Coatue Management LLC grew its holdings in Zoom Video Communications Inc (NASDAQ:ZM) by 323.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,521,307 shares of the company’s stock after buying an additional 1,925,382 shares during the quarter. Zoom Video Communications comprises 5.6% of Coatue Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Coatue Management LLC’s holdings in Zoom Video Communications were worth $639,253,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of ZM. Vanguard Group Inc. raised its holdings in Zoom Video Communications by 164.4% during the second quarter. Vanguard Group Inc. now owns 10,278,000 shares of the company’s stock worth $2,605,884,000 after purchasing an additional 6,390,753 shares during the last quarter. HBK Sorce Advisory LLC acquired a new position in Zoom Video Communications during the second quarter worth $439,000. APG Asset Management N.V. acquired a new position in Zoom Video Communications during the second quarter worth $35,512,000. Baird Financial Group Inc. raised its holdings in Zoom Video Communications by 71.6% during the second quarter. Baird Financial Group Inc. now owns 38,645 shares of the company’s stock worth $2,629,000 after purchasing an additional 16,123 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV raised its holdings in Zoom Video Communications by 22.8% during the second quarter. Nations Financial Group Inc. IA ADV now owns 2,725 shares of the company’s stock worth $691,000 after purchasing an additional 506 shares during the last quarter. 37.97% of the stock is owned by institutional investors and hedge funds.
In related news, CEO Eric S. Yuan sold 70,143 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $251.37, for a total value of $17,631,845.91. Following the transaction, the chief executive officer now owns 177,286 shares in the company, valued at $44,564,381.82. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Kelly Steckelberg sold 11,066 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $272.23, for a total value of $3,012,497.18. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 388,295 shares of company stock worth $95,509,890. 24.25% of the stock is currently owned by insiders.
Several equities analysts recently issued reports on ZM shares. Rosenblatt Securities lifted their price objective on Zoom Video Communications from $260.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, September 1st. Needham & Company LLC boosted their price target on Zoom Video Communications from $230.00 to $440.00 and gave the stock a “buy” rating in a report on Tuesday, September 1st. Piper Sandler boosted their price target on Zoom Video Communications from $211.00 to $411.00 and gave the stock a “neutral” rating in a report on Tuesday, September 1st. They noted that the move was a valuation call. BidaskClub raised Zoom Video Communications from a “sell” rating to a “hold” rating in a report on Thursday, August 20th. Finally, BTIG Research raised Zoom Video Communications from a “neutral” rating to a “buy” rating and set a $500.00 price target for the company in a report on Tuesday, September 1st. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fifteen have assigned a buy rating to the company. Zoom Video Communications has a consensus rating of “Hold” and an average price target of $355.00.
Shares of ZM traded down $11.43 during midday trading on Friday, reaching $369.89. 13,147,262 shares of the company were exchanged, compared to its average volume of 10,559,238. The stock has a 50-day moving average price of $274.28 and a 200-day moving average price of $195.13. The company has a market cap of $104.35 billion, a price-to-earnings ratio of 425.16, a P/E/G ratio of 9.33 and a beta of -1.24. Zoom Video Communications Inc has a 1-year low of $60.97 and a 1-year high of $478.00. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 0.07.
Zoom Video Communications (NASDAQ:ZM) last issued its quarterly earnings data on Monday, August 31st. The company reported $0.92 EPS for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.47. The company had revenue of $663.50 million for the quarter, compared to analysts’ expectations of $500.37 million. Zoom Video Communications had a return on equity of 30.96% and a net margin of 17.10%. The firm’s quarterly revenue was up 354.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.08 earnings per share. Equities research analysts anticipate that Zoom Video Communications Inc will post 1.59 earnings per share for the current year.
About Zoom Video Communications
Zoom Video Communications, Inc provides a video-first communications platform that changes how people interact primarily in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. It connects people through frictionless video, voice, chat, and content sharing. The company's cloud-native platform enables face-to-face video experiences and connects users across various devices and locations in a single meeting.
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