Zoom Communications (NASDAQ:ZM) Cut to Hold at Zacks Research

Zacks Research cut shares of Zoom Communications (NASDAQ:ZM) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Needham & Company LLC upgraded Zoom Communications from a “hold” rating to a “moderate buy” rating and set a $100.00 price target on the stock in a report on Thursday, May 22nd. Rosenblatt Securities raised their price objective on Zoom Communications from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, May 22nd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $95.00 target price on shares of Zoom Communications in a research note on Thursday, May 22nd. JPMorgan Chase & Co. upped their target price on Zoom Communications from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Thursday, May 22nd. Finally, William Blair restated an “outperform” rating on shares of Zoom Communications in a report on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $89.00.

Zoom Communications Stock Performance

Shares of NASDAQ:ZM opened at $82.47 on Wednesday. The company has a market cap of $24.95 billion, a PE ratio of 21.76, a price-to-earnings-growth ratio of 19.15 and a beta of 0.68. Zoom Communications has a 52 week low of $64.41 and a 52 week high of $92.80. The firm has a 50 day simple moving average of $75.08 and a 200 day simple moving average of $76.71.

Zoom Communications (NASDAQ:ZM) last posted its quarterly earnings data on Wednesday, May 21st. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.13. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Zoom Communications had a net margin of 24.99% and a return on equity of 11.95%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.35 EPS. On average, equities analysts predict that Zoom Communications will post 2.93 earnings per share for the current year.

Insider Buying and Selling

In other Zoom Communications news, Director Janet Napolitano sold 2,617 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $76.78, for a total transaction of $200,933.26. Following the sale, the director owned 4,728 shares of the company’s stock, valued at $363,015.84. This represents a 35.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jonathan Chadwick sold 25,000 shares of the business’s stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $74.86, for a total transaction of $1,871,500.00. Following the completion of the transaction, the director directly owned 5,875 shares of the company’s stock, valued at approximately $439,802.50. This represents a 80.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 87,542 shares of company stock valued at $6,609,623. Insiders own 11.51% of the company’s stock.

Institutional Investors Weigh In On Zoom Communications

A number of institutional investors and hedge funds have recently made changes to their positions in ZM. Marex Group plc acquired a new stake in Zoom Communications in the second quarter worth about $1,034,000. MRP Capital Investments LLC boosted its stake in shares of Zoom Communications by 114.5% in the 2nd quarter. MRP Capital Investments LLC now owns 3,250 shares of the company’s stock valued at $253,000 after purchasing an additional 1,735 shares during the last quarter. State of Wyoming grew its position in shares of Zoom Communications by 8.4% during the 2nd quarter. State of Wyoming now owns 8,036 shares of the company’s stock worth $627,000 after buying an additional 623 shares during the period. Hudson Bay Capital Management LP acquired a new stake in shares of Zoom Communications during the 2nd quarter worth approximately $551,000. Finally, Kestra Investment Management LLC raised its stake in shares of Zoom Communications by 122,628.6% during the second quarter. Kestra Investment Management LLC now owns 8,591 shares of the company’s stock worth $670,000 after buying an additional 8,584 shares during the last quarter. Institutional investors own 66.54% 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.