Zoom Video Communications, Inc. (NASDAQ:ZM) Sees Large Drop in Short Interest
Zoom Video Communications, Inc. (NASDAQ:ZM) saw a significant decrease in short interest in the month of July. As of July 15th, there was short interest totalling 8,420,000 shares, a decrease of 14.3% from the June 30th total of 9,830,000 shares. Based on an average daily trading volume, of 3,080,000 shares, the days-to-cover ratio is presently 2.7 days. Approximately 3.9% of the company’s shares are short sold.
In related news, CAO Shane Crehan sold 80 shares of the firm’s stock in a transaction dated Friday, June 18th. The shares were sold at an average price of $375.00, for a total transaction of $30,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric S. Yuan sold 80,529 shares of the firm’s stock in a transaction dated Thursday, June 17th. The stock was sold at an average price of $369.50, for a total transaction of $29,755,465.50. Following the sale, the chief executive officer now owns 4,080 shares of the company’s stock, valued at approximately $1,507,560. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 239,888 shares of company stock valued at $85,828,316. 12.27% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. First Horizon Advisors Inc. grew its position in shares of Zoom Video Communications by 115.0% in the first quarter. First Horizon Advisors Inc. now owns 86 shares of the company’s stock valued at $27,000 after purchasing an additional 46 shares during the period. Mascoma Wealth Management LLC acquired a new position in shares of Zoom Video Communications in the first quarter worth about $31,000. Stuart Chaussee & Associates Inc. acquired a new stake in Zoom Video Communications during the first quarter valued at approximately $31,000. tru Independence LLC acquired a new stake in Zoom Video Communications during the fourth quarter valued at approximately $32,000. Finally, Spectrum Management Group LLC acquired a new stake in Zoom Video Communications during the first quarter valued at approximately $32,000. 42.25% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have issued reports on ZM. Bank of America began coverage on shares of Zoom Video Communications in a research report on Tuesday, April 20th. They set a “buy” rating for the company. Zacks Investment Research upgraded shares of Zoom Video Communications from a “hold” rating to a “strong-buy” rating and set a $386.00 price objective for the company in a report on Monday, June 7th. Argus upgraded shares of Zoom Video Communications from a “hold” rating to a “buy” rating and set a $440.00 price objective for the company in a report on Thursday, June 10th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Zoom Video Communications from $360.00 to $375.00 and gave the stock a “hold” rating in a research note on Wednesday, June 2nd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Zoom Video Communications from $385.00 to $456.00 and gave the company a “neutral” rating in a research report on Wednesday, June 2nd. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $431.71.
ZM opened at $378.10 on Monday. The firm has a market cap of $111.41 billion, a price-to-earnings ratio of 130.38, a price-to-earnings-growth ratio of 6.91 and a beta of -1.47. The business’s 50-day moving average price is $361.90. Zoom Video Communications has a 12-month low of $230.00 and a 12-month high of $588.84.
Zoom Video Communications (NASDAQ:ZM) last released its quarterly earnings data on Monday, May 31st. The company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.33. Zoom Video Communications had a return on equity of 36.26% and a net margin of 26.59%. The business had revenue of $956.24 million for the quarter, compared to the consensus estimate of $908.17 million. During the same quarter in the prior year, the business posted $0.20 EPS. The business’s revenue for the quarter was up 191.4% on a year-over-year basis. On average, research analysts anticipate that Zoom Video Communications will post 3.29 EPS for the current year.
About Zoom Video Communications
Zoom Video Communications, Inc engages in the provision of video-first communications platform. The firm offers meetings, chat, rooms and workspaces, phone systems, video webinars, marketplace, and developer platform products. It serves the education, finance, government, and healthcare industries. Its platform helps people to connect through voice, chat, content sharing, and face-to-face video experiences.
Featured Article: What are the benefits of a portfolio tracker?
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Should you invest $1,000 in Zoom Video Communications right now?
Before you consider Zoom Video Communications, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Zoom Video Communications wasn’t on the list.
While Zoom Video Communications currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
View The 5 Stocks Here