Heron Bay Capital Management Purchases Shares of 25,248 Zoom Video Communications, Inc. (NASDAQ:ZM)

Heron Bay Capital Management acquired a new position in Zoom Video Communications, Inc. (NASDAQ:ZM) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 25,248 shares of the company’s stock, valued at approximately $1,494,000.

A number of other large investors have also recently made changes to their positions in ZM. Pacer Advisors Inc. boosted its holdings in Zoom Video Communications by 96.7% in the 2nd quarter. Pacer Advisors Inc. now owns 5,246,938 shares of the company’s stock worth $310,566,000 after buying an additional 2,579,720 shares during the period. Acadian Asset Management LLC lifted its position in shares of Zoom Video Communications by 60.9% in the second 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 in the last quarter. Vanguard Group Inc. boosted its stake in shares of Zoom Video Communications by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 23,417,464 shares of the company’s stock worth $1,683,950,000 after acquiring an additional 721,923 shares during the period. Retirement Systems of Alabama purchased a new stake in shares of Zoom Video Communications during the first quarter worth about $42,289,000. Finally, Bank of Nova Scotia purchased a new stake in shares of Zoom Video Communications during the fourth quarter worth about $34,562,000. 66.54% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on ZM shares. Bank of America dropped their price target on Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday, August 22nd. Morgan Stanley dropped their target price on shares of Zoom Video Communications from $72.00 to $68.00 and set an “equal weight” rating for the company in a research report on Friday, June 14th. Benchmark reiterated a “buy” rating and issued a $83.00 price target on shares of Zoom Video Communications in a report on Monday, August 5th. Rosenblatt Securities reissued a “buy” rating and set a $78.00 price objective on shares of Zoom Video Communications in a report on Thursday, August 22nd. Finally, UBS Group raised Zoom Video Communications to a “hold” rating in a report on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $74.68.

Zoom Video Communications Price Performance

Shares of NASDAQ ZM opened at $67.53 on Friday. The company has a market cap of $20.89 billion, a P/E ratio of 25.20, a PEG ratio of 5.83 and a beta of -0.05. The firm has a 50-day simple moving average of $62.72 and a two-hundred day simple moving average of $62.29. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $74.77.

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 the consensus estimate 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 company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the company posted $0.55 EPS. Zoom Video Communications’s quarterly revenue was up 2.1% on a year-over-year basis. As a group, equities research analysts expect that Zoom Video Communications, Inc. will post 2.74 EPS for the current year.

Insider Activity at Zoom Video Communications

In related news, COO Aparna Bawa sold 831 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $66.29, for a total value of $55,086.99. Following the completion of the sale, the chief operating officer now owns 1,978 shares in the company, valued at $131,121.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Velchamy Sankarlingam sold 3,272 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $57.15, for a total transaction of $186,994.80. Following the transaction, the insider now directly owns 82,792 shares of the company’s stock, valued at $4,731,562.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Aparna Bawa sold 831 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $66.29, for a total transaction of $55,086.99. Following the completion of the transaction, the chief operating officer now directly owns 1,978 shares of the company’s stock, valued at approximately $131,121.62. The disclosure for this sale can be found here. Insiders sold 128,915 shares of company stock worth $7,661,812 in the last 90 days. 10.78% of the stock is owned by corporate insiders.

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.