Baillie Gifford & Co. Sells 522,043 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Baillie Gifford & Co. cut its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 50.8% during the 1st quarter, HoldingsChannel reports. The firm owned 506,036 shares of the company’s stock after selling 522,043 shares during the period. Baillie Gifford & Co.’s holdings in Zoom Video Communications were worth $33,080,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Principal Securities Inc. bought a new stake in Zoom Video Communications during the 4th quarter worth approximately $25,000. Quadrant Capital Group LLC grew its holdings in Zoom Video Communications by 269.7% during the 4th quarter. Quadrant Capital Group LLC now owns 366 shares of the company’s stock worth $26,000 after acquiring an additional 267 shares during the last quarter. Frazier Financial Advisors LLC acquired a new position in shares of Zoom Video Communications in the 4th quarter worth approximately $32,000. Rakuten Securities Inc. acquired a new position in shares of Zoom Video Communications in the 4th quarter worth approximately $43,000. Finally, GAMMA Investing LLC acquired a new position in shares of Zoom Video Communications in the 4th quarter worth approximately $48,000. 66.54% of the stock is owned by institutional investors.

Zoom Video Communications Price Performance

NASDAQ:ZM traded down $0.37 on Friday, reaching $58.26. 1,958,107 shares of the company’s stock were exchanged, compared to its average volume of 3,133,066. Zoom Video Communications, Inc. has a 52 week low of $55.63 and a 52 week high of $75.90. The firm has a market cap of $18.02 billion, a price-to-earnings ratio of 21.74, a P/E/G ratio of 9.00 and a beta of -0.05. The stock has a fifty day simple moving average of $60.95 and a 200-day simple moving average of $64.38.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings results on Monday, May 20th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.23. Zoom Video Communications had a net margin of 18.37% and a return on equity of 10.55%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.13 billion. As a group, sell-side analysts predict that Zoom Video Communications, Inc. will post 2.43 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ZM. Rosenblatt Securities boosted their price target on shares of Zoom Video Communications from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, May 21st. Royal Bank of Canada restated an “outperform” rating and issued a $95.00 price target on shares of Zoom Video Communications in a research report on Tuesday, May 21st. Jefferies Financial Group initiated coverage on shares of Zoom Video Communications in a research report on Tuesday, March 19th. They set a “hold” rating and a $70.00 target price on the stock. Citigroup boosted their target price on shares of Zoom Video Communications from $76.00 to $77.00 and gave the company a “neutral” rating in a research report on Tuesday, May 21st. Finally, Sanford C. Bernstein dropped their target price on shares of Zoom Video Communications from $82.00 to $78.00 and set a “market perform” rating on the stock in a research report on Tuesday, May 21st. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $75.44.

Insider Activity at Zoom Video Communications

In other news, insider Velchamy Sankarlingam sold 3,791 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $62.97, for a total value of $238,719.27. Following the completion of the sale, the insider now directly owns 91,721 shares in the company, valued at approximately $5,775,671.37. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Velchamy Sankarlingam sold 3,791 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $62.97, for a total value of $238,719.27. Following the sale, the insider now directly owns 91,721 shares of the company’s stock, valued at $5,775,671.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Aparna Bawa sold 21,968 shares of the firm’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $60.18, for a total value of $1,322,034.24. Following the completion of the sale, the chief operating officer now directly owns 1,978 shares in the company, valued at $119,036.04. The disclosure for this sale can be found here. Insiders have sold 103,093 shares of company stock valued at $6,326,899 over the last three months. 10.78% of the stock is owned by corporate insiders.

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.