Tidal Investments LLC Acquires 16,248 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Tidal Investments LLC grew its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM) by 89.7% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 34,352 shares of the company’s stock after acquiring an additional 16,248 shares during the period. Tidal Investments LLC’s holdings in Zoom Video Communications were worth $2,246,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ZM. Norges Bank bought a new position in Zoom Video Communications in the fourth quarter worth about $164,224,000. Acadian Asset Management LLC raised its position in shares of Zoom Video Communications by 54.8% in the 1st quarter. Acadian Asset Management LLC now owns 3,046,718 shares of the company’s stock worth $199,146,000 after acquiring an additional 1,078,937 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Zoom Video Communications by 3.2% in the 4th 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 in the last quarter. Retirement Systems of Alabama purchased a new position in Zoom Video Communications during the first quarter valued at $42,289,000. Finally, International Assets Investment Management LLC increased its stake in shares of Zoom Video Communications by 5,787.2% in the 4th quarter. International Assets Investment Management LLC now owns 583,190 shares of the company’s stock worth $41,937,000 after acquiring an additional 573,284 shares in the last quarter. 66.54% of the stock is currently owned by institutional investors.

Zoom Video Communications Stock Performance

Shares of ZM traded down $1.05 during mid-day trading on Friday, reaching $57.92. The stock had a trading volume of 384,979 shares, compared to its average volume of 3,217,465. The business has a fifty day moving average of $59.42 and a 200 day moving average of $62.83. The firm has a market cap of $17.91 billion, a price-to-earnings ratio of 22.00, a PEG ratio of 9.27 and a beta of -0.05. Zoom Video Communications, Inc. has a 12 month low of $55.63 and a 12 month high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last issued its earnings results on Monday, May 20th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.23. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.13 billion. Zoom Video Communications had a net margin of 18.37% and a return on equity of 10.55%. On average, research analysts forecast that Zoom Video Communications, Inc. will post 2.43 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Kelly Steckelberg sold 5,007 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $58.64, for a total value of $293,610.48. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Zoom Video Communications news, COO Aparna Bawa sold 874 shares of Zoom Video Communications stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $61.78, for a total value of $53,995.72. Following the completion of the transaction, the chief operating officer now directly owns 2,814 shares of the company’s stock, valued at approximately $173,848.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kelly Steckelberg sold 5,007 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $58.64, for a total transaction of $293,610.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 118,629 shares of company stock worth $6,935,309. 10.78% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ZM has been the subject of a number of analyst reports. UBS Group raised shares of Zoom Video Communications to a “hold” rating in a research note on Friday, July 26th. Evercore ISI lowered their price objective on Zoom Video Communications from $72.00 to $70.00 and set an “in-line” rating for the company in a research note on Tuesday, May 21st. Rosenblatt Securities increased their target price on Zoom Video Communications from $75.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, May 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Zoom Video Communications in a research report on Tuesday, May 21st. Finally, Citigroup increased their price objective on shares of Zoom Video Communications from $76.00 to $77.00 and gave the company a “neutral” rating in a research report on Tuesday, May 21st. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $75.22.

Zoom Video Communications 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.