Massachusetts Financial Services Co. MA lowered its position in Zoom Video Communications, Inc. (NASDAQ:ZM) by 17.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,809 shares of the company’s stock after selling 4,248 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Zoom Video Communications were worth $7,667,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of Zoom Video Communications by 19.1% during the first quarter. Principal Financial Group Inc. now owns 15,417 shares of the company’s stock worth $4,954,000 after purchasing an additional 2,474 shares during the last quarter. E Fund Management Co. Ltd. purchased a new stake in shares of Zoom Video Communications during the first quarter worth approximately $661,000. Quilter Plc raised its stake in shares of Zoom Video Communications by 189.4% during the first quarter. Quilter Plc now owns 4,488 shares of the company’s stock worth $1,442,000 after purchasing an additional 2,937 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Zoom Video Communications by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 465,742 shares of the company’s stock worth $149,639,000 after purchasing an additional 32,516 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Zoom Video Communications by 87.3% during the first quarter. Prudential Financial Inc. now owns 44,845 shares of the company’s stock worth $14,409,000 after purchasing an additional 20,897 shares during the last quarter. Institutional investors own 46.87% of the company’s stock.
Several equities research analysts have recently commented on the company. BTIG Research cut their price target on Zoom Video Communications from $495.00 to $460.00 and set a “buy” rating for the company in a research note on Tuesday, August 31st. Piper Sandler dropped their price objective on Zoom Video Communications from $464.00 to $369.00 and set an “overweight” rating on the stock in a report on Tuesday, August 31st. Benchmark began coverage on Zoom Video Communications in a report on Thursday, July 15th. They issued a “hold” rating and a $360.61 target price on the stock. Zacks Investment Research lowered Zoom Video Communications from a “strong-buy” rating to a “sell” rating and set a $398.00 target price on the stock. in a report on Thursday, August 5th. Finally, Wolfe Research reissued a “buy” rating and issued a $375.00 target price on shares of Zoom Video Communications in a report on Tuesday, September 14th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $397.83.
Zoom Video Communications (NASDAQ:ZM) last released its earnings results on Sunday, August 29th. The company reported $1.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.20. Zoom Video Communications had a return on equity of 29.83% and a net margin of 27.58%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $990.27 million. During the same period in the prior year, the business posted $0.92 earnings per share. The firm’s revenue for the quarter was up 54.0% compared to the same quarter last year. Sell-side analysts predict that Zoom Video Communications, Inc. will post 3.3 EPS for the current fiscal year.
In other news, CEO Eric S. Yuan sold 80,529 shares of the firm’s stock in a transaction dated Monday, August 2nd. The stock was sold at an average price of $375.53, for a total value of $30,241,055.37. Following the transaction, the chief executive officer now directly owns 4,080 shares in the company, valued at approximately $1,532,162.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Santiago Subotovsky sold 7,700 shares of the firm’s stock in a transaction dated Wednesday, August 4th. The shares were sold at an average price of $391.08, for a total value of $3,011,316.00. Following the sale, the director now owns 181,243 shares in the company, valued at $70,880,512.44. The disclosure for this sale can be found here. Insiders have sold 179,554 shares of company stock worth $61,568,029 over the last quarter. 12.27% of the stock is currently owned by company insiders.
Zoom Video Communications Profile
Zoom Video Communications, Inc engages in the provision of video-first communications platform. The firm offers meetings, chat, rooms and workspaces, phone systems, video webinars, marketplace, and developer platform products. It serves the education, finance, government, and healthcare industries. Its platform helps people to connect through voice, chat, content sharing, and face-to-face video experiences.
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