8,155 Shares in Zoom Video Communications Inc (NASDAQ:ZM) Acquired by Royal Bank of Canada

Royal Bank of Canada purchased a new position in shares of Zoom Video Communications Inc (NASDAQ:ZM) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,155 shares of the company’s stock, valued at approximately $724,000.

A number of other hedge funds also recently modified their holdings of ZM. Sheets Smith Wealth Management acquired a new stake in shares of Zoom Video Communications in the second quarter worth $316,000. Intl Fcstone Inc. acquired a new stake in shares of Zoom Video Communications in the second quarter worth $202,000. Toth Financial Advisory Corp acquired a new stake in shares of Zoom Video Communications in the second quarter worth $59,000. Broadleaf Partners LLC acquired a new stake in shares of Zoom Video Communications in the second quarter worth $1,414,000. Finally, Meridian Wealth Management LLC acquired a new stake in shares of Zoom Video Communications in the second quarter worth $212,000. 9.03% of the stock is owned by hedge funds and other institutional investors.

Shares of Zoom Video Communications stock traded down $0.02 during trading hours on Friday, reaching $64.50. The company’s stock had a trading volume of 38,361 shares, compared to its average volume of 3,058,491. The business’s 50 day moving average price is $76.43. The company has a debt-to-equity ratio of 0.06, a quick ratio of 4.00 and a current ratio of 4.00. Zoom Video Communications Inc has a one year low of $59.94 and a one year high of $107.34.

Zoom Video Communications (NASDAQ:ZM) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.10. The business had revenue of $145.80 million during the quarter, compared to the consensus estimate of $130.55 million. The business’s quarterly revenue was up 95.7% on a year-over-year basis. As a group, sell-side analysts predict that Zoom Video Communications Inc will post -0.03 earnings per share for the current year.

In other news, Director Kimberly Hammonds sold 37,500 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $65.77, for a total value of $2,466,375.00. Also, CFO Kelly Steckelberg sold 11,067 shares of the firm’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $65.60, for a total transaction of $725,995.20. Over the last 90 days, insiders sold 54,763 shares of company stock worth $3,599,881.

Several research firms have recently issued reports on ZM. JPMorgan Chase & Co. increased their price objective on shares of Zoom Video Communications from $113.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Zacks Investment Research raised shares of Zoom Video Communications from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a report on Saturday, September 14th. Rosenblatt Securities set a $75.00 price target on shares of Zoom Video Communications and gave the company a “hold” rating in a report on Friday, October 18th. Morgan Stanley set a $75.00 price target on shares of Zoom Video Communications and gave the company a “hold” rating in a report on Friday, August 30th. Finally, ValuEngine lowered shares of Zoom Video Communications from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $88.53.

Zoom Video Communications Company Profile

Zoom Video Communications, Inc provides a video-first communications platform that delivers 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.

Further Reading: Death Cross

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Institutional Ownership by Quarter for Zoom Video Communications (NASDAQ:ZM)

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