Pallas Capital Advisors LLC Invests $1.25 Million in Zoom Video Communications, Inc. (NASDAQ:ZM)

Pallas Capital Advisors LLC purchased a new position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 17,132 shares of the company's stock, valued at approximately $1,245,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Innealta Capital LLC purchased a new stake in Zoom Video Communications in the second quarter valued at approximately $33,000. Allworth Financial LP raised its stake in Zoom Video Communications by 43.8% in the 3rd quarter. Allworth Financial LP now owns 591 shares of the company's stock valued at $41,000 after purchasing an additional 180 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Zoom Video Communications in the 2nd quarter valued at $36,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Zoom Video Communications in the 2nd quarter worth $41,000. Finally, Versant Capital Management Inc increased its stake in shares of Zoom Video Communications by 1,257.7% in the 2nd quarter. Versant Capital Management Inc now owns 964 shares of the company's stock worth $57,000 after acquiring an additional 893 shares during the last quarter. Institutional investors own 66.54% of the company's stock.

Zoom Video Communications Stock Down 1.0 %

ZM traded down $0.72 during trading on Wednesday, hitting $74.78. 2,004,228 shares of the stock were exchanged, compared to its average volume of 3,248,531. The firm has a market capitalization of $23.02 billion, a P/E ratio of 27.90, a PEG ratio of 6.26 and a beta of -0.04. Zoom Video Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $75.96. The stock has a fifty day moving average price of $69.39 and a two-hundred day moving average price of $63.21.

Zoom Video Communications (NASDAQ:ZM - Get Free Report) last released its earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.21 by $0.18. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Zoom Video Communications had a return on equity of 10.77% and a net margin of 19.08%. The company's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 earnings per share. Analysts predict that Zoom Video Communications, Inc. will post 2.74 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Bank of America cut their target price on Zoom Video Communications from $78.00 to $75.00 and set a "neutral" rating for the company in a research note on Thursday, August 22nd. Piper Sandler cut their target price on Zoom Video Communications from $72.00 to $68.00 and set a "neutral" rating for the company in a research note on Wednesday, July 10th. Wedbush began coverage on Zoom Video Communications in a report on Thursday, October 17th. They set an "outperform" rating and a $85.00 price target for the company. UBS Group upgraded Zoom Video Communications to a "hold" rating in a report on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Zoom Video Communications from $71.00 to $75.00 and gave the stock a "hold" rating in a report on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have given 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 $75.32.

Insider Activity

In related news, CEO Eric S. Yuan sold 35,722 shares of Zoom Video Communications stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $71.45, for a total value of $2,552,336.90. Following the sale, the chief executive officer now directly owns 57,371 shares in the company, valued at $4,099,157.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Velchamy Sankarlingam sold 3,614 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total value of $241,668.18. Following the sale, the insider now directly owns 94,000 shares in the company, valued at $6,285,780. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Eric S. Yuan sold 35,722 shares of the business's stock in a transaction on Monday, October 21st. The stock was sold at an average price of $71.45, for a total value of $2,552,336.90. Following the sale, the chief executive officer now owns 57,371 shares in the company, valued at approximately $4,099,157.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 188,477 shares of company stock valued at $12,842,978. Company insiders own 10.78% of the company's stock.

Zoom Video Communications 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.