Zscaler (NASDAQ:ZS) Trading Up 1.1% After Analyst Upgrade

Zscaler, Inc. (NASDAQ:ZS)’s share price was up 1.1% during mid-day trading on Wednesday after JMP Securities raised their price target on the stock from $310.00 to $355.00. JMP Securities currently has a market outperform rating on the stock. Zscaler traded as high as $312.45 and last traded at $310.83. Approximately 533,849 shares traded hands during trading, a decline of 74% from the average daily volume of 2,059,037 shares. The stock had previously closed at $307.32.

Other research analysts have also recently issued research reports about the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $260.00 price objective (up previously from $235.00) on shares of Zscaler in a report on Friday, May 30th. Wells Fargo & Company raised shares of Zscaler from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $260.00 to $385.00 in a report on Friday, June 13th. Cantor Fitzgerald lifted their price objective on shares of Zscaler from $290.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, June 11th. Evercore ISI lifted their price objective on shares of Zscaler from $245.00 to $290.00 and gave the company an “outperform” rating in a report on Friday, May 30th. Finally, UBS Group lifted their price objective on shares of Zscaler from $315.00 to $365.00 and gave the company a “buy” rating in a report on Friday, June 27th. Eight equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $296.82.

Insider Activity

In other Zscaler news, insider Robert Schlossman sold 3,174 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $305.07, for a total value of $968,292.18. Following the sale, the insider directly owned 88,970 shares of the company’s stock, valued at approximately $27,142,077.90. This represents a 3.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jagtar Singh Chaudhry sold 2,849 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $303.70, for a total transaction of $865,241.30. Following the completion of the sale, the chief executive officer directly owned 353,565 shares in the company, valued at approximately $107,377,690.50. This represents a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 200,793 shares of company stock worth $58,752,794 over the last 90 days. Company insiders own 18.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ZS. Krane Funds Advisors LLC boosted its stake in Zscaler by 36.4% during the 1st quarter. Krane Funds Advisors LLC now owns 1,667 shares of the company’s stock worth $331,000 after purchasing an additional 445 shares during the period. Merit Financial Group LLC boosted its stake in Zscaler by 42.0% during the 1st quarter. Merit Financial Group LLC now owns 6,197 shares of the company’s stock worth $1,230,000 after purchasing an additional 1,832 shares during the period. Arlington Capital Management Inc. acquired a new stake in Zscaler during the 4th quarter worth $2,107,000. DnB Asset Management AS boosted its stake in Zscaler by 66.8% during the 4th quarter. DnB Asset Management AS now owns 667,383 shares of the company’s stock worth $120,403,000 after purchasing an additional 267,162 shares during the period. Finally, Norges Bank acquired a new stake in Zscaler during the 4th quarter worth $32,158,000. Institutional investors and hedge funds own 46.45% of the company’s stock.

Zscaler Trading Up 1.8%

The stock has a market cap of $49.01 billion, a price-to-earnings ratio of -1,210.56 and a beta of 1.11. The stock’s 50 day moving average is $272.19 and its two-hundred day moving average is $222.78.

Zscaler (NASDAQ:ZS) last announced its quarterly earnings data on Thursday, May 29th. The company reported $0.84 EPS for the quarter, topping 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 1.52% and a negative return on equity of 0.59%. Zscaler’s quarterly revenue was up 22.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.88 EPS. On average, sell-side analysts predict that Zscaler, Inc. will post -0.1 EPS for the current year.

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.