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

State of Michigan Retirement System raised its stake in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 27.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 187,966 shares of the company's stock after purchasing an additional 40,000 shares during the quarter. State of Michigan Retirement System owned about 0.06% of Zoom Communications worth $13,866,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ZM. US Bancorp DE boosted its holdings 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 acquiring an additional 512 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Zoom Communications in the 4th quarter valued at $966,000. PNC Financial Services Group Inc. boosted 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 last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of 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 acquiring an additional 840 shares during the last quarter. Finally, Citizens Financial Group Inc. RI purchased a new stake in shares of Zoom Communications in the 4th quarter valued at $562,000. Institutional investors and hedge funds own 66.54% of the company's stock.

Insiders Place Their Bets

In related news, COO Aparna Bawa sold 16,099 shares of the firm's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $72.59, for a total transaction of $1,168,626.41. Following the completion of the sale, the chief operating officer directly owned 1,978 shares in the company, valued at approximately $143,583.02. This trade represents a 89.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Janet Napolitano sold 2,617 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $76.78, for a total transaction of $200,933.26. Following the sale, the director owned 4,728 shares of the company's stock, valued at approximately $363,015.84. The trade was a 35.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 104,332 shares of company stock valued at $7,670,566. Corporate insiders own 11.51% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on ZM shares. 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 report on Thursday, May 22nd. Rosenblatt Securities increased their price target on shares of Zoom Communications from $90.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Benchmark reissued a "buy" rating and set a $97.00 price target on shares of Zoom Communications in a report on Tuesday, May 20th. Wall Street Zen raised shares of Zoom Communications from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. Finally, JPMorgan Chase & Co. increased their price target on shares of Zoom Communications from $80.00 to $85.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $87.00.

Zoom Communications Stock Down 2.2%

Shares of NASDAQ ZM opened at $73.40 on Friday. The firm has a 50-day simple moving average of $79.26 and a 200-day simple moving average of $78.46. The stock has a market capitalization of $22.21 billion, a price-to-earnings ratio of 22.04, a price-to-earnings-growth ratio of 12.29 and a beta of 0.68. Zoom Communications, Inc. has a 52 week low of $55.06 and a 52 week high of $92.80.

Zoom Communications (NASDAQ:ZM - Get Free Report) last issued its earnings results on Wednesday, May 21st. The company reported $1.43 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.13. The business had revenue of $1.17 billion during 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 company's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.35 earnings per share. As a group, equities research analysts expect that Zoom Communications, Inc. will post 2.93 EPS for the current 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.

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