Wright Investors Service Inc. Purchases New Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

Wright Investors Service Inc. bought a new stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) in the third quarter, Holdings Channel reports. The fund bought 15,737 shares of the company’s stock, valued at approximately $1,097,000.

Other large investors have also recently made changes to their positions in the company. Innealta Capital LLC purchased a new stake in Zoom Video Communications during the 2nd quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Zoom Video Communications during the second quarter valued at approximately $36,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Zoom Video Communications in the 2nd quarter worth approximately $41,000. Versant Capital Management Inc lifted its position in Zoom Video Communications by 1,257.7% in the 2nd quarter. Versant Capital Management Inc now owns 964 shares of the company’s stock valued at $57,000 after acquiring an additional 893 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Zoom Video Communications by 69.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,685 shares of the company’s stock valued at $102,000 after purchasing an additional 692 shares during the last quarter. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Shane Crehan sold 2,493 shares of the firm’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 directly owns 2,367 shares of the company’s stock, valued at approximately $137,901.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Shane Crehan sold 2,493 shares of Zoom Video Communications stock in a transaction dated Monday, July 8th. The stock was 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 in the company, valued at approximately $137,901.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Eric S. Yuan sold 37,810 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $57.14, for a total value of $2,160,463.40. Following the sale, the chief executive officer now owns 113,684 shares in the company, valued at approximately $6,495,903.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 132,809 shares of company stock worth $7,976,857 over the last 90 days. Corporate insiders own 10.78% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Piper Sandler lowered their price target on Zoom Video Communications from $72.00 to $68.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. UBS Group raised shares of Zoom Video Communications to a “hold” rating in a report on Friday, July 26th. Benchmark restated a “buy” rating and issued a $83.00 target price on shares of Zoom Video Communications in a report on Monday, August 5th. Wells Fargo & Company boosted their target price on shares of Zoom Video Communications from $55.00 to $60.00 and gave the company an “underweight” rating in a research note on Thursday, August 22nd. Finally, Deutsche Bank Aktiengesellschaft raised their price target 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 investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $74.68.

Zoom Video Communications Stock Up 2.2 %

NASDAQ ZM traded up $1.45 during trading hours on Friday, reaching $68.66. The company’s stock had a trading volume of 1,875,554 shares, compared to its average volume of 3,295,533. The firm’s 50-day moving average price is $64.64 and its 200-day moving average price is $62.37. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $74.77. The company has a market capitalization of $21.13 billion, a price-to-earnings ratio of 25.62, a PEG ratio of 5.83 and a beta of -0.04.

Zoom Video Communications (NASDAQ:ZM) last released its earnings results on Wednesday, August 21st. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.21 by $0.18. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.55 earnings per share. Equities research analysts anticipate that Zoom Video Communications, Inc. will post 2.74 EPS 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.