3. Zoom Video Communications, Inc. (NASDAQ:ZM)
Simons’ Stake Value: $1.03 billion
Percentage of Jim Simons’ 13F Portfolio: 1.28%
Number of Hedge Fund Holders: 59
Zoom Video Communications, Inc. (NASDAQ:ZM) is a communications technology company based in California. The company provides a videotelephony platform and online chat services that are used for teleconferencing, telecommuting, and social interactions. Ranked third on our list of the 10 best stocks to buy according to Jim Simons’ Renaissance Technologies, Zoom Video Communications, Inc. (NASDAQ:ZM) has a market capitalization of $81.08 billion.
At present, Jim Simons’ Renaissance Technologies holds 2.66 million shares of Zoom Video Communications, Inc. (NASDAQ:ZM), amounting to $1.03 billion in worth and representing 1.28% of the fund’s portfolio. By the end of the second quarter of 2021, 59 hedge funds out of the 873 tracked by Insider Monkey held stakes in Zoom Video Communication, Inc. (NASDAQ:ZM), worth $8.48 billion. This is compared to 54 hedge funds in the previous quarter with a total stake value of approximately $5.67 billion.
For the second quarter of 2021, Zoom Video Communications, Inc. (NASDAQ:ZM) reported earnings per share of $0.92, crossing estimates by $0.47. The company also reported revenues amounting to $663.52 million, an increase of 355.01% on a year-over-year basis, surpassing forecast estimates by $163.16 million.
Out of the hedge funds being tracked by Insider Monkey, Scotland-based investment firm Aubrey Capital Management is a leading shareholder in Zoom Video Communications, Inc. (NASDAQ:ZM) with 16,200 shares worth more than $6.26 billion.
Artisan Partners, in their first-quarter 2021 investor letter, mentioned Zoom Video Communications, Inc. (NASDAQ: ZM), and shared their insights on the company. Here’s what they said:
“We concluded our campaigns in Zoom Video Communications. We have been paring our position in Zoom for several quarters, anticipating the reduced need for video conferencing as vaccination rates climb and people return to their workplaces. That said, we believe there is a strong case to be made that the pandemic has prompted a permanent inflection in videoconferencing’s importance—sustainably higher remote work arrangements, more online learning and less business travel. Furthermore, the company’s dramatically expanded user base (up 485% YoY in Q3) positions it well to cross sell additional services, Zoom Phone in particular. The long-term future remains bright, but we decided to end our successful investment campaign in favor of opportunities in our pipeline with more attractive near-term growth prospects.”
