Principal Financial Group Inc. Has $12.98 Million Stake in Zoom Communications, Inc. (NASDAQ:ZM)

Principal Financial Group Inc. boosted its holdings in shares of Zoom Communications, Inc. (NASDAQ:ZM) by 18.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 175,918 shares of the company’s stock after buying an additional 27,430 shares during the quarter. Principal Financial Group Inc. owned about 0.06% of Zoom Communications worth $12,977,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB grew its position in shares of Zoom Communications by 177.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company’s stock valued at $28,000 after purchasing an additional 246 shares during the last quarter. Raiffeisen Bank International AG bought a new stake in shares of Zoom Communications in the fourth quarter valued at about $30,000. Colonial Trust Co SC bought a new stake in shares of Zoom Communications in the fourth quarter valued at about $32,000. MRP Capital Investments LLC lifted its stake in shares of Zoom Communications by 500.0% in the fourth quarter. MRP Capital Investments LLC now owns 600 shares of the company’s stock valued at $49,000 after buying an additional 500 shares during the period. Finally, BNP Paribas bought a new stake in shares of Zoom Communications in the fourth quarter valued at about $50,000. 66.54% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Santiago Subotovsky sold 2,475 shares of the business’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $77.17, for a total transaction of $190,995.75. Following the transaction, the director directly owned 157,235 shares in the company, valued at $12,133,824.95. The trade was a 1.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Janet Napolitano sold 2,617 shares of the business’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $76.78, for a total transaction of $200,933.26. Following the transaction, the director owned 4,728 shares in the company, valued at $363,015.84. This represents a 35.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 104,332 shares of company stock worth $7,670,566. 11.51% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ZM has been the subject of several research reports. Cantor Fitzgerald reiterated a “neutral” rating and issued a $87.00 target price on shares of Zoom Communications in a research note on Thursday, May 22nd. Needham & Company LLC upgraded shares of Zoom 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. William Blair restated an “outperform” rating on shares of Zoom Communications in a research note on Thursday, May 22nd. Citigroup cut their price target on shares of Zoom Communications from $85.00 to $84.00 and set a “neutral” rating for the company in a research note on Thursday, May 15th. Finally, Scotiabank raised their price target on shares of Zoom Communications from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Friday, May 16th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $87.00.

Zoom Communications Trading Down 2.2%

ZM opened at $73.40 on Friday. The stock has a market capitalization of $22.21 billion, a P/E ratio of 22.04, a P/E/G ratio of 12.02 and a beta of 0.68. Zoom Communications, Inc. has a 12 month low of $55.06 and a 12 month high of $92.80. The firm’s fifty day simple moving average is $79.26 and its 200 day simple moving average is $78.41.

Zoom Communications (NASDAQ:ZM) last posted its quarterly earnings data on Wednesday, May 21st. The company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.30 by $0.13. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Zoom Communications had a net margin of 22.31% and a return on equity of 11.08%. The firm’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.35 EPS. On average, equities research analysts predict that Zoom Communications, Inc. will post 2.93 EPS for the current fiscal year.

Zoom 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.