Summit Global Investments Reduces Stake in Zoom Video Communications, Inc. (NASDAQ:ZM)

Summit Global Investments lowered its stake in Zoom Video Communications, Inc. (NASDAQ:ZM) by 5.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 50,735 shares of the company’s stock after selling 3,093 shares during the quarter. Summit Global Investments’ holdings in Zoom Video Communications were worth $3,743,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in ZM. Global X Japan Co. Ltd. increased its holdings in shares of Zoom Video Communications by 127.5% in the fourth quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock worth $28,000 after purchasing an additional 190 shares during the period. Parkside Financial Bank & Trust grew its position in Zoom Video Communications by 277.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 351 shares of the company’s stock worth $29,000 after buying an additional 258 shares in the last quarter. Avior Wealth Management LLC increased its stake in Zoom Video Communications by 291.2% in the 4th quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock worth $29,000 after acquiring an additional 265 shares during the last quarter. Raiffeisen Bank International AG bought a new position in Zoom Video Communications in the 4th quarter worth about $30,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of Zoom Video Communications by 177.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company’s stock valued at $28,000 after acquiring an additional 246 shares in the last quarter. Institutional investors own 66.54% of the company’s stock.

Insider Transactions at Zoom Video Communications

In other news, insider Velchamy Sankarlingam sold 11,839 shares of the company’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $71.91, for a total transaction of $851,342.49. Following the completion of the sale, the insider now owns 125,529 shares of the company’s stock, valued at $9,026,790.39. This represents a 8.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Santiago Subotovsky sold 2,475 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $78.82, for a total transaction of $195,079.50. Following the completion of the transaction, the director now owns 157,824 shares in the company, valued at $12,439,687.68. This trade represents a 1.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold 164,515 shares of company stock worth $12,132,994 over the last quarter. 11.51% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ZM has been the topic of a number of research analyst reports. Scotiabank increased their price target on shares of Zoom Video Communications from $75.00 to $85.00 and gave the stock a “sector perform” rating in a report on Friday, May 16th. Benchmark reissued a “buy” rating and issued a $97.00 target price on shares of Zoom Video Communications in a research note on Tuesday, May 20th. Needham & Company LLC raised Zoom Video Communications from a “hold” rating to a “moderate buy” rating and set a $100.00 price target for the company in a research note on Thursday, May 22nd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $87.00 price objective on shares of Zoom Video Communications in a report on Thursday, May 22nd. Finally, Wells Fargo & Company increased their price objective on Zoom Video Communications from $75.00 to $80.00 and gave the company an “equal weight” rating in a research report on Thursday, May 22nd. Fifteen research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $87.61.

Zoom Video Communications Price Performance

Shares of NASDAQ ZM opened at $79.94 on Friday. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80. The firm has a 50-day moving average of $76.22 and a 200 day moving average of $79.70. The stock has a market cap of $24.40 billion, a P/E ratio of 26.65, a price-to-earnings-growth ratio of 5.48 and a beta of 0.79.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.13. Zoom Video Communications had a return on equity of 10.98% and a net margin of 20.34%. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the business earned $1.35 earnings per share. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. Research analysts expect that Zoom Video Communications, Inc. will post 2.93 earnings per share for the current fiscal year.

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.