ZM Stock: Insider Activity, Filings & Research

Zoom Communications, Inc. (ZM) — Drillr’s hub for ZM insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, ZM insiders filed 0 open-market buys and 43 sales (SEC Form 4).

Over the trailing 90 days, insiders recorded 0 open-market purchases and 43 sales, a net selling of $13.5M. The largest was Yuan Eric S. (director, officer: Chief Executive Officer) selling $2.1M. The stock gained 36.1% over three months. Institutional holders were net accumulators over recent 13F filings. Insider sentiment scores 0/100.

Updated Jun 4, 2026 · based on SEC Form 4 filings · not investment advice

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$13.5M

Insider trades by month Buys Sells

Dec

Jan

Feb

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Apr

May

Context3-month price +36.1%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
May 6, 2026	Yuan Eric S.director, officer: Chief Executive Officer	Sell	1,917	$108.22
May 6, 2026	Yuan Eric S.director, officer: Chief Executive Officer	Sell	6,610	$109.07
May 6, 2026	Yuan Eric S.director, officer: Chief Executive Officer	Sell	217	$104.00
May 6, 2026	Yuan Eric S.director, officer: Chief Executive Officer	Sell	296	$107.73
May 6, 2026	Yuan Eric S.director, officer: Chief Executive Officer	Sell	1,731	$106.13
May 6, 2026	Yuan Eric S.director, officer: Chief Executive Officer	Sell	1,024	$105.04
May 6, 2026	Yuan Eric S.director, officer: Chief Executive Officer	Sell	8,466	$106.91
May 6, 2026	Yuan Eric S.director, officer: Chief Executive Officer	Sell	1,842	$107.18
May 6, 2026	Yuan Eric S.director, officer: Chief Executive Officer	Sell	2,097	$106.23
May 5, 2026	Subotovsky Santiagodirector	Sell	3,580	$106.70
May 5, 2026	Subotovsky Santiagodirector	Sell	968	$107.35
May 5, 2026	Subotovsky Santiagodirector	Sell	392	$104.78
May 5, 2026	Subotovsky Santiagodirector	Sell	84	$101.87
May 5, 2026	Subotovsky Santiagodirector	Sell	334	$105.13
May 5, 2026	Subotovsky Santiagodirector	Sell	1,327	$103.57

Source: ZM SEC Form 4 filings, latest May 6, 2026. For informational purposes only — not investment advice.

Overview

Zoom Video Communications, Inc. (NASDAQ:ZM) is a leading provider of unified communications and collaboration technology founded in 2011 by Eric Yuan, a former Cisco executive. The company went public in April 2019 and experienced explosive growth during the COVID-19 pandemic as organizations worldwide adopted remote work technologies. Headquartered in San Jose, California, Zoom has evolved from primarily a video conferencing company into a comprehensive AI-powered workplace collaboration platform serving millions of users across enterprise, education, healthcare, and consumer markets globally.

Business

Zoom operates in the unified communications and collaboration software industry, providing cloud-based video conferencing and workplace productivity solutions. The company's ecosystem centers around several core products that enable remote and hybrid work environments. Zoom Meetings serves as the flagship product, offering high-definition video conferencing, voice calling, chat messaging, and content sharing capabilities across multiple devices including smartphones, computers, and dedicated conference room systems. This platform became synonymous with video calling during the pandemic, supporting everything from small team meetings to large-scale webinars. Zoom Phone functions as a cloud-based enterprise phone system that replaces traditional office telephony infrastructure. It integrates voice calling with the broader Zoom platform, allowing seamless transitions between phone calls and video meetings while providing advanced features like call routing, voicemail, and analytics. Zoom Workplace represents the company's evolution into a comprehensive collaboration platform, incorporating team chat, file sharing, digital whiteboarding, and document collaboration tools. This suite aims to serve as a central hub for workplace productivity beyond just meetings. The company has expanded into specialized business services including Zoom Contact Center, which provides customer service organizations with omnichannel support capabilities combining voice, video, chat, and AI-powered assistance. Zoom Events and Zoom Webinars cater to large-scale virtual events and presentations, while Workvivo (acquired in 2022) focuses on employee communications and engagement. Revenue is primarily split between Enterprise customers (approximately 60% of total revenue) and Online/SMB customers (40%), with Enterprise showing stronger growth rates. The company serves diverse industries including education, healthcare, financial services, government, and technology sectors across the Americas, Europe, Middle East, Africa, and Asia-Pacific regions.

