Royal Bank of Canada Cuts Stock Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Royal Bank of Canada cut its stake in Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 13.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 407,303 shares of the company's stock after selling 62,292 shares during the period. Royal Bank of Canada owned 0.13% of Zoom Video Communications worth $33,239,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ZM. Swedbank AB raised its holdings in Zoom Video Communications by 96.3% in the fourth quarter. Swedbank AB now owns 82,247 shares of the company's stock worth $6,712,000 after buying an additional 40,351 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of Zoom Video Communications by 8.7% during the fourth quarter. Asset Management One Co. Ltd. now owns 93,872 shares of the company's stock valued at $7,868,000 after purchasing an additional 7,518 shares during the last quarter. Silver Lake Advisory LLC raised its holdings in shares of Zoom Video Communications by 13.3% during the fourth quarter. Silver Lake Advisory LLC now owns 40,325 shares of the company's stock valued at $3,291,000 after purchasing an additional 4,745 shares during the last quarter. Caprock Group LLC purchased a new position in shares of Zoom Video Communications during the fourth quarter valued at approximately $288,000. Finally, McAdam LLC purchased a new position in shares of Zoom Video Communications during the fourth quarter valued at approximately $410,000. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ZM has been the subject of several research reports. Bank of America boosted their price objective on shares of Zoom Video Communications from $79.00 to $84.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Benchmark reaffirmed a "buy" rating and set a $97.00 target price on shares of Zoom Video Communications in a report on Tuesday, May 20th. Mizuho reduced their target price on shares of Zoom Video Communications from $105.00 to $71.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Needham & Company LLC raised shares of Zoom Video Communications from a "hold" rating to a "moderate buy" rating and set a $100.00 target price for the company in a report on Thursday, May 22nd. Finally, UBS Group reduced their target price on shares of Zoom Video Communications from $90.00 to $85.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. Fifteen research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Zoom Video Communications currently has an average rating of "Moderate Buy" and an average target price of $87.61.

Insider Activity

In related news, Director Santiago Subotovsky sold 2,475 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $77.86, for a total value of $192,703.50. Following the transaction, the director now owns 169,452 shares of the company's stock, valued at $13,193,532.72. This trade represents a 1.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Eric S. Yuan sold 75,531 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $74.98, for a total transaction of $5,663,314.38. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 164,515 shares of company stock valued at $12,132,994. 11.51% of the stock is currently owned by company insiders.

Zoom Video Communications Stock Performance

ZM stock traded down $0.77 during trading on Tuesday, hitting $78.51. 1,694,907 shares of the company's stock traded hands, compared to its average volume of 2,976,174. Zoom Video Communications, Inc. has a 52 week low of $55.06 and a 52 week high of $92.80. The business has a fifty day simple moving average of $76.06 and a 200 day simple moving average of $79.74. The stock has a market capitalization of $23.96 billion, a price-to-earnings ratio of 26.15, a P/E/G ratio of 5.48 and a beta of 0.79.

Zoom Video Communications (NASDAQ:ZM - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.30 by $0.13. Zoom Video Communications had a net margin of 20.34% and a return on equity of 10.98%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the business earned $1.35 earnings per share. Zoom Video Communications's quarterly revenue was up 2.9% compared to the same quarter last year. Research analysts forecast that Zoom Video Communications, Inc. will post 2.93 earnings per share for the current fiscal year.

About Zoom Video 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.