Zoom Video Communications, Inc. (NASDAQ:ZM) Position Trimmed by Retirement Systems of Alabama

Retirement Systems of Alabama lessened its holdings in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 5.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 610,422 shares of the company’s stock after selling 36,497 shares during the quarter. Retirement Systems of Alabama owned approximately 0.20% of Zoom Video Communications worth $36,131,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Everhart Financial Group Inc. acquired a new stake in shares of Zoom Video Communications during the 2nd quarter valued at about $219,000. Neo Ivy Capital Management acquired a new stake in shares of Zoom Video Communications during the 2nd quarter valued at about $1,461,000. Nisa Investment Advisors LLC lifted its holdings in shares of Zoom Video Communications by 1,820.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 32,649 shares of the company’s stock valued at $1,932,000 after buying an additional 30,949 shares during the last quarter. Bellecapital International Ltd. lifted its holdings in shares of Zoom Video Communications by 89.2% during the 2nd quarter. Bellecapital International Ltd. now owns 24,113 shares of the company’s stock valued at $1,427,000 after buying an additional 11,369 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Zoom Video Communications by 961.1% during the 2nd quarter. Blue Trust Inc. now owns 2,345 shares of the company’s stock valued at $153,000 after buying an additional 2,124 shares during the last quarter. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Stock Performance

Zoom Video Communications stock traded up $2.10 on Friday, reaching $70.14. The company’s stock had a trading volume of 10,683,908 shares, compared to its average volume of 3,642,300. The company has a market cap of $21.69 billion, a price-to-earnings ratio of 26.17, a PEG ratio of 10.44 and a beta of -0.05. The business’s fifty day moving average price is $58.53 and its 200 day moving average price is $61.86. Zoom Video Communications, Inc. has a twelve month low of $55.06 and a twelve month high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Zoom Video Communications had a return on equity of 10.97% and a net margin of 19.08%. The business’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.55 earnings per share. As a group, equities analysts forecast that Zoom Video Communications, Inc. will post 2.43 earnings per share for the current year.

Wall Street Analyst Weigh In

ZM has been the subject of several analyst reports. Robert W. Baird reduced their target price on Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating for the company in a report on Thursday. Wells Fargo & Company boosted their target price on Zoom Video Communications from $55.00 to $60.00 and gave the stock an “underweight” rating in a report on Thursday. Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a report on Thursday. Royal Bank of Canada restated an “outperform” rating and issued a $95.00 target price on shares of Zoom Video Communications in a report on Tuesday, May 21st. Finally, Piper Sandler reduced their target price on Zoom Video Communications from $72.00 to $68.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Zoom Video Communications has an average rating of “Hold” and an average price target of $75.10.

Insider Activity

In other news, CFO Kelly Steckelberg sold 5,007 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $61.58, for a total transaction of $308,331.06. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Zoom Video Communications news, COO Aparna Bawa sold 874 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $61.78, for a total value of $53,995.72. Following the completion of the sale, the chief operating officer now directly owns 2,814 shares in the company, valued at $173,848.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kelly Steckelberg sold 5,007 shares of the stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $61.58, for a total value of $308,331.06. The disclosure for this sale can be found here. Insiders have sold 123,642 shares of company stock valued at $7,187,144 over the last 90 days. 10.78% of the stock is owned by company insiders.

About Zoom Video 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.