Morgan Stanley Issues Pessimistic Forecast for Zscaler (NASDAQ:ZS) Stock Price

Zscaler (NASDAQ:ZS) had its price objective trimmed by Morgan Stanley from $205.00 to $200.00 in a research report released on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

ZS has been the subject of several other research reports. Needham & Company LLC reissued a “buy” rating and issued a $240.00 price objective on shares of Zscaler in a research note on Wednesday, March 5th. BMO Capital Markets upped their price target on shares of Zscaler from $222.00 to $233.00 and gave the stock an “outperform” rating in a report on Thursday, March 6th. Sanford C. Bernstein restated an “outperform” rating and set a $244.00 price objective on shares of Zscaler in a research report on Thursday, March 6th. Citigroup reiterated a “buy” rating and issued a $240.00 target price (up from $235.00) on shares of Zscaler in a research report on Wednesday, March 5th. Finally, Cantor Fitzgerald upgraded Zscaler from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $220.00 to $250.00 in a report on Thursday, April 3rd. Eight equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $234.77.

Zscaler Stock Down 0.9 %

Zscaler stock opened at $201.09 on Wednesday. The stock has a market cap of $31.11 billion, a PE ratio of -804.36 and a beta of 1.12. Zscaler has a 12-month low of $153.45 and a 12-month high of $217.84. The business’s 50-day moving average price is $200.34 and its two-hundred day moving average price is $196.23.

Insider Buying and Selling

In other news, insider Robert Schlossman sold 2,878 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total transaction of $573,153.70. Following the completion of the sale, the insider now owns 107,587 shares in the company, valued at $21,425,951.05. The trade was a 2.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Ajay Mangal sold 190,480 shares of Zscaler stock in a transaction on Monday, March 17th. The shares were sold at an average price of $200.69, for a total transaction of $38,227,431.20. Following the completion of the sale, the insider now directly owns 2,580,210 shares of the company’s stock, valued at approximately $517,822,344.90. The trade was a 6.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 209,234 shares of company stock valued at $42,030,790 over the last ninety days. 18.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Zscaler

A number of hedge funds have recently added to or reduced their stakes in ZS. Global X Japan Co. Ltd. grew its stake in shares of Zscaler by 127.4% in the 4th quarter. Global X Japan Co. Ltd. now owns 141 shares of the company’s stock worth $25,000 after acquiring an additional 79 shares in the last quarter. Summit Securities Group LLC bought a new stake in Zscaler in the 4th quarter worth about $27,000. CVA Family Office LLC increased its stake in Zscaler by 120.3% in the 1st quarter. CVA Family Office LLC now owns 152 shares of the company’s stock valued at $30,000 after buying an additional 83 shares during the last quarter. Colonial Trust Co SC bought a new position in shares of Zscaler during the 4th quarter worth approximately $28,000. Finally, Stonebridge Financial Group LLC purchased a new position in shares of Zscaler in the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 46.45% of the company’s stock.

Zscaler Company Profile

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.