Acadian Asset Management LLC Sells 163,438 Shares of Zoom Communications, Inc. $ZM

Key Points

• Acadian Asset Management LLC reduced its holdings in Zoom Communications by 5.8%, now owning approximately 2.67 million shares worth around $197 million.
• Several institutional investors, including Vanguard Group Inc., boosted their stakes in Zoom Communications, highlighting confidence in the company's performance.
• Research analysts have raised target prices on Zoom Communications, with Mizuho setting a new target of $100 and multiple firms issuing "buy" or "outperform" ratings.

Acadian Asset Management LLC cut its holdings in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 5.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,672,147 shares of the company's stock after selling 163,438 shares during the quarter. Acadian Asset Management LLC owned 0.88% of Zoom Communications worth $197,100,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Smartleaf Asset Management LLC boosted its position in shares of Zoom Communications by 6.7% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,293 shares of the company's stock worth $172,000 after purchasing an additional 143 shares in the last quarter. Wynn Capital LLC boosted its position in shares of Zoom Communications by 1.6% during the 1st quarter. Wynn Capital LLC now owns 10,194 shares of the company's stock worth $752,000 after purchasing an additional 160 shares in the last quarter. New York State Teachers Retirement System boosted its position in shares of Zoom Communications by 0.7% during the 1st quarter. New York State Teachers Retirement System now owns 24,298 shares of the company's stock worth $1,792,000 after purchasing an additional 171 shares in the last quarter. Siemens Fonds Invest GmbH boosted its position in shares of Zoom Communications by 3.8% during the 4th quarter. Siemens Fonds Invest GmbH now owns 4,732 shares of the company's stock worth $391,000 after purchasing an additional 174 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Zoom Communications by 19.8% during the 1st quarter. Blue Trust Inc. now owns 1,059 shares of the company's stock worth $78,000 after purchasing an additional 175 shares in the last quarter. Institutional investors own 66.54% of the company's stock.

Insider Activity

In other Zoom Communications news, CEO Eric S. Yuan sold 33,691 shares of Zoom Communications stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $74.79, for a total transaction of $2,519,749.89. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Santiago Subotovsky sold 2,475 shares of Zoom Communications stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $77.17, for a total transaction of $190,995.75. Following the transaction, the director directly owned 157,235 shares in the company, valued at approximately $12,133,824.95. This represents a 1.55% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 90,400 shares of company stock worth $6,871,114. Corporate insiders own 11.51% of the company's stock.

Zoom Communications Trading Down 0.9%

Zoom Communications stock traded down $0.77 during trading on Friday, hitting $83.98. 1,880,133 shares of the company were exchanged, compared to its average volume of 4,202,955. The business's 50 day moving average is $76.60 and its 200 day moving average is $76.57. Zoom Communications, Inc. has a 52 week low of $64.41 and a 52 week high of $92.80. The company has a market capitalization of $25.41 billion, a P/E ratio of 22.16, a PEG ratio of 11.93 and a beta of 0.57.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ZM. Morgan Stanley increased their price objective on shares of Zoom Communications from $79.00 to $85.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 22nd. 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. Scotiabank increased their price objective on shares of Zoom Communications from $75.00 to $85.00 and gave the stock a "sector perform" rating in a research report on Friday, May 16th. Wedbush reaffirmed an "outperform" rating and issued a $95.00 price target on shares of Zoom Communications in a research report on Friday, August 22nd. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Zoom Communications in a research report on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Zoom Communications currently has an average rating of "Hold" and an average price target of $90.30.

Zoom Communications Company 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.