Zoom Communications, Inc.
In the published model solve dated 2026-Q2, anchored at $100.63, Zoom Communications, Inc. (ZM) is priced for today's economics sustained for ~6.7 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
At about $86 the price pays roughly 21 times company-wide operating income, an undemanding multiple for a business running a trailing operating margin near 24 percent and sitting on net cash of about $7.7 billion. The math the price embeds is not a stretch on the rate of growth, it is a stretch on how long the growth lasts. The quarter underneath is steady, not spectacular. Fiscal first-quarter 2026 revenue was about $1.24 billion, up 5.5 percent, with enterprise revenue up 7.2 percent, and man
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792 institutional managers reported holding ZM in 13F filings for the quarter ended 2026-03-31. Together they hold about 61% of the company; the top 10 hold 30%. 112 opened new positions that quarter. Held by Vanguard Group, BlackRock, AQR Capital, among others. On the short side, 7.4M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (1.8 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
ZM's share count is about flat over the past five years ($4.08B of repurchases, offset by issuance). It pays no dividend. Cash returned over the past three years: $3.08B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at ZM over the trailing three years. Absence is a fact about the company, not a signal. 15 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
ZM's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-24 | -0.7% | -11.1% |
| 2023-11-22 | +2.8% | +8.2% |
| 2024-03-05 | +7.5% | -6.5% |
| 2024-05-23 | -0.5% | -4.5% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
ZM's latest 8-K filings: 2026-07-28 (items 5.02); 2026-06-15 (items 5.07); 2026-05-21 (items 2.02, 9.01); 2026-04-02 (items 5.02); 2026-02-25 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.