Crossmark Global Holdings Inc. Acquires 32,930 Shares of Zoom Communications, Inc. (NASDAQ:ZM)

Crossmark Global Holdings Inc. boosted its holdings in shares of Zoom Communications, Inc. (NASDAQ:ZM) by 201.1% in the first quarter, Holdings Channel reports. The firm owned 49,304 shares of the company’s stock after purchasing an additional 32,930 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Zoom Communications were worth $3,637,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Wynn Capital LLC lifted its stake in Zoom Communications by 1.6% during the first quarter. Wynn Capital LLC now owns 10,194 shares of the company’s stock worth $752,000 after purchasing an additional 160 shares during the period. PNC Financial Services Group Inc. lifted its stake in Zoom Communications by 4.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,040 shares of the company’s stock worth $330,000 after purchasing an additional 168 shares during the period. New York State Teachers Retirement System lifted its stake in Zoom Communications by 0.7% during the first quarter. New York State Teachers Retirement System now owns 24,298 shares of the company’s stock worth $1,792,000 after purchasing an additional 171 shares during the period. Siemens Fonds Invest GmbH lifted its stake in Zoom Communications by 3.8% during the fourth quarter. Siemens Fonds Invest GmbH now owns 4,732 shares of the company’s stock worth $391,000 after purchasing an additional 174 shares during the period. Finally, Blue Trust Inc. lifted its stake in Zoom Communications by 19.8% during the first quarter. Blue Trust Inc. now owns 1,059 shares of the company’s stock worth $78,000 after purchasing an additional 175 shares during the period. Institutional investors own 66.54% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on ZM. Mizuho cut their price target on shares of Zoom Communications from $105.00 to $71.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Bank of America lifted their target price on shares of Zoom Communications from $79.00 to $84.00 and gave the company a “neutral” rating in a research note on Thursday, May 22nd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $87.00 target price on shares of Zoom Communications in a research note on Thursday, May 22nd. Scotiabank lifted their target price on shares of Zoom Communications from $75.00 to $85.00 and gave the company a “sector perform” rating in a research note on Friday, May 16th. Finally, JMP Securities reiterated a “market perform” rating on shares of Zoom Communications in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $87.00.

Insider Buying and Selling

In related news, CEO Eric S. Yuan sold 41,121 shares of the business’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $72.18, for a total value of $2,968,113.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Janet Napolitano sold 2,617 shares of the business’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $76.78, for a total transaction of $200,933.26. Following the completion of the sale, the director directly owned 4,728 shares in the company, valued at $363,015.84. This represents a 35.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,671 shares of company stock worth $7,076,838 over the last ninety days. Insiders own 10.78% of the company’s stock.

Zoom Communications Stock Up 0.3%

Shares of ZM stock opened at $77.42 on Wednesday. Zoom Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $92.80. The firm has a market capitalization of $23.42 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 12.64 and a beta of 0.68. The firm has a fifty day moving average of $79.40 and a 200-day moving average of $78.62.

Zoom Communications (NASDAQ:ZM) last announced its quarterly earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.13. Zoom Communications had a net margin of 22.31% and a return on equity of 11.08%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business earned $1.35 EPS. The firm’s revenue was up 2.9% on a year-over-year basis. Research analysts expect that Zoom Communications, Inc. will post 2.93 earnings per share for the current year.

Zoom 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.