Summit Global Investments Has $3.84 Million Stake in Zoom Video Communications, Inc. (NASDAQ:ZM)

Summit Global Investments raised its position in Zoom Video Communications, Inc. (NASDAQ:ZM) by 4.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,068 shares of the company’s stock after acquiring an additional 2,484 shares during the quarter. Summit Global Investments’ holdings in Zoom Video Communications were worth $3,840,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in ZM. Innealta Capital LLC acquired a new position in shares of Zoom Video Communications in the second quarter valued at $33,000. Allworth Financial LP grew its position in shares of Zoom Video Communications by 43.8% in the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock valued at $41,000 after purchasing an additional 180 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Zoom Video Communications during the second quarter worth approximately $36,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Zoom Video Communications during the 2nd quarter worth approximately $41,000. Finally, Versant Capital Management Inc grew its holdings in Zoom Video Communications by 1,257.7% in the 2nd quarter. Versant Capital Management Inc now owns 964 shares of the company’s stock valued at $57,000 after buying an additional 893 shares in the last quarter. Institutional investors and hedge funds own 66.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $78.00 price objective on shares of Zoom Video Communications in a report on Friday, October 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $95.00 price target on shares of Zoom Video Communications in a research note on Thursday, October 10th. Stifel Nicolaus raised their price objective on Zoom Video Communications from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Thursday, October 10th. Wedbush assumed coverage on Zoom Video Communications in a research report on Thursday, October 17th. They set an “outperform” rating and a $85.00 target price for the company. Finally, Wells Fargo & Company increased their price objective on shares of Zoom Video Communications from $55.00 to $60.00 and gave the stock an “underweight” rating in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Zoom Video Communications currently has a consensus rating of “Hold” and a consensus price target of $75.32.

Zoom Video Communications Stock Up 0.6 %

Shares of NASDAQ:ZM opened at $80.19 on Friday. The stock’s 50 day moving average is $70.01 and its 200-day moving average is $63.80. Zoom Video Communications, Inc. has a twelve month low of $55.06 and a twelve month high of $80.47. The firm has a market capitalization of $24.68 billion, a price-to-earnings ratio of 28.74, a PEG ratio of 6.87 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last posted its earnings results on Wednesday, August 21st. The company reported $1.39 EPS for the quarter, topping the consensus estimate 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 net margin of 19.08% and a return on equity of 10.77%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.55 earnings per share. Equities research analysts anticipate that Zoom Video Communications, Inc. will post 2.74 earnings per share for the current fiscal year.

Insider Activity at Zoom Video Communications

In other news, CEO Eric S. Yuan sold 178,571 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $76.91, for a total value of $13,733,895.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Eric S. Yuan sold 37,206 shares of Zoom Video Communications stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $68.20, for a total value of $2,537,449.20. Following the completion of the transaction, the chief executive officer now directly owns 114,341 shares in the company, valued at approximately $7,798,056.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eric S. Yuan sold 178,571 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $76.91, for a total value of $13,733,895.61. The disclosure for this sale can be found here. Insiders have sold 372,121 shares of company stock valued at $27,095,467 over the last ninety days. Corporate insiders own 10.78% of the company’s stock.

Zoom Video Communications 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.