M&T Bank Corp Sells 5,358 Shares of Zoom Communications, Inc. (NASDAQ:ZM)

M&T Bank Corp cut its position in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 44.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,652 shares of the company's stock after selling 5,358 shares during the quarter. M&T Bank Corp's holdings in Zoom Communications were worth $491,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ZM. Wayfinding Financial LLC acquired a new stake in Zoom Communications during the first quarter valued at approximately $25,000. MassMutual Private Wealth & Trust FSB boosted its holdings in Zoom Communications by 177.0% during the first 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 in the last quarter. Raiffeisen Bank International AG acquired a new stake in Zoom Communications during the fourth quarter valued at approximately $30,000. Colonial Trust Co SC acquired a new stake in Zoom Communications during the fourth quarter valued at approximately $32,000. Finally, Cloud Capital Management LLC acquired a new stake in Zoom Communications during the first quarter valued at approximately $42,000. 66.54% of the stock is owned by institutional investors and hedge funds.

Zoom Communications Stock Performance

ZM traded up $0.16 during trading on Thursday, reaching $74.60. 5,510,728 shares of the company's stock were exchanged, compared to its average volume of 2,921,586. The company's fifty day moving average price is $79.04 and its 200-day moving average price is $78.25. Zoom Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The firm has a market capitalization of $22.57 billion, a PE ratio of 22.40, a P/E/G ratio of 12.24 and a beta of 0.68.

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ZM. Wells Fargo & Company lifted their price objective on Zoom Communications from $75.00 to $80.00 and gave the company an "equal weight" rating in a report on Thursday, May 22nd. KeyCorp began coverage on Zoom Communications in a report on Friday, June 6th. They set an "underweight" rating and a $73.00 price objective on the stock. Needham & Company LLC raised Zoom Communications from a "hold" rating to a "moderate buy" rating and set a $100.00 price objective on the stock in a report on Thursday, May 22nd. Morgan Stanley lifted their price objective on Zoom Communications from $79.00 to $85.00 and gave the company an "equal weight" rating in a report on Thursday, May 22nd. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $95.00 target price on shares of Zoom Communications in a research note on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $87.00.

Insider Buying and Selling

In other news, COO Aparna Bawa sold 10,528 shares of the stock in a transaction dated 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 directly owned 1,978 shares in the company, valued at $147,914.84. This represents a 84.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Eric S. Yuan sold 33,691 shares of the stock in a transaction dated 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 quarter, insiders sold 92,492 shares of company stock valued at $6,991,392. Corporate 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.