Wedbush Securities Inc. Lowers Stock Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

Wedbush Securities Inc. lessened its position in Zoom Video Communications, Inc. (NASDAQ:ZM) by 34.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,850 shares of the company’s stock after selling 2,006 shares during the quarter. Wedbush Securities Inc.’s holdings in Zoom Video Communications were worth $228,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Principal Securities Inc. acquired a new stake in shares of Zoom Video Communications in the fourth quarter valued at $25,000. Quadrant Capital Group LLC increased its holdings in Zoom Video Communications by 269.7% during the 4th quarter. Quadrant Capital Group LLC now owns 366 shares of the company’s stock worth $26,000 after purchasing an additional 267 shares during the period. Frazier Financial Advisors LLC acquired a new stake in Zoom Video Communications in the 4th quarter valued at about $32,000. Innealta Capital LLC purchased a new position in shares of Zoom Video Communications in the 2nd quarter valued at about $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Zoom Video Communications in the second quarter worth approximately $36,000. Institutional investors and hedge funds own 66.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ZM. Piper Sandler reduced their price objective on shares of Zoom Video Communications from $72.00 to $68.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Evercore ISI decreased their price target on Zoom Video Communications from $72.00 to $70.00 and set an “in-line” rating for the company in a report on Tuesday, May 21st. Stifel Nicolaus dropped their price objective on Zoom Video Communications from $70.00 to $65.00 and set a “hold” rating on the stock in a report on Tuesday, May 21st. Rosenblatt Securities restated a “buy” rating and set a $78.00 target price on shares of Zoom Video Communications in a research note on Thursday, August 22nd. Finally, Benchmark reiterated a “buy” rating and issued a $83.00 price target on shares of Zoom Video Communications in a research note on Monday, August 5th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Zoom Video Communications currently has a consensus rating of “Hold” and an average price target of $74.68.

Zoom Video Communications Stock Up 1.6 %

NASDAQ ZM opened at $67.59 on Monday. The business’s 50-day moving average price is $61.69 and its 200 day moving average price is $62.32. The firm has a market cap of $20.80 billion, a P/E ratio of 25.22, a P/E/G ratio of 5.84 and a beta of -0.05. Zoom Video Communications, Inc. has a 52-week low of $55.06 and a 52-week high of $74.77.

Zoom Video Communications (NASDAQ:ZM) last released its earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. Zoom Video Communications had a return on equity of 10.77% and a net margin of 19.08%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the company posted $0.55 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, analysts anticipate that Zoom Video Communications, Inc. will post 2.69 earnings per share for the current year.

Insider Activity

In other news, CFO Kelly Steckelberg sold 5,007 shares of the stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $57.59, for a total transaction of $288,353.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Aparna Bawa sold 831 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $66.29, for a total transaction of $55,086.99. Following the sale, the chief operating officer now owns 1,978 shares of the company’s stock, valued at $131,121.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kelly Steckelberg sold 5,007 shares of the stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $57.59, for a total transaction of $288,353.13. The disclosure for this sale can be found here. Insiders have sold a total of 120,014 shares of company stock valued at $7,070,162 over the last quarter. Corporate insiders own 10.78% of the company’s stock.

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.