Zoom Communications, Inc. $ZM Shares Sold by Summit Global Investments

Summit Global Investments cut its holdings in Zoom Communications, Inc. (NASDAQ:ZM) by 63.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,076 shares of the company’s stock after selling 6,973 shares during the quarter. Summit Global Investments’ holdings in Zoom Communications were worth $370,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tidal Investments LLC increased its position in Zoom Communications by 251.2% during the 2nd quarter. Tidal Investments LLC now owns 123,450 shares of the company’s stock valued at $10,655,000 after purchasing an additional 88,303 shares during the period. Bull Harbor Capital LLC bought a new stake in shares of Zoom Communications in the 1st quarter valued at about $939,000. First Heartland Consultants Inc. purchased a new stake in shares of Zoom Communications in the 3rd quarter worth approximately $1,870,000. Engineers Gate Manager LP lifted its position in shares of Zoom Communications by 153.0% in the 2nd quarter. Engineers Gate Manager LP now owns 57,286 shares of the company’s stock worth $4,944,000 after purchasing an additional 34,646 shares during the period. Finally, Edgestream Partners L.P. purchased a new stake in shares of Zoom Communications in the 1st quarter worth approximately $2,689,000. 66.54% of the stock is currently owned by institutional investors.

Insider Activity at Zoom Communications

In other Zoom Communications news, CEO Eric Yuan sold 12,100 shares of Zoom Communications stock in a transaction on Monday, October 5th. The shares were sold at an average price of $93.74, for a total value of $1,134,254.00. Following the transaction, the chief executive officer directly owned 22,998 shares of the company’s stock, valued at approximately $2,155,832.52. The trade was a 34.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Santiago Subotovsky sold 1,442 shares of Zoom Communications stock in a transaction on Wednesday, October 28th. The stock was sold at an average price of $100.14, for a total transaction of $144,401.88. Following the completion of the transaction, the director directly owned 116,512 shares in the company, valued at $11,667,511.68. This represents a 1.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 68,845 shares of company stock valued at $6,711,415 over the last three months. Company insiders own 8.83% of the company’s stock.

Zoom Communications Stock Performance

Shares of Zoom Communications stock opened at $91.84 on Wednesday. The company has a market capitalization of $26.80 billion, a PE ratio of 25.34, a P/E/G ratio of 4.11 and a beta of 1.02. The company has a 50-day simple moving average of $94.99 and a two-hundred day simple moving average of $91.99. Zoom Communications, Inc. has a one year low of $70.70 and a one year high of $114.74.

Zoom Communications (NASDAQ:ZM) last released its quarterly earnings results on Tuesday, August 25th. The company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.07. Zoom Communications had a net margin of 65.19% and a return on equity of 10.86%. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period last year, the business earned $1.53 EPS. The company’s revenue was up 4.9% compared to the same quarter last year. Zoom Communications has set its FY 2027 guidance at 6.080-6.120 EPS and its Q3 2027 guidance at 1.460-1.480 EPS. On average, equities analysts predict that Zoom Communications, Inc. will post 4.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ZM has been the topic of a number of recent research reports. Jefferies Financial Group dropped their price objective on shares of Zoom Communications from $118.00 to $116.00 and set a “buy” rating on the stock in a research note on Wednesday, August 26th. Sanford C. Bernstein reissued a “market perform” rating and issued a $108.00 price objective on shares of Zoom Communications in a research note on Wednesday, August 26th. Royal Bank Of Canada restated an “outperform” rating and set a $130.00 target price on shares of Zoom Communications in a report on Wednesday, October 21st. UBS Group dropped their target price on Zoom Communications from $115.00 to $112.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 21st. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $130.00 price target on shares of Zoom Communications in a report on Wednesday, October 21st. Sixteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, Zoom Communications presently has a consensus rating of “Moderate Buy” and an average price target of $114.48.

About Zoom Communications

Zoom Communications, Inc (NASDAQ: ZM) is a communications technology company that provides cloud-based collaboration and customer engagement solutions. Founded in 2011 and headquartered in San Jose, California, the company is best known for Zoom Meetings, its videoconferencing platform for online meetings, webinars and virtual events.

The company’s product portfolio also includes Zoom Phone, a cloud-based business phone service; Zoom Team Chat; Zoom Rooms for hybrid meeting spaces; Zoom Whiteboard; and Zoom Contact Center.