Truist Financial Corp Acquires New Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Truist Financial Corp acquired a new position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,001 shares of the company’s stock, valued at approximately $296,000.

Other institutional investors also recently bought and sold shares of the company. Pacer Advisors Inc. increased its position in shares of Zoom Video Communications by 96.7% during the 2nd quarter. Pacer Advisors Inc. now owns 5,246,938 shares of the company’s stock worth $310,566,000 after purchasing an additional 2,579,720 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Zoom Video Communications by 78.5% during the second quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock valued at $337,233,000 after acquiring an additional 2,520,987 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Zoom Video Communications by 60.9% in the 2nd quarter. Acadian Asset Management LLC now owns 4,902,397 shares of the company’s stock valued at $290,153,000 after acquiring an additional 1,855,679 shares during the period. Retirement Systems of Alabama acquired a new position in shares of Zoom Video Communications in the 1st quarter worth approximately $42,289,000. Finally, Canada Pension Plan Investment Board boosted its position in shares of Zoom Video Communications by 297.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 639,669 shares of the company’s stock worth $41,815,000 after purchasing an additional 478,769 shares during the period. 66.54% of the stock is owned by hedge funds and other institutional investors.

Zoom Video Communications Price Performance

Zoom Video Communications stock opened at $70.52 on Friday. The business has a 50 day simple moving average of $66.94 and a 200-day simple moving average of $62.63. Zoom Video Communications, Inc. has a 12 month low of $55.06 and a 12 month high of $74.77. The stock has a market capitalization of $21.81 billion, a PE ratio of 26.31, a price-to-earnings-growth ratio of 5.85 and a beta of -0.04.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm earned $0.55 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Zoom Video Communications, Inc. will post 2.74 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Zoom Video Communications from $55.00 to $60.00 and gave the company an “underweight” rating in a research report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft upped their target price on shares of Zoom Video Communications from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Wedbush began coverage on shares of Zoom Video Communications in a research report on Thursday. They issued an “outperform” rating and a $85.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $95.00 price objective on shares of Zoom Video Communications in a research report on Thursday, October 10th. Finally, Piper Sandler lowered their target price on Zoom Video Communications from $72.00 to $68.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Zoom Video Communications has an average rating of “Hold” and a consensus target price of $75.32.

Insiders Place Their Bets

In related news, CEO Eric S. Yuan sold 2,420 shares of Zoom Video Communications stock in a transaction on Monday, August 5th. The stock was sold at an average price of $56.12, for a total transaction of $135,810.40. Following the completion of the transaction, the chief executive officer now directly owns 90,354 shares of the company’s stock, valued at approximately $5,070,666.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Zoom Video Communications news, CEO Eric S. Yuan sold 2,420 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $56.12, for a total value of $135,810.40. Following the sale, the chief executive officer now owns 90,354 shares of the company’s stock, valued at $5,070,666.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Shane Crehan sold 1,550 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total transaction of $103,648.50. Following the completion of the sale, the chief accounting officer now owns 1,463 shares in the company, valued at $97,830.81. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 157,762 shares of company stock worth $10,584,251. 10.78% of the stock is owned by company insiders.

Zoom Video Communications Company Profile

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.