Toronto Dominion Bank Sells 607 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Toronto Dominion Bank reduced its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 2.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,197 shares of the company’s stock after selling 607 shares during the quarter. Toronto Dominion Bank’s holdings in Zoom Video Communications were worth $1,432,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ZM. Innealta Capital LLC bought a new position in shares of Zoom Video Communications during the second quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Zoom Video Communications during the second quarter valued at about $36,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Zoom Video Communications in the second quarter worth about $41,000. Versant Capital Management Inc grew its stake in shares of Zoom Video Communications by 1,257.7% in the second quarter. Versant Capital Management Inc now owns 964 shares of the company’s stock worth $57,000 after purchasing an additional 893 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Zoom Video Communications by 69.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,685 shares of the company’s stock worth $102,000 after purchasing an additional 692 shares during the last quarter. 66.54% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ZM. Rosenblatt Securities reissued a “buy” rating and issued a $78.00 target price on shares of Zoom Video Communications in a research note on Thursday, August 22nd. UBS Group raised Zoom Video Communications to a “hold” rating in a research note on Friday, July 26th. Morgan Stanley cut their target price on Zoom Video Communications from $72.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Friday, June 14th. Benchmark reissued a “buy” rating and issued a $83.00 target price on shares of Zoom Video Communications in a research note on Monday, August 5th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Zoom Video Communications from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $74.68.

Zoom Video Communications Stock Performance

ZM stock opened at $69.74 on Tuesday. The firm has a 50 day moving average price of $63.95 and a 200-day moving average price of $62.29. Zoom Video Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $74.77. The firm has a market capitalization of $21.47 billion, a price-to-earnings ratio of 26.02, a PEG ratio of 5.99 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last released its 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. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the business earned $0.55 earnings per share. The business’s revenue was up 2.1% on a year-over-year basis. As a group, sell-side analysts forecast that Zoom Video Communications, Inc. will post 2.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Shane Crehan sold 2,493 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $58.26, for a total value of $145,242.18. Following the completion of the transaction, the chief accounting officer now directly owns 2,367 shares in the company, valued at approximately $137,901.42. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Shane Crehan sold 2,493 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $58.26, for a total value of $145,242.18. Following the completion of the transaction, the chief accounting officer now owns 2,367 shares of the company’s stock, valued at approximately $137,901.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Velchamy Sankarlingam sold 3,272 shares of the company’s stock in a transaction on Tuesday, July 9th. The stock was 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 of the company’s stock, valued at approximately $4,731,562.80. The disclosure for this sale can be found here. Insiders sold a total of 123,908 shares of company stock worth $7,373,459 in the last three months. Insiders own 10.78% of the company’s stock.

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.