Zoom Communications, Inc. (NASDAQ:ZM) Shares Sold by Perpetual Ltd

Perpetual Ltd reduced its stake in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 23.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,863 shares of the company's stock after selling 5,919 shares during the period. Perpetual Ltd's holdings in Zoom Communications were worth $1,465,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ZM. Robeco Institutional Asset Management B.V. increased its holdings in Zoom Communications by 4.3% in the first quarter. Robeco Institutional Asset Management B.V. now owns 1,306,700 shares of the company's stock valued at $96,395,000 after buying an additional 53,639 shares during the last quarter. Spire Wealth Management increased its holdings in Zoom Communications by 990.6% in the first quarter. Spire Wealth Management now owns 1,396 shares of the company's stock valued at $103,000 after buying an additional 1,268 shares during the last quarter. Lecap Asset Management Ltd. purchased a new position in Zoom Communications in the first quarter valued at $2,367,000. Silver Lake Advisory LLC increased its holdings in Zoom Communications by 2.7% in the first quarter. Silver Lake Advisory LLC now owns 41,420 shares of the company's stock valued at $3,056,000 after buying an additional 1,095 shares during the last quarter. Finally, Moran Wealth Management LLC purchased a new position in shares of Zoom Communications during the first quarter worth about $2,540,000. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. raised their price objective on Zoom Communications from $80.00 to $85.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Benchmark reiterated a "buy" rating and set a $97.00 target price on shares of Zoom Communications in a research note on Tuesday, May 20th. Wall Street Zen downgraded shares of Zoom Communications from a "strong-buy" rating to a "buy" rating in a research note on Monday, June 23rd. KeyCorp initiated coverage on shares of Zoom Communications in a research note on Friday, June 6th. They set an "underweight" rating and a $73.00 target price for the company. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $95.00 target price on shares of Zoom Communications in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $87.00.

Zoom Communications Trading Up 1.8%

ZM stock opened at $78.38 on Friday. The firm has a 50 day moving average of $78.93 and a 200-day moving average of $79.00. Zoom Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $92.80. The company has a market cap of $23.71 billion, a price-to-earnings ratio of 23.54, a PEG ratio of 12.78 and a beta of 0.71.

Zoom Communications (NASDAQ:ZM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The company reported $1.43 earnings per share for the quarter, topping 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 business had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same period last year, the company posted $1.35 EPS. The company's revenue was up 2.9% on a year-over-year basis. Sell-side analysts forecast that Zoom Communications, Inc. will post 2.93 earnings per share for the current fiscal year.

Insider Transactions at Zoom Communications

In other Zoom Communications news, COO Aparna Bawa sold 16,099 shares of Zoom Communications stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $72.59, for a total value of $1,168,626.41. Following the completion of the sale, the chief operating officer now directly owns 1,978 shares of the company's stock, valued at approximately $143,583.02. The trade was a 89.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eric S. Yuan sold 41,121 shares of Zoom Communications stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $72.18, for a total transaction of $2,968,113.78. The disclosure for this sale can be found here. Insiders sold a total of 94,196 shares of company stock valued at $6,885,843 in the last ninety days. 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.

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