Eagle Asset Management Inc. Purchases Shares of 889,565 Zoom Video Communications, Inc. (NASDAQ:ZM)

Eagle Asset Management Inc. bought a new stake in Zoom Video Communications, Inc. (NASDAQ:ZM) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 889,565 shares of the company’s stock, valued at approximately $62,038,000. Eagle Asset Management Inc. owned approximately 0.29% of Zoom Video Communications at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in shares of Zoom Video Communications by 78.5% during the second 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 during the last quarter. Pacer Advisors Inc. boosted its position in shares of Zoom Video Communications by 4.4% during the third quarter. Pacer Advisors Inc. now owns 5,480,179 shares of the company’s stock valued at $382,188,000 after buying an additional 233,241 shares during the last quarter. Acadian Asset Management LLC grew its holdings in Zoom Video Communications by 60.9% during the second quarter. Acadian Asset Management LLC now owns 4,902,397 shares of the company’s stock worth $290,153,000 after buying an additional 1,855,679 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Zoom Video Communications by 24.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,365,705 shares of the company’s stock valued at $80,827,000 after buying an additional 264,217 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Zoom Video Communications by 6.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,297,443 shares of the company’s stock valued at $90,484,000 after acquiring an additional 78,940 shares in the last quarter. 66.54% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research note on Friday, October 11th. Bank of America decreased their target price on Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. Wedbush started coverage on shares of Zoom Video Communications in a report on Thursday, October 17th. They issued an “outperform” rating and a $85.00 price target on the stock. Scotiabank upgraded shares of Zoom Video Communications to a “hold” rating in a research report on Tuesday. Finally, Benchmark lifted their price objective on shares of Zoom Video Communications from $83.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $76.61.

Zoom Video Communications Price Performance

Shares of NASDAQ:ZM opened at $81.20 on Friday. Zoom Video Communications, Inc. has a one year low of $55.06 and a one year high of $87.15. The firm has a market capitalization of $24.99 billion, a price-to-earnings ratio of 29.10, a PEG ratio of 6.64 and a beta of -0.05. The company’s fifty day moving average price is $73.06 and its 200-day moving average price is $65.32.

Zoom Video Communications (NASDAQ:ZM) last released its earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Zoom Video Communications had a return on equity of 10.77% and a net margin of 19.08%. Zoom Video Communications’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 EPS. As a group, equities research analysts expect that Zoom Video Communications, Inc. will post 2.77 EPS for the current year.

Insider Buying and Selling at Zoom Video Communications

In related news, CEO Eric S. Yuan sold 2,420 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $68.38, for a total transaction of $165,479.60. Following the transaction, the chief executive officer now owns 85,514 shares in the company, valued at $5,847,447.32. The trade was a 2.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Velchamy Sankarlingam sold 3,614 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total value of $241,668.18. Following the transaction, the insider now directly owns 94,000 shares of the company’s stock, valued at $6,285,780. The trade was a 3.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 367,108 shares of company stock worth $26,796,191 over the last three months. Company insiders own 10.78% of the company’s stock.

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.