Mirae Asset Global Investments Co. Ltd. Lowers Holdings in Zoom Communications, Inc. (NASDAQ:ZM)

Mirae Asset Global Investments Co. Ltd. trimmed its position in Zoom Communications, Inc. (NASDAQ:ZM) by 22.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,266 shares of the company’s stock after selling 6,525 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Zoom Communications were worth $1,666,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. FMR LLC raised its position in shares of Zoom Communications by 2.3% in the 4th quarter. FMR LLC now owns 12,727,532 shares of the company’s stock worth $1,038,694,000 after acquiring an additional 282,645 shares in the last quarter. Norges Bank bought a new position in shares of Zoom Communications in the 4th quarter worth $751,908,000. AQR Capital Management LLC raised its position in shares of Zoom Communications by 5.2% in the 4th quarter. AQR Capital Management LLC now owns 7,538,744 shares of the company’s stock worth $615,237,000 after acquiring an additional 373,509 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Zoom Communications by 24.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company’s stock worth $521,123,000 after acquiring an additional 1,247,717 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Zoom Communications by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 4,624,160 shares of the company’s stock worth $377,429,000 after acquiring an additional 28,725 shares in the last quarter. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Zoom Communications

In other Zoom Communications news, insider Velchamy Sankarlingam sold 11,839 shares of the stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $71.91, for a total transaction of $851,342.49. Following the completion of the transaction, the insider owned 125,529 shares of the company’s stock, valued at $9,026,790.39. This represents a 8.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jonathan Chadwick sold 12,500 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $72.57, for a total value of $907,125.00. Following the transaction, the director directly owned 1,514 shares of the company’s stock, valued at $109,870.98. The trade was a 89.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 94,196 shares of company stock valued at $6,885,843 in the last ninety days. 11.51% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on ZM. Scotiabank upped their target price on Zoom Communications from $75.00 to $85.00 and gave the company a “sector perform” rating in a research report on Friday, May 16th. Rosenblatt Securities upped their target price on Zoom Communications from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, May 22nd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $95.00 target price on shares of Zoom Communications in a research report on Thursday, May 22nd. Wall Street Zen raised Zoom Communications from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Benchmark reaffirmed a “buy” rating and set a $97.00 target price on shares of Zoom Communications in a research report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Zoom Communications currently has a consensus rating of “Hold” and a consensus target price of $87.00.

Zoom Communications Trading Up 0.7%

Shares of ZM stock opened at $78.12 on Friday. The company has a market capitalization of $23.64 billion, a P/E ratio of 23.46, a P/E/G ratio of 12.87 and a beta of 0.68. The business’s 50 day moving average is $79.38 and its two-hundred day moving average is $78.75. Zoom Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $92.80.

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

Zoom 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.