Seven Eight Capital LP Trims Stock Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

Seven Eight Capital LP lowered its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 88.3% during the 1st quarter, HoldingsChannel reports. The fund owned 3,175 shares of the company’s stock after selling 24,021 shares during the period. Seven Eight Capital LP’s holdings in Zoom Video Communications were worth $208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in ZM. Evoke Wealth LLC grew its stake in Zoom Video Communications by 3.5% during the fourth quarter. Evoke Wealth LLC now owns 5,066 shares of the company’s stock valued at $364,000 after acquiring an additional 172 shares in the last quarter. Xponance Inc. boosted its holdings in Zoom Video Communications by 2.0% in the 4th quarter. Xponance Inc. now owns 9,279 shares of the company’s stock valued at $667,000 after purchasing an additional 179 shares during the period. Cantor Fitzgerald L. P. grew its position in shares of Zoom Video Communications by 2.7% during the 4th quarter. Cantor Fitzgerald L. P. now owns 7,566 shares of the company’s stock valued at $544,000 after purchasing an additional 197 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Zoom Video Communications by 269.7% in the fourth quarter. Quadrant Capital Group LLC now owns 366 shares of the company’s stock worth $26,000 after purchasing an additional 267 shares during the period. Finally, Wynn Capital LLC raised its position in shares of Zoom Video Communications by 3.3% in the first quarter. Wynn Capital LLC now owns 8,881 shares of the company’s stock worth $581,000 after buying an additional 284 shares in the last quarter. 66.54% of the stock is owned by institutional investors.

Insider Buying and Selling at Zoom Video Communications

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,589 shares of the stock in a transaction that occurred on Sunday, June 9th. The stock was sold at an average price of $62.42, for a total value of $224,025.38. Following the completion of the sale, the insider now owns 81,287 shares in the company, valued at approximately $5,073,934.54. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Shane Crehan sold 1,538 shares of the stock in a transaction dated Sunday, June 9th. The shares were sold at an average price of $62.42, for a total value of $96,001.96. Following the completion of the transaction, the chief accounting officer now directly owns 1,475 shares of the company’s stock, valued at $92,069.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Velchamy Sankarlingam sold 3,589 shares of the firm’s stock in a transaction dated Sunday, June 9th. The stock was sold at an average price of $62.42, for a total transaction of $224,025.38. Following the completion of the sale, the insider now owns 81,287 shares of the company’s stock, valued at $5,073,934.54. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,629 shares of company stock worth $6,949,228. 10.78% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ZM has been the subject of several recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research report on Tuesday, May 21st. Sanford C. Bernstein decreased their price objective on shares of Zoom Video Communications from $82.00 to $78.00 and set a “market perform” rating on the stock in a research report on Tuesday, May 21st. Rosenblatt Securities raised their target price on shares of Zoom Video Communications from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, May 21st. Citigroup boosted their price target on shares of Zoom Video Communications from $76.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 21st. Finally, Evercore ISI lowered their price objective on shares of Zoom Video Communications from $72.00 to $70.00 and set an “in-line” rating on the stock in a research report on Tuesday, May 21st. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $75.22.

Zoom Video Communications Price Performance

ZM opened at $58.04 on Thursday. The stock’s 50 day simple moving average is $59.86 and its 200 day simple moving average is $63.16. The firm has a market cap of $17.95 billion, a price-to-earnings ratio of 21.70, a PEG ratio of 9.12 and a beta of -0.05. Zoom Video Communications, Inc. has a 1 year low of $55.63 and a 1 year 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 (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.23. Zoom Video Communications had a net margin of 18.37% and a return on equity of 10.55%. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.13 billion. As a group, sell-side analysts anticipate that Zoom Video Communications, Inc. will post 2.43 EPS for the current year.

Zoom Video Communications Company 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.