Martingale Asset Management L P Makes New Investment in Zoom Video Communications, Inc. (NASDAQ:ZM)

Defense World · Nov 25, 2022 02:31

Martingale Asset Management L P purchased a new position in Zoom Video Communications, Inc. (NASDAQ:ZM – Get Rating) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,852 shares of the company's stock, valued at approximately $308,000.

Other hedge funds have also recently added to or reduced their stakes in the company. IFM Investors Pty Ltd boosted its stake in Zoom Video Communications by 5.4% in the 2nd quarter. IFM Investors Pty Ltd now owns 35,708 shares of the company's stock worth $3,855,000 after buying an additional 1,832 shares during the last quarter. LeJeune Puetz Investment Counsel LLC purchased a new position in shares of Zoom Video Communications in the 2nd quarter worth about $251,000. Envestnet Asset Management Inc. raised its holdings in shares of Zoom Video Communications by 26.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 69,014 shares of the company's stock worth $7,451,000 after purchasing an additional 14,557 shares during the period. Independent Advisor Alliance raised its holdings in shares of Zoom Video Communications by 6.6% in the 1st quarter. Independent Advisor Alliance now owns 6,865 shares of the company's stock worth $805,000 after purchasing an additional 428 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Zoom Video Communications by 331.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 729 shares of the company's stock worth $78,000 after purchasing an additional 560 shares during the period. 52.86% of the stock is owned by institutional investors and hedge funds.

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Insider Transactions at Zoom Video Communications

In related news, insider Velchamy Sankarlingam sold 2,374 shares of the business's stock in a transaction that occurred on Saturday, October 8th. The stock was sold at an average price of $71.59, for a total transaction of $169,954.66. Following the completion of the transaction, the insider now owns 15,869 shares in the company, valued at approximately $1,136,061.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.24% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ZM. Morgan Stanley cut their price objective on Zoom Video Communications from $90.00 to $85.00 and set an "equal weight" rating on the stock in a report on Tuesday. Wells Fargo & Company cut their price objective on Zoom Video Communications from $95.00 to $80.00 and set an "equal weight" rating on the stock in a report on Tuesday. Benchmark cut their price objective on Zoom Video Communications from $118.00 to $102.00 in a report on Tuesday. BTIG Research downgraded Zoom Video Communications from a "buy" rating to a "neutral" rating in a report on Tuesday, August 23rd. Finally, Argus downgraded Zoom Video Communications from a "buy" rating to a "hold" rating in a report on Friday, August 26th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $115.86.

Zoom Video Communications Trading Down 1.3 %

Shares of ZM opened at $76.14 on Thursday. The firm has a market cap of $22.66 billion, a price-to-earnings ratio of 33.39, a PEG ratio of 3.01 and a beta of -0.29. The stock has a 50 day moving average of $78.58 and a 200-day moving average of $93.66. Zoom Video Communications, Inc. has a 52 week low of $70.43 and a 52 week high of $235.97.

Zoom Video Communications (NASDAQ:ZM – Get Rating) last issued its earnings results on Monday, November 21st. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.84 by $0.23. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.10 billion. Zoom Video Communications had a return on equity of 8.80% and a net margin of 16.07%. The business's revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 EPS. On average, sell-side analysts predict that Zoom Video Communications, Inc. will post 1.32 earnings per share for the current fiscal year.

About Zoom Video Communications

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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.

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