abrdn plc Decreases Stake in Zoom Video Communications, Inc. (NASDAQ:ZM)

abrdn plc lowered its position in Zoom Video Communications, Inc. (NASDAQ:ZMGet Rating) by 22.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,833 shares of the company’s stock after selling 5,434 shares during the quarter. abrdn plc’s holdings in Zoom Video Communications were worth $2,258,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Zoom Video Communications by 22.8% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,242,357 shares of the company’s stock worth $614,562,000 after buying an additional 973,841 shares during the last quarter. State Street Corp lifted its position in shares of Zoom Video Communications by 1.8% during the 4th quarter. State Street Corp now owns 4,767,911 shares of the company’s stock worth $876,867,000 after buying an additional 83,580 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Zoom Video Communications by 24.5% during the 4th quarter. Renaissance Technologies LLC now owns 4,005,012 shares of the company’s stock worth $736,562,000 after buying an additional 789,132 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its position in shares of Zoom Video Communications by 55.7% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,668,279 shares of the company’s stock worth $675,037,000 after buying an additional 1,312,035 shares during the last quarter. Finally, Fisher Asset Management LLC purchased a new stake in shares of Zoom Video Communications during the 4th quarter worth approximately $418,128,000. Hedge funds and other institutional investors own 55.94% of the company’s stock.

Zoom Video Communications Trading Up 1.5 %

NASDAQ:ZM opened at $105.39 on Tuesday. The firm has a market cap of $31.45 billion, a price-to-earnings ratio of 25.58, a price-to-earnings-growth ratio of 4.25 and a beta of -0.61. The company’s 50-day moving average is $109.23 and its two-hundred day moving average is $115.10. Zoom Video Communications, Inc. has a 12-month low of $79.03 and a 12-month high of $404.35.

Zoom Video Communications (NASDAQ:ZMGet Rating) last released its earnings results on Monday, May 23rd. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.12. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. Zoom Video Communications had a net margin of 29.91% and a return on equity of 16.56%. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.97 EPS. On average, equities research analysts forecast that Zoom Video Communications, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Transactions at Zoom Video Communications

In other news, CFO Kelly Steckelberg sold 6,700 shares of the stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $100.27, for a total transaction of $671,809.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, COO Aparna Bawa sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $108.47, for a total transaction of $216,940.00. Following the completion of the sale, the chief operating officer now owns 82,260 shares of the company’s stock, valued at approximately $8,922,742.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Kelly Steckelberg sold 6,700 shares of the stock in a transaction that occurred on Wednesday, May 25th. The stock was sold at an average price of $100.27, for a total transaction of $671,809.00. The disclosure for this sale can be found here. Insiders have sold a total of 48,223 shares of company stock worth $5,097,391 in the last three months. Company insiders own 11.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ZM shares. Sanford C. Bernstein started coverage on shares of Zoom Video Communications in a research report on Tuesday, July 19th. They issued a “market perform” rating and a $122.00 price target for the company. BTIG Research reduced their price target on shares of Zoom Video Communications from $180.00 to $150.00 in a research report on Friday, May 13th. Daiwa Capital Markets upgraded shares of Zoom Video Communications from an “underperform” rating to an “outperform” rating and upped their price target for the company from $107.00 to $121.00 in a research report on Monday, May 30th. Royal Bank of Canada reduced their price target on shares of Zoom Video Communications from $200.00 to $150.00 in a research report on Tuesday, May 24th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Zoom Video Communications from $155.00 to $105.00 in a research report on Tuesday, May 24th. Fourteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $161.53.

Zoom Video Communications Profile

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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.

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Institutional Ownership by Quarter for Zoom Video Communications (NASDAQ:ZM)

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