Zoom Video Communications, Inc. (NASDAQ:ZM) Stock Holdings Lifted by Covington Capital Management

Covington Capital Management lifted its holdings in Zoom Video Communications, Inc. (NASDAQ:ZMGet Rating) by 10,000.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 707 shares of the company’s stock after buying an additional 700 shares during the quarter. Covington Capital Management’s holdings in Zoom Video Communications were worth $76,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of ZM. DnB Asset Management AS increased its holdings in shares of Zoom Video Communications by 10.7% in the 2nd quarter. DnB Asset Management AS now owns 38,341 shares of the company’s stock worth $4,140,000 after acquiring an additional 3,718 shares during the period. Amalgamated Bank increased its holdings in shares of Zoom Video Communications by 28.5% in the 1st quarter. Amalgamated Bank now owns 24,690 shares of the company’s stock worth $2,894,000 after acquiring an additional 5,470 shares during the period. J.W. Cole Advisors Inc. acquired a new stake in shares of Zoom Video Communications in the 1st quarter worth about $54,000. American Trust acquired a new stake in shares of Zoom Video Communications in the 1st quarter worth about $481,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Zoom Video Communications by 4.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 368,023 shares of the company’s stock worth $43,143,000 after acquiring an additional 15,808 shares during the period. 52.86% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ZM has been the topic of a number of analyst reports. UBS Group dropped their price objective on shares of Zoom Video Communications to $92.00 in a report on Tuesday, August 23rd. Wells Fargo & Company lowered their target price on shares of Zoom Video Communications from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 23rd. Benchmark lowered their target price on shares of Zoom Video Communications from $128.00 to $118.00 and set a “buy” rating on the stock in a research note on Tuesday, August 23rd. Mizuho lowered their target price on shares of Zoom Video Communications from $190.00 to $120.00 and set a “buy” rating on the stock in a research note on Tuesday, August 23rd. Finally, Stifel Nicolaus lowered their target price on shares of Zoom Video Communications from $120.00 to $90.00 in a research note on Tuesday, August 23rd. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Zoom Video Communications presently has an average rating of “Hold” and an average target price of $139.58.

Zoom Video Communications Price Performance

Shares of ZM opened at $78.32 on Tuesday. Zoom Video Communications, Inc. has a one year low of $76.75 and a one year high of $291.31. The company has a 50-day moving average of $96.66 and a two-hundred day moving average of $103.88. The stock has a market cap of $23.31 billion, a price-to-earnings ratio of 24.25, a PEG ratio of 4.33 and a beta of -0.49.

Zoom Video Communications (NASDAQ:ZMGet Rating) last posted its quarterly earnings results on Monday, August 22nd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.94 by $0.11. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Zoom Video Communications had a net margin of 23.05% and a return on equity of 11.87%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the company posted $0.98 earnings per share. Analysts anticipate that Zoom Video Communications, Inc. will post 1.3 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Velchamy Sankarlingam sold 2,319 shares of the firm’s stock in a transaction that occurred on Tuesday, July 12th. The shares were sold at an average price of $109.79, for a total transaction of $254,603.01. Following the completion of the sale, the insider now directly owns 10,863 shares in the company, valued at $1,192,648.77. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Aparna Bawa sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $116.62, for a total transaction of $233,240.00. Following the transaction, the chief operating officer now owns 77,676 shares of the company’s stock, valued at $9,058,575.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Velchamy Sankarlingam sold 2,319 shares of the firm’s stock in a transaction that occurred on Tuesday, July 12th. The shares were sold at an average price of $109.79, for a total transaction of $254,603.01. Following the transaction, the insider now directly owns 10,863 shares in the company, valued at approximately $1,192,648.77. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,823 shares of company stock worth $3,526,086. 11.24% of the stock is owned by company insiders.

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.

Further Reading

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

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