July 20, 2023 – Fisher Asset Management LLC, a prominent institutional investor, has recently increased its stake in Zoom Video Communications, Inc. by 3.5% during the first quarter. According to their disclosure with the Securities and Exchange Commission (SEC), Fisher Asset Management LLC now owns an impressive 5,172,748 shares of Zoom Video Communications stock, after purchasing an additional 173,250 shares in the previous quarter. At the end of the most recent quarter, this amounted to a significant 1.76% ownership of Zoom Video Communications worth an astounding $381,956,000.
Zoom Video Communications is a renowned provider of a unified communications platform that caters to users across different regions such as the Americas, Asia Pacific, Europe, Middle East, and Africa. The company’s offerings include various products like Zoom Meetings which facilitate high-definition video conferences along with voice calls and content sharing capabilities via different devices such as mobiles, desktops, laptops, telephones, and conference room systems. Additionally, they also provide Zoom Phone—a cloud-based phone system for enterprises—and Zoom Chat—an innovative messaging feature that allows users to share messages, images, audio files and content across multiple platforms including desktops, laptops tablets and mobile devices.
In light of this significant development regarding Fisher Asset Management LLC’s investment in Zoom Video Communications Inc., several reputed analysts have recently released reports on the company’s performance. Moffett Nathanson upgraded their rating on Zoom Video Communications from “underperform” to “market perform” and set a price target of $85.00 for the stock in their report issued on May 23rd. Similarly notable is Rosenblatt Securities’ coverage initiation on Zoom Video Communications with a rating of “neutral” along with a price target of $75.00 dated March 23rd.
Meanwhile,Evercore ISI reaffirmed their viewpoint by reducing their formerly established price target from $85.00 to $75.00, and Piper Sandler also lowered their price target from $78.00 to $76.00, both on May 23rd. Altogether we see a spectrum of opinions when it comes to the future trajectory of Zoom Video Communications.
Despite varying opinions from analysts, Bloomberg.com reveals that Zoom Video Communications currently holds a consensus rating of “Hold” and an average target price of $83.00. This reflects the general sentiment around the company’s potential growth in the foreseeable future.
As Fisher Asset Management LLC continues to expand its stake in Zoom Video Communications, it not only showcases confidence in the company’s performance but also highlights their belief in its sustained success. With its wide range of unified communication solutions and increasing market presence globally, Zoom Video Communications holds a strong position in catering to businesses’ needs for effective collaboration and seamless connectivity.
Given this recent development alongside expert analysis, investors will be keeping a close eye on Zoom Video Communications as it navigates through the ever-evolving landscape of unified communications platforms with its innovative products and robust market strategy.
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Institutional Investors and Insiders Show Growing Confidence in Zoom Video Communications
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”ZM” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Zoom Video Communications, Inc., a leading provider of unified communications platforms, has been attracting the attention of institutional investors and hedge funds. Recent reports indicate that multiple firms have made modifications to their holdings of Zoom Video Communications (ZM) stock. Accurate Wealth Management LLC, for instance, acquired a new stake during the fourth quarter of 2022. This stake was valued at approximately $26,000, demonstrating the growing interest in the company.
Similarly, Money Concepts Capital Corp experienced significant growth in its stake in Zoom Video Communications during the same period. The firm’s ownership increased by an impressive 821.2%, with Money Concepts Capital Corp now holding 479 shares valued at $32,000. Global Wealth Management Investment Advisory Inc. also saw its holdings increase by 63.3% in the first quarter of this year. They now own 294 shares worth $34,000.
Other notable institutions that have recently increased their holdings in Zoom Video Communications include Ronald Blue Trust Inc., which raised its position by 101.1% in the fourth quarter, and Neo Ivy Capital Management, which boosted its stake by an impressive 56.8% during the second quarter.
These investments from institutional investors and hedge funds demonstrate a growing confidence in Zoom Video Communications’ future prospects and emphasize its potential for profitability.
In addition to these investments, recent news broke about significant insider stock transactions involving COO Aparna Bawa and CFO Kelly Steckelberg. Aparna Bawa sold 10,500 shares of Zoom Video Communication’s stock on May 2nd at an average price of $61.42 per share. Following this sale, Bawa now owns 29,119 shares valued at approximately $1,788,488.
Moreover, CFO Kelly Steckelberg recently sold 10,960 shares on July 13th at an average price of $70.88 per share amounting to $776,844.80. These insider transactions are worth noting as they can provide insight into the confidence and actions of top executives within the company.
Currently listed on NASDAQ with the ticker symbol ZM, Zoom Video Communications opened at $73.92 on July 20th. The company’s stock has a 50-day moving average price of $68.01 and a two-hundred day moving average price of $69.49. With a market capitalization of $21.99 billion and a price-to-earnings ratio of 164.16, Zoom Video Communications is an intriguing investment opportunity for those interested in the technology and communications sector.
Examining its recent financial performance, Zoom Video Communications exceeded expectations with its earnings report released on May 22nd. The company reported earnings per share (EPS) of $1.16 for the quarter, surpassing the consensus estimate by $0.17. Additionally, its revenue for the quarter reached $1.11 billion, demonstrating a growth of 2.9% compared to the same period last year.
Looking ahead, equities research analysts anticipate that Zoom Video Communications will post earnings per share of 1.31 for the current fiscal year.
Overall, these recent developments in institutional investments and insider transactions highlight the increasing interest in Zoom Video Communications and its potential for growth as a unified communications platform provider in various regions worldwide. Investors and analysts alike will be closely monitoring the company’s future performance to determine if it will continue to exceed expectations in terms of both financial results and global expansion efforts.
Reference Date: July 20, 2023
