Victory Capital Management Inc. Acquires 213,272 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Victory Capital Management Inc. boosted its holdings in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 52.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 619,484 shares of the company’s stock after buying an additional 213,272 shares during the quarter. Victory Capital Management Inc. owned approximately 0.20% of Zoom Video Communications worth $43,203,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Allworth Financial LP boosted its position in shares of Zoom Video Communications by 43.8% in the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after purchasing an additional 180 shares during the period. Axiom Advisory LLC boosted its position in shares of Zoom Video Communications by 1.6% in the third quarter. Axiom Advisory LLC now owns 11,712 shares of the company’s stock worth $817,000 after purchasing an additional 183 shares during the period. Baader Bank Aktiengesellschaft boosted its position in shares of Zoom Video Communications by 0.8% in the second quarter. Baader Bank Aktiengesellschaft now owns 23,189 shares of the company’s stock worth $1,370,000 after purchasing an additional 189 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Zoom Video Communications by 1.7% in the second quarter. The Manufacturers Life Insurance Company now owns 13,411 shares of the company’s stock worth $794,000 after purchasing an additional 223 shares during the period. Finally, Excalibur Management Corp lifted its holdings in shares of Zoom Video Communications by 5.6% in the second quarter. Excalibur Management Corp now owns 4,344 shares of the company’s stock worth $257,000 after buying an additional 232 shares in the last quarter. 66.54% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Zoom Video Communications

In other Zoom Video Communications 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 of the company’s stock, valued at approximately $6,285,780. This represents a 3.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kelly Steckelberg sold 5,013 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $59.70, for a total transaction of $299,276.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 372,121 shares of company stock valued at $27,095,467. 10.78% of the stock is currently owned by insiders.

Zoom Video Communications Price Performance

Shares of Zoom Video Communications stock opened at $81.14 on Friday. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $87.15. The firm’s 50-day moving average is $71.79 and its two-hundred day moving average is $64.72. The stock has a market cap of $24.97 billion, a price-to-earnings ratio of 29.08, a PEG ratio of 7.12 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last issued its earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.18. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the business earned $0.55 EPS. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. On average, equities analysts expect that Zoom Video Communications, Inc. will post 2.74 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ZM. Bank of America lowered their target price on shares of Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. Rosenblatt Securities reissued a “buy” rating and issued a $78.00 target price on shares of Zoom Video Communications in a report on Friday, October 4th. Needham & Company LLC reissued a “hold” rating on shares of Zoom Video Communications in a report on Friday, October 11th. Robert W. Baird decreased their price target on shares of Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating on the stock in a research note on Thursday, August 22nd. Finally, Wells Fargo & Company upped their price target on shares of Zoom Video Communications from $55.00 to $60.00 and gave the company an “underweight” rating in a research note on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $76.26.

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.