Zoom Video Communications, Inc. (NASDAQ:ZM) Position Lessened by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. reduced its position in Zoom Video Communications, Inc. (NASDAQ:ZM) by 31.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,616 shares of the company’s stock after selling 9,200 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Zoom Video Communications were worth $1,368,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Innealta Capital LLC bought a new position in Zoom Video Communications during the second quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Zoom Video Communications in the 2nd quarter valued at approximately $36,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Zoom Video Communications in the 2nd quarter valued at approximately $41,000. Allworth Financial LP boosted its position in Zoom Video Communications by 43.8% during the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after purchasing an additional 180 shares during the period. Finally, Venturi Wealth Management LLC boosted its position in Zoom Video Communications by 56.0% during the third quarter. Venturi Wealth Management LLC now owns 763 shares of the company’s stock worth $53,000 after purchasing an additional 274 shares during the period. 66.54% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Kelly Steckelberg sold 5,013 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $59.70, for a total value of $299,276.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Aparna Bawa sold 880 shares of Zoom Video Communications stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $68.09, for a total transaction of $59,919.20. Following the transaction, the chief operating officer now directly owns 2,809 shares in the company, valued at approximately $191,264.81. This represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 372,121 shares of company stock valued at $27,095,467. 10.78% of the stock is currently owned by insiders.

Zoom Video Communications Price Performance

Shares of ZM opened at $82.63 on Friday. The business’s 50 day simple moving average is $71.48 and its 200-day simple moving average is $64.59. The company has a market capitalization of $25.43 billion, a P/E ratio of 29.62, a PEG ratio of 7.33 and a beta of -0.05. Zoom Video Communications, Inc. has a one year low of $55.06 and a one year high of $87.15.

Zoom Video Communications (NASDAQ:ZM) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the firm earned $0.55 EPS. The company’s revenue was up 2.1% on a year-over-year basis. On average, sell-side analysts anticipate that Zoom Video Communications, Inc. will post 2.74 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $95.00 price target on shares of Zoom Video Communications in a research report on Thursday, October 10th. Bank of America dropped their price target on Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. Wells Fargo & Company boosted their target price on shares of Zoom Video Communications from $55.00 to $60.00 and gave the stock an “underweight” rating in a research report on Thursday, August 22nd. Morgan Stanley increased their price target on shares of Zoom Video Communications from $68.00 to $86.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, UBS Group upgraded shares of Zoom Video Communications to a “hold” rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $76.26.

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.