Eagle Asset Management Inc. Takes Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Eagle Asset Management Inc. purchased a new position in Zoom Video Communications, Inc. (NASDAQ:ZM) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 889,565 shares of the company’s stock, valued at approximately $62,038,000.

A number of other institutional investors have also added to or reduced their stakes in ZM. AQR Capital Management LLC boosted its holdings in shares of Zoom Video Communications by 78.5% during the 2nd quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock valued at $337,233,000 after buying an additional 2,520,987 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of Zoom Video Communications by 4.4% in the 3rd quarter. Pacer Advisors Inc. now owns 5,480,179 shares of the company’s stock worth $382,188,000 after acquiring an additional 233,241 shares in the last quarter. Acadian Asset Management LLC lifted its position in Zoom Video Communications by 60.9% during 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. Dimensional Fund Advisors LP boosted its stake in Zoom Video Communications by 24.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,365,705 shares of the company’s stock worth $80,827,000 after acquiring an additional 264,217 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Zoom Video Communications by 6.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,297,443 shares of the company’s stock worth $90,484,000 after purchasing an additional 78,940 shares during the period. Institutional investors own 66.54% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on ZM. Morgan Stanley raised their price objective on Zoom Video Communications from $68.00 to $86.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Robert W. Baird reduced their price target on Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating for the company in a report on Thursday, August 22nd. Wedbush began coverage on shares of Zoom Video Communications in a research note on Thursday, October 17th. They issued an “outperform” rating and a $85.00 price target on the stock. Royal Bank of Canada reissued 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, Benchmark lifted their target price on shares of Zoom Video Communications from $83.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Two 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.com, the company has an average rating of “Hold” and an average target price of $76.61.

Insider Activity at Zoom Video Communications

In other Zoom Video Communications news, COO Aparna Bawa sold 880 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $68.09, for a total value of $59,919.20. Following the completion of the sale, the chief operating officer now owns 2,809 shares in the company, valued at $191,264.81. This represents a 23.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kelly Steckelberg sold 8,901 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $68.44, for a total value of $609,184.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 367,108 shares of company stock worth $26,796,191. 10.78% of the stock is owned by company insiders.

Zoom Video Communications Price Performance

Shares of ZM opened at $81.20 on Friday. The firm has a market capitalization of $24.99 billion, a P/E ratio of 29.10, a PEG ratio of 6.64 and a beta of -0.05. Zoom Video Communications, Inc. has a one year low of $55.06 and a one year high of $87.15. The business has a fifty day moving average of $73.06 and a 200 day moving average of $65.32.

Zoom Video Communications (NASDAQ:ZM) last released its quarterly earnings results on Wednesday, August 21st. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.21 by $0.18. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.55 EPS. Analysts expect that Zoom Video Communications, Inc. will post 2.77 EPS for the current fiscal year.

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.