Massachusetts Financial Services Co. MA Purchases 45,298 Shares of Zoom Communications, Inc. (NASDAQ:ZM)

Massachusetts Financial Services Co. MA raised its stake in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 43.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 148,804 shares of the company's stock after purchasing an additional 45,298 shares during the quarter. Massachusetts Financial Services Co. MA's holdings in Zoom Communications were worth $10,977,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its position in shares of Zoom Communications by 18.5% in the 1st quarter. Principal Financial Group Inc. now owns 175,918 shares of the company's stock worth $12,977,000 after buying an additional 27,430 shares during the period. Yousif Capital Management LLC grew its position in shares of Zoom Communications by 31.9% in the 1st quarter. Yousif Capital Management LLC now owns 4,453 shares of the company's stock worth $328,000 after buying an additional 1,076 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of Zoom Communications by 15.5% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 11,928 shares of the company's stock worth $880,000 after buying an additional 1,601 shares during the period. Spire Wealth Management grew its position in shares of Zoom Communications by 990.6% in the 1st quarter. Spire Wealth Management now owns 1,396 shares of the company's stock worth $103,000 after buying an additional 1,268 shares during the period. Finally, New York State Teachers Retirement System grew its position in shares of Zoom Communications by 0.7% in the 1st quarter. New York State Teachers Retirement System now owns 24,298 shares of the company's stock worth $1,792,000 after buying an additional 171 shares during the period. 66.54% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Zoom Communications

In other Zoom Communications news, insider Velchamy Sankarlingam sold 7,661 shares of Zoom Communications stock in a transaction 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 completion of the transaction, the insider directly owned 129,377 shares of the company's stock, valued at $10,026,717.50. The trade was a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Aparna Bawa sold 10,528 shares of Zoom Communications stock in a transaction on Monday, July 14th. The stock was sold at an average price of $74.78, for a total transaction of $787,283.84. Following the transaction, the chief operating officer directly owned 1,978 shares of the company's stock, valued at $147,914.84. The trade was a 84.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 92,492 shares of company stock valued at $6,991,392 in the last 90 days. Company insiders own 11.51% of the company's stock.

Wall Street Analyst Weigh In

ZM has been the topic of several recent analyst reports. KeyCorp initiated 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 on the stock. Cantor Fitzgerald reissued a "neutral" rating and set a $87.00 price objective on shares of Zoom Communications in a research report on Thursday, May 22nd. Bank of America increased 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. Piper Sandler increased their price objective 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. Finally, JPMorgan Chase & Co. increased 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. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $87.00.

Zoom Communications Stock Performance

Shares of Zoom Communications stock traded up $0.25 on Friday, hitting $74.85. 6,503,212 shares of the company traded hands, compared to its average volume of 2,942,572. The stock has a market capitalization of $22.65 billion, a P/E ratio of 22.48, a price-to-earnings-growth ratio of 12.26 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. The business has a 50-day simple moving average of $78.80 and a 200 day simple moving average of $78.12.

Zoom Communications (NASDAQ:ZM - Get Free Report) last released its quarterly earnings data 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 firm 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 company's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.35 earnings per share. Research analysts expect that Zoom Communications, Inc. will post 2.93 earnings per share 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.