Norges Bank Makes New Investment in Zscaler, Inc. (NASDAQ:ZS)

Norges Bank purchased a new position in shares of Zscaler, Inc. (NASDAQ:ZS) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 178,250 shares of the company’s stock, valued at approximately $32,158,000.

Several other institutional investors also recently modified their holdings of the business. Global X Japan Co. Ltd. lifted its stake in Zscaler by 127.4% in the fourth quarter. Global X Japan Co. Ltd. now owns 141 shares of the company’s stock valued at $25,000 after buying an additional 79 shares during the period. Stonebridge Financial Group LLC bought a new position in Zscaler during the 4th quarter worth approximately $29,000. Prestige Wealth Management Group LLC acquired a new position in Zscaler during the third quarter valued at approximately $31,000. Versant Capital Management Inc raised its holdings in Zscaler by 136.8% in the fourth quarter. Versant Capital Management Inc now owns 180 shares of the company’s stock worth $32,000 after purchasing an additional 104 shares during the period. Finally, Modus Advisors LLC bought a new position in shares of Zscaler during the fourth quarter worth $36,000. Institutional investors and hedge funds own 46.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ZS. Bank of America raised Zscaler from a “neutral” rating to a “buy” rating and boosted their target price for the company from $215.00 to $240.00 in a research note on Friday, March 7th. Wedbush increased their target price on Zscaler from $230.00 to $240.00 and gave the stock an “outperform” rating in a research note on Thursday, March 6th. Sanford C. Bernstein restated an “outperform” rating and set a $244.00 target price on shares of Zscaler in a report on Thursday, March 6th. Robert W. Baird increased their price objective on shares of Zscaler from $240.00 to $250.00 and gave the stock an “outperform” rating in a research report on Thursday, March 6th. Finally, Jefferies Financial Group cut their price objective on shares of Zscaler from $245.00 to $240.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Eight analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $234.94.

Zscaler Stock Performance

Shares of ZS stock opened at $174.67 on Friday. Zscaler, Inc. has a 52-week low of $153.45 and a 52-week high of $217.84. The stock has a market cap of $27.03 billion, a price-to-earnings ratio of -698.68 and a beta of 1.12. The firm’s 50-day moving average is $202.38 and its 200-day moving average is $194.60.

Insider Buying and Selling at Zscaler

In other news, major shareholder Ajay Mangal sold 190,480 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $200.69, for a total value of $38,227,431.20. Following the transaction, the insider now directly owns 2,580,210 shares of the company’s stock, valued at $517,822,344.90. This represents a 6.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of Zscaler stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total transaction of $429,168.25. Following the sale, the chief executive officer now directly owns 356,414 shares of the company’s stock, valued at $70,979,848.10. The trade was a 0.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 209,234 shares of company stock worth $42,030,790 over the last 90 days. Company insiders own 18.10% 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.