Zoom Communications, Inc. (NASDAQ:ZM) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System grew its stake in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 27.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 187,966 shares of the company's stock after acquiring an additional 40,000 shares during the period. State of Michigan Retirement System owned about 0.06% of Zoom Communications worth $13,866,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the stock. US Bancorp DE boosted its position in shares of Zoom Communications by 17.2% in the 4th quarter. US Bancorp DE now owns 3,495 shares of the company's stock valued at $285,000 after purchasing an additional 512 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of Zoom Communications during the fourth quarter worth approximately $966,000. PNC Financial Services Group Inc. increased its holdings in shares of Zoom Communications by 4.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,040 shares of the company's stock valued at $330,000 after acquiring an additional 168 shares during the period. Daiwa Securities Group Inc. raised its position in Zoom Communications by 3.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 23,822 shares of the company's stock valued at $1,944,000 after purchasing an additional 840 shares during the last quarter. Finally, Citizens Financial Group Inc. RI acquired a new stake in Zoom Communications during the 4th quarter worth $562,000. Hedge funds and other institutional investors own 66.54% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on ZM shares. Rosenblatt Securities raised their price target on Zoom Communications from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Mizuho lowered their price target on shares of Zoom Communications from $105.00 to $71.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Needham & Company LLC raised shares of Zoom Communications from a "hold" rating to a "moderate buy" rating and set a $100.00 price objective on the stock in a research note on Thursday, May 22nd. Benchmark reaffirmed a "buy" rating and set a $97.00 price target on shares of Zoom Communications in a research report on Tuesday, May 20th. Finally, Piper Sandler lifted their price target on shares of Zoom Communications from $77.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $87.00.

Insider Buying and Selling

In other news, Director Janet Napolitano sold 2,617 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $76.78, for a total value of $200,933.26. Following the completion of the sale, the director directly owned 4,728 shares of the company's stock, valued at approximately $363,015.84. This represents a 35.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Velchamy Sankarlingam sold 7,661 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $77.50, for a total transaction of $593,727.50. Following the completion of the sale, the insider owned 129,377 shares of the company's stock, 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. Insiders have sold 22,773 shares of company stock worth $1,775,358 in the last ninety days. 10.78% of the stock is owned by corporate insiders.

Zoom Communications Stock Performance

Shares of ZM stock traded down $0.10 on Tuesday, hitting $74.73. 2,740,211 shares of the stock traded hands, compared to its average volume of 2,906,296. The stock has a market capitalization of $22.61 billion, a PE ratio of 22.44, a PEG ratio of 12.02 and a beta of 0.68. Zoom Communications, Inc. has a twelve month low of $55.06 and a twelve month high of $92.80. The firm's 50-day moving average price is $79.19 and its two-hundred day moving average price is $78.30.

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 (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.13. The business had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.17 billion. Zoom Communications had a net margin of 22.31% and a return on equity of 11.08%. The business's quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.35 earnings per share. On average, equities research analysts anticipate that Zoom Communications, Inc. will post 2.93 EPS 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.