Zscaler (NASDAQ:ZS) Price Target Raised to $315.00

Zscaler (NASDAQ:ZS) had its price objective upped by Rosenblatt Securities from $235.00 to $315.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently weighed in on the company. Scotiabank reissued a “sector outperform” rating and set a $242.00 price objective (up from $225.00) on shares of Zscaler in a report on Wednesday, March 5th. Jefferies Financial Group dropped their price target on shares of Zscaler from $245.00 to $240.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Robert W. Baird raised their price objective on shares of Zscaler from $240.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, March 6th. Bank of America raised shares of Zscaler from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $215.00 to $240.00 in a report on Friday, March 7th. Finally, UBS Group increased their price target on Zscaler from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Ten equities research analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $275.12.

Zscaler Price Performance

ZS stock opened at $274.03 on Friday. The company has a 50 day moving average price of $220.62 and a 200 day moving average price of $206.31. Zscaler has a fifty-two week low of $153.45 and a fifty-two week high of $276.49. The stock has a market capitalization of $42.40 billion, a PE ratio of -1,096.12 and a beta of 1.14.

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

Insider Transactions at Zscaler

In other news, major shareholder Ajay Mangal sold 190,480 shares of the firm’s 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 transaction, the insider now directly owns 2,580,210 shares of the company’s stock, valued at $517,822,344.90. This trade represents a 6.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the business’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total transaction of $429,168.25. Following the completion of the sale, the chief executive officer now directly owns 356,414 shares in the company, valued at approximately $70,979,848.10. This represents a 0.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold 241,771 shares of company stock valued at $50,165,040 over the last three months. Company insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Zscaler

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. ORG Partners LLC grew its holdings in shares of Zscaler by 284.8% in the 1st quarter. ORG Partners LLC now owns 127 shares of the company’s stock valued at $26,000 after acquiring an additional 94 shares in the last quarter. SVB Wealth LLC acquired a new position in Zscaler during the first quarter valued at approximately $26,000. Global X Japan Co. Ltd. grew 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 purchasing an additional 79 shares in the last quarter. Goodman Advisory Group LLC acquired a new position in shares of Zscaler during the 1st quarter worth approximately $29,000. Finally, N.E.W. Advisory Services LLC bought a new stake in shares of Zscaler during the 1st quarter worth approximately $29,000. 46.45% of the stock is owned by institutional investors.

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.