Wells Fargo & Company Boosts Zscaler (NASDAQ:ZS) Price Target to $190.00

Zscaler (NASDAQ:ZS) had its price objective boosted by investment analysts at Wells Fargo & Company from $180.00 to $190.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential downside of 8.91% from the company’s previous close.

Other equities analysts also recently issued reports about the company. BMO Capital Markets lifted their target price on Zscaler from $197.00 to $222.00 and gave the company an “outperform” rating in a research report on Tuesday. Morgan Stanley reduced their price objective on shares of Zscaler from $215.00 to $205.00 and set an “equal weight” rating for the company in a research note on Tuesday. KeyCorp upped their price objective on shares of Zscaler from $245.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday. UBS Group cut their target price on shares of Zscaler from $270.00 to $250.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $190.00 price target on shares of Zscaler in a report on Wednesday, September 4th. Eleven analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $224.84.

Zscaler Stock Performance

NASDAQ:ZS traded up $9.94 during mid-day trading on Wednesday, hitting $208.58. 1,896,576 shares of the stock were exchanged, compared to its average volume of 2,047,745. Zscaler has a fifty-two week low of $153.45 and a fifty-two week high of $259.61. The firm’s 50-day simple moving average is $191.28 and its 200 day simple moving average is $185.15. The stock has a market capitalization of $32.00 billion, a price-to-earnings ratio of -834.32 and a beta of 0.82.

Zscaler (NASDAQ:ZS) last posted its quarterly earnings results on Monday, December 2nd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.14. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.80%. The company had revenue of $628.00 million during the quarter, compared to analyst estimates of $605.51 million. During the same period in the prior year, the business posted ($0.18) EPS. The firm’s revenue was up 26.4% compared to the same quarter last year. On average, analysts predict that Zscaler will post -0.95 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jagtar Singh Chaudhry sold 2,852 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $171.28, for a total transaction of $488,490.56. Following the transaction, the chief executive officer now directly owns 361,432 shares in the company, valued at approximately $61,906,072.96. The trade was a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Remo Canessa sold 8,455 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $171.28, for a total transaction of $1,448,172.40. Following the sale, the chief financial officer now directly owns 231,793 shares of the company’s stock, valued at $39,701,505.04. The trade was a 3.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,502 shares of company stock worth $5,256,651. Insiders own 18.10% of the company’s stock.

Hedge Funds Weigh In On Zscaler

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Tidal Investments LLC boosted its position in Zscaler by 278.9% during the 3rd quarter. Tidal Investments LLC now owns 34,098 shares of the company’s stock worth $5,829,000 after acquiring an additional 25,099 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Zscaler in the third quarter worth $38,000. Sanctuary Advisors LLC grew its position in Zscaler by 48.1% in the third quarter. Sanctuary Advisors LLC now owns 11,107 shares of the company’s stock worth $1,899,000 after acquiring an additional 3,608 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Zscaler by 103.8% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 41,026 shares of the company’s stock valued at $7,013,000 after buying an additional 20,900 shares during the last quarter. Finally, Coldstream Capital Management Inc. increased its holdings in shares of Zscaler by 50.1% in the 3rd quarter. Coldstream Capital Management Inc. now owns 2,281 shares of the company’s stock worth $397,000 after buying an additional 761 shares during the last quarter. 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.