Easterly Investment Partners LLC Sells 64,485 Shares of Zoom Communications, Inc. (NASDAQ:ZM)

Easterly Investment Partners LLC reduced its holdings in Zoom Communications, Inc. (NASDAQ:ZM) by 78.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,877 shares of the company’s stock after selling 64,485 shares during the period. Easterly Investment Partners LLC’s holdings in Zoom Communications were worth $1,319,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in Zoom Communications during the fourth quarter worth $751,908,000. Altshuler Shaham Ltd boosted its holdings in shares of Zoom Communications by 285.9% during the 4th quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company’s stock valued at $167,813,000 after buying an additional 1,523,480 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Zoom Communications by 24.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company’s stock worth $521,123,000 after purchasing an additional 1,247,717 shares in the last quarter. Contrarius Group Holdings Ltd purchased a new stake in shares of Zoom Communications during the 4th quarter valued at about $72,854,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Zoom Communications by 357.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 998,744 shares of the company’s stock worth $81,507,000 after purchasing an additional 780,446 shares during the period. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Zoom Communications Price Performance

Shares of NASDAQ:ZM opened at $74.60 on Friday. The company’s 50-day moving average price is $78.93 and its two-hundred day moving average price is $78.19. The stock has a market capitalization of $22.57 billion, a PE ratio of 22.40, a price-to-earnings-growth ratio of 12.19 and a beta of 0.68. Zoom Communications, Inc. has a one year low of $55.06 and a one year high of $92.80.

Zoom Communications (NASDAQ:ZM) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.13. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Zoom Communications had a net margin of 22.31% and a return on equity of 11.08%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period last year, the firm posted $1.35 earnings per share. On average, analysts anticipate that Zoom Communications, Inc. will post 2.93 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Velchamy Sankarlingam sold 7,661 shares of the company’s stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $77.50, for a total value of $593,727.50. Following the sale, the insider owned 129,377 shares in the company, valued at $10,026,717.50. This represents a 5.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Aparna Bawa sold 10,528 shares of the company’s stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $74.78, for a total transaction of $787,283.84. Following the completion of the sale, the chief operating officer owned 1,978 shares in the company, valued at $147,914.84. This represents a 84.18% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,492 shares of company stock valued at $6,991,392. Corporate insiders own 11.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Piper Sandler raised their price target on Zoom Communications from $77.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, May 22nd. Mizuho dropped their target price on Zoom Communications from $105.00 to $71.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Benchmark reiterated a “buy” rating and issued a $97.00 price objective on shares of Zoom Communications in a report on Tuesday, May 20th. 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. Finally, KeyCorp started coverage on Zoom Communications in a report on Friday, June 6th. They issued an “underweight” rating and a $73.00 price target for the company. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $87.00.

About Zoom 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.