Evolution Wealth Advisors LLC Cuts Stake in Zoom Video Communications Inc (NASDAQ:ZM)
Evolution Wealth Advisors LLC reduced its position in Zoom Video Communications Inc (NASDAQ:ZM) by 58.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 170 shares of the company’s stock after selling 235 shares during the quarter. Evolution Wealth Advisors LLC’s holdings in Zoom Video Communications were worth $80,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Avondale Wealth Management acquired a new stake in shares of Zoom Video Communications during the second quarter worth $25,000. Cribstone Capital Management LLC purchased a new stake in Zoom Video Communications during the 2nd quarter valued at about $25,000. CKW Financial Group purchased a new stake in Zoom Video Communications during the 2nd quarter valued at about $26,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in Zoom Video Communications by 257.1% in the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 125 shares of the company’s stock valued at $32,000 after purchasing an additional 90 shares during the last quarter. Finally, Sugarloaf Wealth Management LLC boosted its holdings in Zoom Video Communications by 80.0% in the 2nd quarter. Sugarloaf Wealth Management LLC now owns 135 shares of the company’s stock valued at $34,000 after purchasing an additional 60 shares during the last quarter. 37.97% of the stock is currently owned by institutional investors and hedge funds.
ZM has been the topic of several recent analyst reports. Wells Fargo & Company boosted their target price on shares of Zoom Video Communications from $375.00 to $465.00 and gave the company an “equal weight” rating in a report on Thursday. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $425.00 target price (up from $220.00) on shares of Zoom Video Communications in a report on Tuesday, September 1st. Needham & Company LLC boosted their target price on shares of Zoom Video Communications from $440.00 to $540.00 and gave the company a “buy” rating in a report on Thursday. Stifel Nicolaus boosted their target price on shares of Zoom Video Communications from $300.00 to $350.00 in a report on Thursday, October 8th. Finally, Oppenheimer reiterated a “hold” rating on shares of Zoom Video Communications in a report on Tuesday, September 1st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and sixteen have assigned a buy rating to the stock. Zoom Video Communications presently has an average rating of “Hold” and a consensus price target of $410.50.
Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings data on Monday, August 31st. The company reported $0.92 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.47. The company had revenue of $663.50 million for the quarter, compared to the consensus estimate of $500.37 million. Zoom Video Communications had a net margin of 17.10% and a return on equity of 27.93%. The company’s quarterly revenue was up 354.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.08 EPS. As a group, equities research analysts expect that Zoom Video Communications Inc will post 1.59 EPS for the current year.
In related news, CMO Janine Pelosi sold 9,375 shares of the stock in a transaction on Monday, October 12th. The shares were sold at an average price of $500.53, for a total value of $4,692,468.75. Following the transaction, the chief marketing officer now directly owns 10,763 shares of the company’s stock, valued at approximately $5,387,204.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kimberly Hammonds sold 3,125 shares of the stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $480.88, for a total transaction of $1,502,750.00. Following the completion of the transaction, the director now directly owns 3,125 shares in the company, valued at $1,502,750. The disclosure for this sale can be found here. Insiders sold a total of 257,217 shares of company stock worth $89,878,964 over the last ninety days. Insiders own 24.25% of the company’s stock.
About Zoom Video Communications
Zoom Video Communications, Inc provides a video-first communications platform that changes how people interact primarily in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. It connects people through frictionless video, voice, chat, and content sharing. The company's cloud-native platform enables face-to-face video experiences and connects users across various devices and locations in a single meeting.
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