Zoom CFO Michelle Chang Sells ~$1.04M in Stock Under Rule 10b5-1 Plan

Executive Summary

On October 23, 2026, Zoom Communications, Inc. filed a Form 4 detailing an open-market sale of Class A Common Stock by Chief Financial Officer Michelle Chang. The transaction occurred on October 21, 2026, and involved the sale of 10,156 shares at a price of approximately $101.93 per share, yielding gross proceeds of approximately $1.04 million.

Transaction Details

• Insider: Michelle Chang, Chief Financial Officer
• Date of Transaction: October 21, 2026
• Security: Class A Common Stock
• Shares Sold: 10,156 shares
• Average Price: $101.9314
• Transaction Value: $1,035,215.30
• Post-Transaction Beneficial Ownership: 30,282 shares directly held
• Ownership Percentage Change: Chang reduced her direct holdings by approximately 25.1% (from 40,438 shares to 30,282 shares).

Rule 10b5-1 Trading Plan

The transaction was executed pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on July 8, 2026. Under SEC rules, transactions executed through predetermined 10b5-1 plans provide affirmative defenses against allegations of insider trading and generally indicate routine, scheduled liquidity rather than an opportunistic or market-timing signal.

Market Implications

Because this sale was executed under a Rule 10b5-1 plan established over three months prior, the market significance is considered Medium. While an executive disposition exceeding $1 million warrants monitoring, the structured nature of the plan reduces negative sentiment regarding near-term business fundamentals.