Zoom Video Communications, Inc. (NASDAQ:ZM) is Invenomic Capital Management LP’s 6th Largest Position

Invenomic Capital Management LP increased its stake in Zoom Video Communications, Inc. (NASDAQ:ZM) by 15.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 672,892 shares of the company’s stock after buying an additional 92,171 shares during the period. Zoom Video Communications comprises about 2.3% of Invenomic Capital Management LP’s investment portfolio, making the stock its 6th largest position. Invenomic Capital Management LP owned approximately 0.22% of Zoom Video Communications worth $43,987,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. bought a new stake in Zoom Video Communications in the first quarter valued at about $260,000. Bayesian Capital Management LP bought a new stake in shares of Zoom Video Communications in the 1st quarter valued at approximately $4,327,000. Lazard Asset Management LLC raised its position in shares of Zoom Video Communications by 110.1% during the 1st quarter. Lazard Asset Management LLC now owns 64,570 shares of the company’s stock valued at $4,220,000 after acquiring an additional 33,835 shares in the last quarter. Quadrature Capital Ltd bought a new position in Zoom Video Communications during the first quarter worth $944,000. Finally, Canada Pension Plan Investment Board boosted its holdings in Zoom Video Communications by 297.6% in the first quarter. Canada Pension Plan Investment Board now owns 639,669 shares of the company’s stock worth $41,815,000 after purchasing an additional 478,769 shares during the period. 66.54% of the stock is owned by institutional investors and hedge funds.

Zoom Video Communications Stock Performance

Shares of NASDAQ:ZM traded up $0.73 during midday trading on Tuesday, reaching $61.05. The company had a trading volume of 1,804,757 shares, compared to its average volume of 3,242,490. The company has a fifty day simple moving average of $59.62 and a two-hundred day simple moving average of $62.94. The firm has a market cap of $18.88 billion, a price-to-earnings ratio of 22.61, a price-to-earnings-growth ratio of 9.22 and a beta of -0.05. Zoom Video Communications, Inc. has a 1-year low of $55.63 and a 1-year high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last released its quarterly earnings results on Monday, May 20th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.23. Zoom Video Communications had a net margin of 18.37% and a return on equity of 10.55%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.13 billion. Analysts expect that Zoom Video Communications, Inc. will post 2.43 EPS for the current year.

Wall Street Analyst Weigh In

ZM has been the topic of a number of recent research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $95.00 target price on shares of Zoom Video Communications in a report on Tuesday, May 21st. Citigroup raised their price target on Zoom Video Communications from $76.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, May 21st. Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research note on Tuesday, May 21st. Wells Fargo & Company cut their target price on Zoom Video Communications from $60.00 to $55.00 and set an “underweight” rating on the stock in a research note on Friday, June 21st. Finally, Stifel Nicolaus lowered their price target on shares of Zoom Video Communications from $70.00 to $65.00 and set a “hold” rating for the company in a research report on Tuesday, May 21st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Zoom Video Communications has a consensus rating of “Hold” and a consensus price target of $75.22.

Insider Transactions at Zoom Video Communications

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,589 shares of Zoom Video Communications stock in a transaction on Sunday, June 9th. The shares were sold at an average price of $62.42, for a total transaction of $224,025.38. Following the completion of the sale, the insider now owns 81,287 shares of the company’s stock, valued at approximately $5,073,934.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Shane Crehan sold 1,538 shares of the stock in a transaction that occurred on Sunday, June 9th. The stock was sold at an average price of $62.42, for a total value of $96,001.96. Following the transaction, the chief accounting officer now owns 1,475 shares in the company, valued at $92,069.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Velchamy Sankarlingam sold 3,589 shares of Zoom Video Communications stock in a transaction that occurred on Sunday, June 9th. The shares were sold at an average price of $62.42, for a total transaction of $224,025.38. Following the completion of the sale, the insider now owns 81,287 shares of the company’s stock, valued at $5,073,934.54. The disclosure for this sale can be found here. Insiders sold 123,636 shares of company stock valued at $7,242,839 over the last three months. 10.78% of the stock is owned by corporate insiders.

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.