Harvey Capital Management Inc. Sells 800 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Harvey Capital Management Inc. decreased its holdings in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 1.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 71,355 shares of the company’s stock after selling 800 shares during the period. Zoom Video Communications makes up 1.2% of Harvey Capital Management Inc.’s holdings, making the stock its 26th largest position. Harvey Capital Management Inc.’s holdings in Zoom Video Communications were worth $4,976,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Innealta Capital LLC acquired a new stake in shares of Zoom Video Communications in the 2nd quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Zoom Video Communications in the 2nd quarter valued at $36,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Zoom Video Communications during the 2nd quarter worth $41,000. Allworth Financial LP lifted its holdings 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 acquiring an additional 180 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in Zoom Video Communications by 1,257.7% in the second quarter. Versant Capital Management Inc now owns 964 shares of the company’s stock valued at $57,000 after acquiring an additional 893 shares during the period. Institutional investors and hedge funds own 66.54% of the company’s stock.

Zoom Video Communications Stock Up 1.2 %

ZM traded up $0.86 during trading on Friday, hitting $75.60. 1,973,480 shares of the company’s stock were exchanged, compared to its average volume of 2,652,609. The stock has a market cap of $23.27 billion, a P/E ratio of 27.10, a PEG ratio of 6.44 and a beta of -0.05. The business’s 50 day moving average is $69.63 and its two-hundred day moving average is $63.42. Zoom Video Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $76.03.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.18. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.55 EPS. On average, sell-side analysts forecast that Zoom Video Communications, Inc. will post 2.74 earnings per share for the current year.

Insider Activity at Zoom Video Communications

In related news, insider Velchamy Sankarlingam sold 3,614 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total transaction of $241,668.18. Following the transaction, the insider now directly owns 94,000 shares of the company’s stock, valued at $6,285,780. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Jonathan Chadwick sold 12,500 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $75.04, for a total value of $938,000.00. Following the transaction, the director now directly owns 1,514 shares of the company’s stock, valued at approximately $113,610.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Velchamy Sankarlingam sold 3,614 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total transaction of $241,668.18. Following the completion of the transaction, the insider now owns 94,000 shares in the company, valued at approximately $6,285,780. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 200,977 shares of company stock valued at $13,780,978. 10.78% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ZM has been the topic of a number of research analyst reports. Benchmark raised their price target on Zoom Video Communications from $83.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $78.00 price target on shares of Zoom Video Communications in a research note on Friday, October 4th. Wells Fargo & Company upped their price target on shares of Zoom Video Communications from $55.00 to $60.00 and gave the company an “underweight” rating in a report on Thursday, August 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $95.00 price objective on shares of Zoom Video Communications in a research report on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Zoom Video Communications from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Two equities research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $75.32.

Zoom Video Communications Company 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.