Zscaler (NASDAQ:ZS) Price Target Raised to $290.00 at Evercore ISI

Zscaler (NASDAQ:ZS) had its price target boosted by Evercore ISI from $245.00 to $290.00 in a research report report published on Friday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages also recently weighed in on ZS. Sanford C. Bernstein reiterated an “outperform” rating and issued a $244.00 price objective on shares of Zscaler in a research report on Thursday, March 6th. Mizuho upped their price objective on shares of Zscaler from $220.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, May 15th. UBS Group upped their price objective on shares of Zscaler from $260.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday. Royal Bank of Canada upped their price objective on shares of Zscaler from $288.00 to $304.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Barclays upped their price objective on shares of Zscaler from $275.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday. Ten investment analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $275.12.

Zscaler Price Performance

NASDAQ ZS opened at $274.03 on Friday. The company has a market capitalization of $42.40 billion, a PE ratio of -1,096.12 and a beta of 1.14. The company has a fifty day moving average of $220.62 and a 200 day moving average of $206.35. Zscaler has a 1 year low of $153.45 and a 1 year high of $276.49.

Zscaler (NASDAQ:ZS) last posted its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.08. The company had revenue of $678.03 million during the quarter, compared to the consensus estimate of $667.13 million. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The firm’s quarterly revenue was up 22.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 earnings per share. Research analysts expect that Zscaler will post -0.1 earnings per share for the current year.

Insider Activity at Zscaler

In other news, CEO Jagtar Singh Chaudhry sold 2,155 shares of the stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $429,168.25. Following the completion of the sale, the chief executive officer now owns 356,414 shares of the company’s stock, valued at $70,979,848.10. This represents a 0.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Ajay Mangal sold 190,480 shares of the stock in a transaction that occurred 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. This trade represents a 6.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 241,771 shares of company stock valued at $50,165,040. Corporate insiders own 18.10% of the company’s stock.

Institutional Trading of Zscaler

Several hedge funds have recently made changes to their positions in the company. Anderson Financial Strategies LLC acquired a new position in shares of Zscaler in the 1st quarter worth approximately $238,000. Geneos Wealth Management Inc. lifted its holdings in shares of Zscaler by 26.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,170 shares of the company’s stock worth $1,224,000 after acquiring an additional 1,299 shares during the last quarter. Belpointe Asset Management LLC lifted its holdings in shares of Zscaler by 10.8% in the 1st quarter. Belpointe Asset Management LLC now owns 1,166 shares of the company’s stock worth $231,000 after acquiring an additional 114 shares during the last quarter. Jupiter Wealth Management LLC acquired a new position in shares of Zscaler in the 1st quarter worth approximately $298,000. Finally, Focus Partners Wealth lifted its holdings in shares of Zscaler by 2.5% in the 1st quarter. Focus Partners Wealth now owns 62,083 shares of the company’s stock worth $12,319,000 after acquiring an additional 1,517 shares during the last quarter. Hedge funds and other institutional investors own 46.45% of the company’s stock.

About Zscaler

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.