Zurcher Kantonalbank Zurich Cantonalbank Decreases Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in Zoom Video Communications, Inc. (NASDAQ:ZM) by 54.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,904 shares of the company’s stock after selling 89,480 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Zoom Video Communications were worth $4,374,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ZM. Norges Bank purchased a new stake in shares of Zoom Video Communications in the fourth quarter valued at about $164,224,000. Acadian Asset Management LLC increased its position in shares of Zoom Video Communications by 54.8% in the first quarter. Acadian Asset Management LLC now owns 3,046,718 shares of the company’s stock worth $199,146,000 after acquiring an additional 1,078,937 shares in the last quarter. Vanguard Group Inc. grew its holdings in Zoom Video Communications by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 23,417,464 shares of the company’s stock valued at $1,683,950,000 after purchasing an additional 721,923 shares in the last quarter. Retirement Systems of Alabama purchased a new stake in shares of Zoom Video Communications during the first quarter worth about $42,289,000. Finally, Assenagon Asset Management S.A. increased its holdings in Zoom Video Communications by 5,535.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 508,308 shares of the company’s stock worth $33,228,000 after purchasing an additional 499,288 shares during the last quarter. 66.54% of the stock is owned by hedge funds and other institutional investors.

Zoom Video Communications Stock Performance

Shares of ZM stock opened at $69.08 on Friday. Zoom Video Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $75.90. The firm’s 50-day moving average is $59.66 and its 200-day moving average is $62.04. The stock has a market cap of $21.36 billion, a price-to-earnings ratio of 25.78, a PEG ratio of 6.26 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last announced its earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. During the same quarter in the prior year, the business posted $0.55 EPS. The business’s revenue was up 2.1% compared to the same quarter last year. Sell-side analysts predict that Zoom Video Communications, Inc. will post 2.69 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on ZM. Bank of America lowered their target price on shares of Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday, August 22nd. Stifel Nicolaus dropped their price objective on Zoom Video Communications from $70.00 to $65.00 and set a “hold” rating on the stock in a research note on Tuesday, May 21st. Evercore ISI reduced their target price on shares of Zoom Video Communications from $72.00 to $70.00 and set an “in-line” rating for the company in a report on Tuesday, May 21st. Citigroup lifted their target price on shares of Zoom Video Communications from $76.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 21st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Zoom Video Communications in a research note on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Zoom Video Communications has an average rating of “Hold” and an average target price of $75.10.

Insider Buying and Selling at Zoom Video Communications

In other news, COO Aparna Bawa sold 874 shares of Zoom Video Communications stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $61.78, for a total value of $53,995.72. Following the completion of the sale, the chief operating officer now owns 2,814 shares in the company, valued at approximately $173,848.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Aparna Bawa sold 874 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $61.78, for a total value of $53,995.72. Following the transaction, the chief operating officer now directly owns 2,814 shares in the company, valued at approximately $173,848.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Shane Crehan sold 1,475 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $62.99, for a total transaction of $92,910.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,635 shares of company stock valued at $6,878,813. 10.78% of the stock is currently owned by insiders.

Zoom Video 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.