Perpetual Ltd Decreases Stock Position in Zoom Communications, Inc. $ZM

Key Points

• Perpetual Ltd decreased its holdings in Zoom Communications by 16.2% during the 2nd quarter, owning a total of 16,643 shares valued at approximately $1,298,000.
• Insider sales included COO Aparna Bawa selling 10,528 shares and CEO Eric S. Yuan selling 33,691 shares on July 14th, totaling nearly $3.3 million in sales.
• Analysts have been mixed with ratings on Zoom Communications, with Zacks upgrading it to a "strong-buy" and Citigroup raising the target price to $85.00, while others maintained a "neutral" stance.

Perpetual Ltd lowered its position in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 16.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 16,643 shares of the company's stock after selling 3,220 shares during the period. Perpetual Ltd's holdings in Zoom Communications were worth $1,298,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Wayfinding Financial LLC purchased a new stake in Zoom Communications during the first quarter worth $25,000. SouthState Corp purchased a new position in Zoom Communications in the first quarter valued at about $25,000. MassMutual Private Wealth & Trust FSB grew its position in shares of Zoom Communications by 177.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company's stock valued at $28,000 after buying an additional 246 shares during the last quarter. GKV Capital Management Co. Inc. bought a new position in Zoom Communications in the 1st quarter worth approximately $31,000. Finally, Brooklyn Investment Group raised its position in Zoom Communications by 277.8% in the first quarter. Brooklyn Investment Group now owns 442 shares of the company's stock worth $33,000 after acquiring an additional 325 shares in the last quarter. Hedge funds and other institutional investors own 66.54% of the company's stock.

Insider Activity at Zoom Communications

In related news, COO Aparna Bawa sold 10,528 shares of the company's stock in a transaction on 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 sale, the chief operating officer directly owned 1,978 shares of the company's stock, valued at approximately $147,914.84. This represents a 84.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Velchamy Sankarlingam sold 7,661 shares of the stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $77.50, for a total transaction of $593,727.50. Following the sale, the insider owned 129,377 shares of the company's stock, valued at $10,026,717.50. This trade represents a 5.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 90,400 shares of company stock worth $6,871,114 over the last quarter. 10.78% of the stock is currently owned by corporate insiders.

Zoom Communications Stock Performance

Shares of NASDAQ:ZM traded down $2.67 during midday trading on Friday, hitting $84.16. 5,930,934 shares of the company's stock traded hands, compared to its average volume of 3,393,836. Zoom Communications, Inc. has a twelve month low of $64.41 and a twelve month high of $92.80. The firm's fifty day moving average price is $77.53 and its two-hundred day moving average price is $76.99. The company has a market cap of $25.46 billion, a PE ratio of 22.21, a P/E/G ratio of 11.73 and a beta of 0.57.

Analyst Ratings Changes

ZM has been the topic of a number of recent research reports. Citigroup lifted their price objective on Zoom Communications from $84.00 to $85.00 and gave the company a "neutral" rating in a report on Monday, August 25th. Wedbush restated an "outperform" rating and issued a $95.00 target price on shares of Zoom Communications in a research note on Friday, August 22nd. Royal Bank Of Canada restated an "outperform" rating and set a $100.00 price target on shares of Zoom Communications in a research report on Thursday. Piper Sandler restated a "neutral" rating and issued a $85.00 price target on shares of Zoom Communications in a research note on Friday, August 22nd. Finally, Robert W. Baird dropped their target price on Zoom Communications from $100.00 to $95.00 and set an "outperform" rating for the company in a research report on Friday, August 22nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $91.30.

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.