Ontario Teachers Pension Plan Board Acquires 5,673 Shares of Zoom Communications, Inc. (NASDAQ:ZM)

Ontario Teachers Pension Plan Board boosted its position in shares of Zoom Communications, Inc. (NASDAQ:ZM) by 62.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,743 shares of the company’s stock after buying an additional 5,673 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Zoom Communications were worth $1,088,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ZM. Altshuler Shaham Ltd raised its holdings in Zoom Communications by 285.9% during the 4th quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company’s stock valued at $167,813,000 after buying an additional 1,523,480 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Zoom Communications by 24.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company’s stock valued at $521,123,000 after buying an additional 1,247,717 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Zoom Communications by 119.5% during the 1st quarter. Victory Capital Management Inc. now owns 1,405,311 shares of the company’s stock valued at $103,670,000 after buying an additional 765,092 shares during the last quarter. Vanguard Group Inc. raised its holdings in Zoom Communications by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 24,796,654 shares of the company’s stock worth $1,829,249,000 after purchasing an additional 624,863 shares in the last quarter. Finally, Junto Capital Management LP bought a new position in Zoom Communications in the 4th quarter worth $36,580,000. 66.54% of the stock is currently owned by institutional investors.

Zoom Communications Stock Performance

Shares of ZM stock opened at $71.57 on Friday. Zoom Communications, Inc. has a one year low of $55.06 and a one year high of $92.80. The company’s 50-day moving average is $76.39 and its 200 day moving average is $77.49. The company has a market capitalization of $21.65 billion, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 18.74 and a beta of 0.68.

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on ZM shares. Scotiabank upped their price objective on shares of Zoom Communications from $75.00 to $85.00 and gave the stock a “sector perform” rating in a report on Friday, May 16th. Needham & Company LLC upgraded shares of Zoom Communications from a “hold” rating to a “moderate buy” rating and set a $100.00 price objective for the company in a report on Thursday, May 22nd. Wall Street Zen lowered shares of Zoom Communications from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 26th. JPMorgan Chase & Co. upped their price objective on shares of Zoom Communications from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Thursday, May 22nd. Finally, Benchmark restated a “buy” rating and issued a $97.00 price objective on shares of Zoom Communications in a report on Tuesday, May 20th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $87.00.

Insider Activity at Zoom Communications

In related news, Director Jonathan Chadwick sold 25,000 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $74.86, for a total transaction of $1,871,500.00. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Eric S. Yuan sold 33,691 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $74.79, for a total transaction of $2,519,749.89. The disclosure for this sale can be found here. Insiders sold a total of 87,542 shares of company stock worth $6,609,623 in the last ninety days. 11.51% of the stock is currently owned by company insiders.

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.