Victory Capital Management Inc. Purchases 141,943 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Victory Capital Management Inc. raised its position in Zoom Video Communications, Inc. (NASDAQ:ZM) by 53.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 406,212 shares of the company’s stock after buying an additional 141,943 shares during the quarter. Victory Capital Management Inc. owned about 0.13% of Zoom Video Communications worth $24,044,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Securities Inc. acquired a new stake in Zoom Video Communications in the fourth quarter valued at about $25,000. Quadrant Capital Group LLC boosted its stake in shares of Zoom Video Communications by 269.7% in the 4th quarter. Quadrant Capital Group LLC now owns 366 shares of the company’s stock valued at $26,000 after purchasing an additional 267 shares in the last quarter. Frazier Financial Advisors LLC bought a new stake in shares of Zoom Video Communications during the 4th quarter valued at approximately $32,000. Innealta Capital LLC acquired a new position in Zoom Video Communications during the 2nd quarter worth approximately $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in Zoom Video Communications in the 2nd quarter valued at approximately $36,000. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Zoom Video Communications Price Performance

Shares of Zoom Video Communications stock opened at $67.30 on Thursday. Zoom Video Communications, Inc. has a one year low of $55.06 and a one year high of $74.77. The stock’s 50-day moving average is $61.34 and its 200 day moving average is $62.35. The firm has a market cap of $20.71 billion, a price-to-earnings ratio of 25.11, a PEG ratio of 5.90 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 10.77% and a net margin of 19.08%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.55 earnings per share. On average, sell-side analysts expect that Zoom Video Communications, Inc. will post 2.69 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Velchamy Sankarlingam sold 3,272 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $57.15, for a total value of $186,994.80. Following the completion of the sale, the insider now directly owns 82,792 shares of the company’s stock, valued at approximately $4,731,562.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Zoom Video Communications news, CFO Kelly Steckelberg sold 8,901 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $68.44, for a total transaction of $609,184.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Velchamy Sankarlingam sold 3,272 shares of the firm’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $57.15, for a total transaction of $186,994.80. Following the completion of the transaction, the insider now directly owns 82,792 shares in the company, valued at $4,731,562.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 119,183 shares of company stock worth $7,015,075. 10.78% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ZM shares. Bank of America decreased their target price on shares of Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Wells Fargo & Company upped their target price on Zoom Video Communications from $55.00 to $60.00 and gave the stock an “underweight” rating in a report on Thursday, August 22nd. UBS Group raised Zoom Video Communications to a “hold” rating in a research note on Friday, July 26th. Sanford C. Bernstein reduced their price target on Zoom Video Communications from $82.00 to $78.00 and set a “market perform” rating on the stock in a report on Tuesday, May 21st. Finally, Benchmark reiterated a “buy” rating and issued a $83.00 price objective on shares of Zoom Video Communications in a report on Monday, August 5th. Two 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 stock. According to MarketBeat, Zoom Video Communications has an average rating of “Hold” and a consensus target price of $75.10.

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.