Revenue model

Zoom generates revenue primarily through subscription-based software-as-a-service (SaaS) model with tiered pricing structures. Customers pay recurring monthly or annual fees based on the number of users, feature sets, and service levels they require. The company offers both freemium and premium tiers, with basic video conferencing available at no cost to drive user adoption and premium features requiring paid subscriptions. The business model centers on land-and-expand strategy where Zoom initially captures customers with core video conferencing needs, then grows revenue by selling additional products like Zoom Phone, Contact Center, or Workplace solutions to the same customer base. Enterprise customers typically sign multi-year contracts with higher per-seat pricing, while small and medium businesses often operate on monthly subscriptions with lower price points. Revenue growth faces several key factors that could impact margins and expansion. Positive drivers include the continued adoption of hybrid work models, which sustains demand for collaboration tools beyond pandemic levels. The integration of artificial intelligence capabilities across the platform creates opportunities for premium pricing and increased customer stickiness. Geographic expansion, particularly in international markets, provides additional growth vectors, while the development of industry-specific solutions allows for specialized pricing strategies. Margin pressures stem from intense competition with technology giants like Microsoft Teams (bundled with Office 365), Google Meet, and traditional telecommunications providers entering the cloud communications space. Economic downturns can lead to corporate cost-cutting measures that impact seat count and subscription upgrades. The company also faces infrastructure costs related to maintaining global data centers and network capacity to ensure service quality, while investments in AI development and acquisitions require significant capital expenditure that can temporarily compress margins. Customer acquisition costs remain a critical factor, as the company must balance growth investments in sales and marketing against profitability targets, particularly as the market matures beyond the pandemic-driven surge in demand.

Competitive moat

Zoom's competitive moat is moderately strong but faces significant challenges from well-resourced competitors. The company's primary defensive advantages center on network effects and switching costs within organizations. Once an enterprise standardizes on Zoom's platform, the coordination costs of migrating to alternative solutions create natural barriers to customer churn. Users become familiar with Zoom's interface and workflows, while IT departments invest time in integrations and security configurations that are costly to replicate elsewhere. The company benefits from brand recognition and trust established during the pandemic, when "Zoom" became virtually synonymous with video calling. This mindshare advantage helps in customer acquisition and provides pricing power, particularly in enterprise sales cycles where buyers often prefer proven, familiar solutions. Technical execution and reliability represent another defensive element, as Zoom has demonstrated superior video and audio quality compared to many competitors, along with consistent service uptime that enterprise customers require. The platform's ease of use and cross-device compatibility create user preference that translates to customer retention. However, Zoom's moat faces substantial threats from Microsoft Teams, which leverages bundling strategies by including collaboration tools within Office 365 subscriptions that most enterprises already purchase. This creates a significant cost advantage for Microsoft and pressure on Zoom's pricing power. Google's competitive offerings and Amazon's enterprise communication tools also represent formidable competition backed by vast resources and existing customer relationships. The commoditization risk in basic video conferencing is high, as the core technology becomes increasingly standardized. Zoom's response through AI integration and platform expansion into contact centers and workplace productivity tools represents an attempt to differentiate and strengthen its competitive position, but success in these adjacent markets is not guaranteed and faces established incumbents in each vertical.

Risks & safety

Zoom demonstrates a strong financial position with robust margin of safety indicators, though valuation metrics suggest limited upside at current levels. **Financial Strength:** - Minimal debt burden with debt-to-equity ratio of just 0.007, indicating virtually no solvency risk - Strong liquidity position with $1.35 billion in cash and short-term investments against $1.9 billion in current liabilities - Excellent current ratio of 4.56, providing substantial working capital cushion - Consistent positive free cash flow generation of $417 million in Q4 2025, demonstrating self-funding capability **Valuation Metrics:** - Price-to-earnings ratio of 18.1 appears reasonable for a technology company with modest growth - EV/EBITDA of 24.4 suggests premium valuation relative to mature software companies - Price-to-book ratio of 3.0 indicates market expects continued strong returns on equity - Graham number of $28.05 suggests potential undervaluation using conservative metrics **Other Considerations:** - Revenue growth has decelerated to low single digits, limiting multiple expansion potential - High operating margins (39%+) provide earnings stability but face competitive pressure - Strong balance sheet enables strategic acquisitions and R&D investments without financial stress

Recent development

Over the past several years, Zoom has undergone a strategic transformation from a video conferencing company into an AI-powered workplace collaboration platform. The most significant development has been the comprehensive integration of artificial intelligence across all product lines through Zoom AI Companion, launched initially as a free service to drive platform adoption and customer stickiness. The company introduced AI Companion 2.0 with enhanced capabilities including meeting summaries, content generation, and workflow automation. This evolved into Custom AI Companion and AI Companion Studio, allowing enterprise customers to create tailored AI solutions for their specific business needs. The AI strategy represents both a defensive move against competitors and an offensive opportunity to create new revenue streams through premium AI services. Platform expansion has been aggressive, with Zoom rebranding to "Zoom Communications" to reflect its broader mission beyond video meetings. The company launched Zoom Workplace as a comprehensive collaboration suite including team chat, file sharing, digital whiteboarding, and document creation tools. This positions Zoom to compete more directly with Microsoft's Office 365 ecosystem. Strategic acquisitions have accelerated product development, particularly the integration of Workvivo for employee communications and engagement, which has shown strong growth with 89% year-over-year customer base expansion. The Contact Center business has emerged as a key growth driver, surpassing 1,250 customers with major enterprise wins including a Fortune 100 technology company. Partnership strategies have intensified, with notable relationships including Amazon selecting Zoom Workplace, Meta's integration with Workvivo, and Mitel partnership for global expansion. These alliances provide distribution channels and validation for Zoom's expanded platform strategy while reducing customer acquisition costs in competitive markets.

ZM company profile · for informational purposes only — not investment advice.

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