OVERSEA CHINESE BANKING Corp Ltd Sells 7,082 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

OVERSEA CHINESE BANKING Corp Ltd decreased its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM) by 29.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 16,843 shares of the company’s stock after selling 7,082 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Zoom Video Communications were worth $1,168,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Innealta Capital LLC purchased a new stake in shares of Zoom Video Communications in the second quarter valued at about $33,000. Allworth Financial LP lifted its position in shares of Zoom Video Communications by 43.8% during the 3rd quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after buying an additional 180 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Zoom Video Communications in the 2nd quarter worth approximately $36,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Zoom Video Communications in the second quarter valued at approximately $41,000. Finally, Venturi Wealth Management LLC increased its position in shares of Zoom Video Communications by 56.0% during the third quarter. Venturi Wealth Management LLC now owns 763 shares of the company’s stock valued at $53,000 after acquiring an additional 274 shares during the last quarter. Institutional investors and hedge funds own 66.54% of the company’s stock.

Insider Activity at Zoom Video Communications

In other news, insider Velchamy Sankarlingam sold 3,614 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total transaction of $241,668.18. Following the completion of the sale, the insider now directly owns 94,000 shares in the company, valued at approximately $6,285,780. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Velchamy Sankarlingam sold 3,614 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total transaction of $241,668.18. Following the completion of the transaction, the insider now owns 94,000 shares in the company, valued at $6,285,780. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric S. Yuan sold 178,571 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $76.91, for a total value of $13,733,895.61. The disclosure for this sale can be found here. Insiders sold 372,121 shares of company stock worth $27,095,467 in the last three months. 10.78% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ZM. Bank of America reduced their price objective on Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday, August 22nd. Robert W. Baird reduced their target price on shares of Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating for the company in a research report on Thursday, August 22nd. Benchmark lifted their price target on shares of Zoom Video Communications from $83.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Royal Bank of Canada reissued an “outperform” rating and set a $95.00 price objective on shares of Zoom Video Communications in a report on Thursday, October 10th. Finally, UBS Group upgraded Zoom Video Communications to a “hold” rating in a research note on Friday, July 26th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $75.32.

Zoom Video Communications Stock Up 0.9 %

NASDAQ ZM opened at $86.32 on Wednesday. The company has a 50-day simple moving average of $70.79 and a two-hundred day simple moving average of $64.28. Zoom Video Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $87.10. The firm has a market cap of $26.57 billion, a price-to-earnings ratio of 30.94, a PEG ratio of 7.38 and a beta of -0.05.

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