Zoom Communications, Inc. $ZM Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Zoom Communications by 4.9%, selling 4,374 shares and now holding 84,878 shares valued at approximately $6.26 million.
• Insider sales at Zoom included Director Jonathan Chadwick offloading 25,000 shares for about $1.87 million, marking an 80.97% decrease in his ownership.
• Wall Street analysts have mixed ratings on Zoom Communications, with a consensus target price of $87.00, and recent upgrades from Needham & Company raising the rating to "moderate buy."

State of New Jersey Common Pension Fund D decreased its position in Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 4.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 84,878 shares of the company's stock after selling 4,374 shares during the period. State of New Jersey Common Pension Fund D's holdings in Zoom Communications were worth $6,261,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Wayfinding Financial LLC purchased a new position in Zoom Communications during the first quarter worth $25,000. SouthState Corp purchased a new stake in Zoom Communications during the 1st quarter worth about $25,000. MassMutual Private Wealth & Trust FSB raised its stake in Zoom Communications by 177.0% in the 1st 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 during the last quarter. Raiffeisen Bank International AG purchased a new position in Zoom Communications in the 4th quarter valued at about $30,000. Finally, GKV Capital Management Co. Inc. acquired a new stake in shares of Zoom Communications during the 1st quarter worth about $31,000. Hedge funds and other institutional investors own 66.54% of the company's stock.

Insider Buying and Selling

In other news, Director Jonathan Chadwick sold 25,000 shares of Zoom Communications stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $74.86, for a total transaction of $1,871,500.00. Following the sale, the director directly owned 5,875 shares of the company's stock, valued at approximately $439,802.50. The trade was a 80.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Janet Napolitano sold 2,617 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $76.78, for a total value of $200,933.26. Following the completion of the transaction, the director owned 4,728 shares in the company, valued at approximately $363,015.84. This trade represents a 35.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 87,542 shares of company stock worth $6,609,623 over the last quarter. Company insiders own 10.78% of the company's stock.

Zoom Communications Stock Up 0.7%

NASDAQ ZM opened at $73.64 on Tuesday. Zoom Communications, Inc. has a fifty-two week low of $58.49 and a fifty-two week high of $92.80. The business has a 50 day moving average price of $75.31 and a two-hundred day moving average price of $76.89. The stock has a market cap of $22.28 billion, a PE ratio of 22.11, a P/E/G ratio of 19.14 and a beta of 0.68.

Zoom Communications (NASDAQ:ZM - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported $1.43 EPS for the quarter, topping analysts' consensus estimates of $1.30 by $0.13. The business 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 business's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.35 earnings per share. Sell-side analysts anticipate that Zoom Communications, Inc. will post 2.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ZM. Needham & Company LLC raised shares of Zoom Communications from a "hold" rating to a "moderate buy" rating and set a $100.00 price objective for the company in a research report on Thursday, May 22nd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $95.00 target price on shares of Zoom Communications in a research note on Thursday, May 22nd. Benchmark reissued a "buy" rating and set a $97.00 price target on shares of Zoom Communications in a research note on Tuesday, May 20th. Citigroup decreased their price objective on Zoom Communications from $85.00 to $84.00 and set a "neutral" rating on the stock in a report on Thursday, May 15th. Finally, Bank of America upped their target price on Zoom Communications from $79.00 to $84.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $87.00.

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.

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