Avantax Advisory Services Inc. Has $585,000 Stock Position in Zoom Communications, Inc. (NASDAQ:ZM)

Avantax Advisory Services Inc. raised its stake in Zoom Communications, Inc. (NASDAQ:ZM) by 22.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,928 shares of the company’s stock after acquiring an additional 1,470 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Zoom Communications were worth $585,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AE Wealth Management LLC bought a new stake in Zoom Communications during the 1st quarter worth approximately $1,677,000. Convergence Investment Partners LLC purchased a new stake in Zoom Communications during the 1st quarter valued at $1,129,000. Venturi Wealth Management LLC boosted its position in Zoom Communications by 53.6% during the 1st quarter. Venturi Wealth Management LLC now owns 3,839 shares of the company’s stock valued at $283,000 after buying an additional 1,340 shares during the period. KLP Kapitalforvaltning AS raised its holdings in Zoom Communications by 0.7% in the 1st quarter. KLP Kapitalforvaltning AS now owns 325,000 shares of the company’s stock worth $23,975,000 after purchasing an additional 2,200 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Zoom Communications by 0.4% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 251,342 shares of the company’s stock worth $18,542,000 after purchasing an additional 1,007 shares in the last quarter. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Zoom Communications Stock Down 0.5%

ZM opened at $71.70 on Wednesday. Zoom Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $92.80. The company has a market cap of $21.69 billion, a P/E ratio of 21.53, a price-to-earnings-growth ratio of 11.80 and a beta of 0.68. The firm’s 50-day moving average price is $76.86 and its 200-day moving average price is $77.61.

Zoom Communications (NASDAQ:ZM) last issued its earnings results on Wednesday, May 21st. The company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.13. Zoom Communications had a return on equity of 11.08% and a net margin of 22.31%. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the firm earned $1.35 earnings per share. Zoom Communications’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, research analysts anticipate that Zoom Communications, Inc. will post 2.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ZM has been the subject of several research reports. William Blair reiterated an “outperform” rating on shares of Zoom Communications in a research note on Thursday, May 22nd. Royal Bank Of Canada reissued an “outperform” rating and issued a $95.00 price objective on shares of Zoom Communications in a report on Thursday, May 22nd. Wells Fargo & Company raised their target price on shares of Zoom Communications from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 22nd. Rosenblatt Securities lifted their price objective on shares of Zoom Communications from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, May 22nd. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $87.00 price target on shares of Zoom Communications in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $87.00.

Insiders Place Their Bets

In other Zoom Communications news, insider Velchamy Sankarlingam sold 7,661 shares of the company’s stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $77.50, for a total value of $593,727.50. Following the sale, the insider owned 129,377 shares in the company, valued at approximately $10,026,717.50. This represents a 5.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Herbert Raymond Mcmaster sold 500 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $75.00, for a total value of $37,500.00. Following the transaction, the director owned 10,901 shares in the company, valued at $817,575. This trade represents a 4.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 87,542 shares of company stock worth $6,609,623. Corporate insiders own 10.78% of the company’s stock.

About Zoom 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.