Citigroup Lowers Zscaler (NASDAQ:ZS) Price Target to $240.00

Zscaler (NASDAQ:ZSFree Report) had its price target decreased by Citigroup from $270.00 to $240.00 in a research report sent to investors on Wednesday, Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other equities research analysts also recently commented on the stock. UBS Group lowered their price objective on shares of Zscaler from $300.00 to $270.00 and set a buy rating for the company in a research note on Wednesday, May 29th. Truist Financial reiterated a buy rating and set a $260.00 price objective on shares of Zscaler in a research note on Monday, April 1st. Susquehanna lowered their price objective on shares of Zscaler from $275.00 to $210.00 and set a positive rating for the company in a research note on Friday, May 31st. Sanford C. Bernstein lowered their price objective on shares of Zscaler from $280.00 to $270.00 and set an outperform rating for the company in a research note on Friday, May 31st. Finally, Canaccord Genuity Group lowered their price objective on shares of Zscaler from $260.00 to $220.00 and set a buy rating for the company in a research note on Tuesday. Seven analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Zscaler has an average rating of Moderate Buy and a consensus price target of $224.00.

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Zscaler Trading Up 1.2 %

NASDAQ:ZS opened at $180.99 on Wednesday. Zscaler has a 12 month low of $131.59 and a 12 month high of $259.61. The firm has a fifty day simple moving average of $176.49 and a 200-day simple moving average of $204.20. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $27.13 billion, a P/E ratio of -355.18 and a beta of 0.85.

Insider Buying and Selling at Zscaler

In other news, insider Syam Nair sold 2,893 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $193.15, for a total transaction of $558,782.95. Following the completion of the sale, the insider now owns 137,294 shares of the company’s stock, valued at $26,518,336.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Remo Canessa sold 7,707 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $193.15, for a total transaction of $1,488,607.05. Following the completion of the sale, the chief financial officer now owns 255,943 shares of the company’s stock, valued at $49,435,390.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Syam Nair sold 2,893 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $193.15, for a total transaction of $558,782.95. Following the sale, the insider now directly owns 137,294 shares of the company’s stock, valued at approximately $26,518,336.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,715 shares of company stock valued at $2,455,902. Corporate insiders own 19.20% of the company’s stock.

Hedge Funds Weigh In On Zscaler

A number of institutional investors and hedge funds have recently bought and sold shares of ZS. 1832 Asset Management L.P. acquired a new position in Zscaler during the fourth quarter worth about $217,683,000. Norges Bank acquired a new position in Zscaler during the fourth quarter worth about $117,599,000. Polar Capital Holdings Plc acquired a new position in Zscaler during the third quarter worth about $61,681,000. Trivest Advisors Ltd acquired a new position in Zscaler during the fourth quarter worth about $72,051,000. Finally, Quadrature Capital Ltd acquired a new position in Zscaler during the first quarter worth about $47,217,000. 46.45% of the stock is currently owned by institutional investors and hedge funds.

Zscaler Company Profile

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Zscaler, Inc operates as a cloud security company worldwide. The company offers Zscaler Internet Access solution that provides users, workloads, IoT, and OT devices secure access to externally managed applications, including software-as-a-service (SaaS) applications and internet destinations; and Zscaler Private Access solution, which is designed to provide access to managed applications hosted internally in data centers, and private or public clouds.

Further Reading

Analyst Recommendations for Zscaler (NASDAQ:ZS)

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