Zoom Video Communications, Inc. (NASDAQ:ZM) Shares Sold by Avondale Wealth Management

Avondale Wealth Management cut its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 50.1% during the first quarter, HoldingsChannel.com reports. The firm owned 1,462 shares of the company’s stock after selling 1,470 shares during the period. Avondale Wealth Management’s holdings in Zoom Video Communications were worth $96,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ZM. Norges Bank acquired a new position in shares of Zoom Video Communications during the 4th quarter worth $164,224,000. Acadian Asset Management LLC grew its stake in shares of Zoom Video Communications by 639.9% during the 3rd quarter. Acadian Asset Management LLC now owns 1,629,081 shares of the company’s stock worth $113,916,000 after purchasing an additional 1,408,908 shares during the period. Vanguard Group Inc. grew its stake in shares of Zoom Video Communications by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 22,695,541 shares of the company’s stock worth $1,587,326,000 after purchasing an additional 1,000,005 shares during the period. ARK Investment Management LLC grew its stake in Zoom Video Communications by 7.7% in the 4th quarter. ARK Investment Management LLC now owns 10,964,576 shares of the company’s stock valued at $788,463,000 after acquiring an additional 781,663 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in Zoom Video Communications by 5,787.2% in the 4th quarter. International Assets Investment Management LLC now owns 583,190 shares of the company’s stock valued at $41,937,000 after acquiring an additional 573,284 shares during the last quarter. 66.54% of the stock is owned by institutional investors and hedge funds.

Zoom Video Communications Stock Down 1.3 %

Shares of ZM stock traded down $0.74 during trading hours on Tuesday, hitting $56.21. 3,215,038 shares of the company were exchanged, compared to its average volume of 3,309,749. The firm has a market cap of $17.38 billion, a PE ratio of 20.97, a PEG ratio of 8.86 and a beta of -0.01. Zoom Video Communications, Inc. has a 1 year low of $56.09 and a 1 year high of $75.90. The firm has a fifty day moving average of $61.61 and a 200 day moving average of $65.46.

Zoom Video Communications (NASDAQ:ZM) last posted its 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. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.13 billion. Zoom Video Communications had a net margin of 18.37% and a return on equity of 10.55%. Analysts expect that Zoom Video Communications, Inc. will post 2.43 earnings per share for the current year.

Insider Buying and Selling

In other Zoom Video Communications news, CFO Kelly Steckelberg sold 5,007 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $61.43, for a total value of $307,580.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Zoom Video Communications news, CFO Kelly Steckelberg sold 5,007 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $61.43, for a total transaction of $307,580.01. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Shane Crehan sold 1,475 shares of Zoom Video Communications stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $62.99, for a total transaction of $92,910.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 109,200 shares of company stock valued at $6,760,623. 10.78% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ZM shares. Mizuho lowered their price objective on shares of Zoom Video Communications from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, February 27th. Jefferies Financial Group started coverage on shares of Zoom Video Communications in a research note on Tuesday, March 19th. They issued a “hold” rating and a $70.00 price objective on the stock. Rosenblatt Securities increased their price objective on shares of Zoom Video Communications from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, May 21st. Sanford C. Bernstein lowered their price objective on shares of Zoom Video Communications from $82.00 to $78.00 and set a “market perform” rating on the stock in a research note on Tuesday, May 21st. Finally, Morgan Stanley lowered their price objective on shares of Zoom Video Communications from $72.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Friday. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $75.72.

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.