Primecap Management Co. CA Raises Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Primecap Management Co. CA grew its position in Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 20.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,280,525 shares of the company's stock after purchasing an additional 213,575 shares during the period. Primecap Management Co. CA owned about 0.41% of Zoom Video Communications worth $75,794,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Principal Securities Inc. bought a new position in Zoom Video Communications in the fourth quarter valued at approximately $25,000. Quadrant Capital Group LLC boosted its stake in Zoom Video Communications by 269.7% in the 4th quarter. Quadrant Capital Group LLC now owns 366 shares of the company's stock worth $26,000 after purchasing an additional 267 shares during the period. Frazier Financial Advisors LLC bought a new position in Zoom Video Communications during the 4th quarter worth about $32,000. Innealta Capital LLC acquired a new stake in shares of Zoom Video Communications in the 2nd quarter valued at about $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Zoom Video Communications in the second quarter valued at about $36,000. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Eric S. Yuan sold 2,420 shares of the business's stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $56.12, for a total value of $135,810.40. Following the transaction, the chief executive officer now directly owns 90,354 shares of the company's stock, valued at approximately $5,070,666.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,272 shares of the firm's stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $57.15, for a total value of $186,994.80. Following the completion of the sale, the insider now directly owns 82,792 shares in the company, valued at $4,731,562.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric S. Yuan sold 2,420 shares of the company's stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $56.12, for a total transaction of $135,810.40. Following the transaction, the chief executive officer now owns 90,354 shares in the company, valued at approximately $5,070,666.48. The disclosure for this sale can be found here. Insiders sold 120,014 shares of company stock valued at $7,070,162 over the last quarter. Insiders own 10.78% of the company's stock.

Zoom Video Communications Price Performance

ZM stock traded down $2.07 during midday trading on Wednesday, reaching $66.04. 2,570,841 shares of the stock were exchanged, compared to its average volume of 3,369,325. Zoom Video Communications, Inc. has a 52 week low of $55.06 and a 52 week high of $74.77. The company has a fifty day moving average price of $62.32 and a 200 day moving average price of $62.30. The stock has a market capitalization of $20.42 billion, a PE ratio of 24.64, a P/E/G ratio of 5.83 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM - Get Free Report) last released its quarterly earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.18. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm earned $0.55 earnings per share. The company's revenue for the quarter was up 2.1% on a year-over-year basis. As a group, analysts anticipate that Zoom Video Communications, Inc. will post 2.74 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ZM shares. Deutsche Bank Aktiengesellschaft raised their price objective on Zoom Video Communications from $71.00 to $75.00 and gave the company a "hold" rating in a report on Friday, August 23rd. UBS Group upgraded Zoom Video Communications to a "hold" rating in a research note on Friday, July 26th. Citigroup upped their price objective on Zoom Video Communications from $76.00 to $77.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 21st. Wells Fargo & Company raised their target price on shares of Zoom Video Communications from $55.00 to $60.00 and gave the company an "underweight" rating in a research note on Thursday, August 22nd. Finally, Morgan Stanley dropped their price target on shares of Zoom Video Communications from $72.00 to $68.00 and set an "equal weight" rating on the stock in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Zoom Video Communications has an average rating of "Hold" and an average target price of $74.68.

About Zoom Video 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.