy" rating and issued a $97.00 target price on shares of Zoom Communications in a report on Tuesday, May 20th. Needham & Company LLC raised shares of Zoom Communications from a "hold" rating to a "moderate buy" rating and set a $100.00 target price on the stock in a report on Thursday, May 22nd. Finally, JMP Securities reaffirmed a "market perform" rating 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 assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $87.00.

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.