Allspring Global Investments Holdings LLC Boosts Stake in Zoom Video Communications, Inc. (NASDAQ:ZM)

Allspring Global Investments Holdings LLC boosted its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM) by 556.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 124,088 shares of the company’s stock after buying an additional 105,173 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Zoom Video Communications were worth $8,923,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Global Wealth Management Investment Advisory Inc. increased its holdings in shares of Zoom Video Communications by 63.3% in the first quarter. Global Wealth Management Investment Advisory Inc. now owns 294 shares of the company’s stock worth $34,000 after purchasing an additional 114 shares during the last quarter. Neo Ivy Capital Management grew its holdings in Zoom Video Communications by 56.8% during the 2nd quarter. Neo Ivy Capital Management now owns 367 shares of the company’s stock valued at $39,000 after buying an additional 133 shares in the last quarter. Covestor Ltd grew its holdings in Zoom Video Communications by 76.7% during the 1st quarter. Covestor Ltd now owns 394 shares of the company’s stock valued at $46,000 after buying an additional 171 shares in the last quarter. MML Investors Services LLC grew its holdings in Zoom Video Communications by 1.8% during the 1st quarter. MML Investors Services LLC now owns 9,550 shares of the company’s stock valued at $705,000 after buying an additional 173 shares in the last quarter. Finally, Harbour Investments Inc. grew its holdings in Zoom Video Communications by 7.4% during the 3rd quarter. Harbour Investments Inc. now owns 2,535 shares of the company’s stock valued at $177,000 after buying an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Insider Activity

In other news, COO Aparna Bawa sold 19,207 shares of Zoom Video Communications stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $67.00, for a total value of $1,286,869.00. Following the transaction, the chief operating officer now directly owns 1,978 shares in the company, valued at approximately $132,526. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Velchamy Sankarlingam sold 1,553 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $70.00, for a total transaction of $108,710.00. Following the transaction, the insider now directly owns 71,956 shares in the company, valued at approximately $5,036,920. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Aparna Bawa sold 19,207 shares of the business’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $67.00, for a total value of $1,286,869.00. Following the transaction, the chief operating officer now owns 1,978 shares in the company, valued at $132,526. The disclosure for this sale can be found here. In the last three months, insiders have sold 85,456 shares of company stock worth $5,539,710. 11.28% of the stock is currently owned by company insiders.

Zoom Video Communications Stock Down 1.6 %

ZM opened at $59.28 on Wednesday. The stock’s fifty day moving average is $65.12 and its two-hundred day moving average is $66.12. The company has a market capitalization of $18.23 billion, a P/E ratio of 29.06 and a beta of -0.07. Zoom Video Communications, Inc. has a 52 week low of $58.87 and a 52 week high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings results on Monday, February 26th. The company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.34. Zoom Video Communications had a return on equity of 9.68% and a net margin of 14.08%. The business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.13 billion. Equities analysts anticipate that Zoom Video Communications, Inc. will post 2.15 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on ZM shares. Wedbush restated a “neutral” rating and set a $80.00 price target on shares of Zoom Video Communications in a report on Tuesday, February 27th. Piper Sandler raised their price target on Zoom Video Communications from $69.00 to $72.00 and gave the company a “neutral” rating in a report on Friday, January 12th. JPMorgan Chase & Co. lowered their price objective on Zoom Video Communications from $83.00 to $80.00 and set a “neutral” rating for the company in a research note on Tuesday, February 27th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $75.00 price objective on shares of Zoom Video Communications in a research note on Tuesday, March 26th. Finally, Wells Fargo & Company lowered Zoom Video Communications from an “equal weight” rating to an “underweight” rating and set a $70.00 price objective for the company. in a research note on Wednesday, December 20th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Zoom Video Communications has an average rating of “Hold” and a consensus target price of $77.56.

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.