Zscaler (NASDAQ:ZS) Upgraded by Morgan Stanley to “Overweight” Rating

Zscaler (NASDAQ:ZS) was upgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Tuesday,Benzinga reports. The brokerage presently has a $320.00 target price on the stock, up from their prior target price of $280.00. Morgan Stanley’s target price indicates a potential upside of 15.50% from the stock’s current price.

Several other analysts have also issued reports on the stock. Stephens reiterated an “overweight” rating and issued a $255.00 target price on shares of Zscaler in a research report on Tuesday, May 27th. Mizuho lifted their target price on shares of Zscaler from $275.00 to $290.00 and gave the company a “neutral” rating in a research report on Wednesday, June 4th. UBS Group lifted their target price on shares of Zscaler from $315.00 to $365.00 and gave the company a “buy” rating in a research report on Friday, June 27th. FBN Securities upgraded shares of Zscaler to a “strong-buy” rating in a research report on Friday, May 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $340.00 price target on shares of Zscaler in a research note on Thursday, August 28th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $297.63.

Zscaler Stock Down 1.2%

Shares of NASDAQ ZS opened at $277.05 on Tuesday. The company’s 50-day simple moving average is $288.53 and its 200-day simple moving average is $249.79. Zscaler has a 52-week low of $153.45 and a 52-week high of $318.46. The firm has a market cap of $43.14 billion, a price-to-earnings ratio of -1,065.58, a price-to-earnings-growth ratio of 259.58 and a beta of 1.05.

Insider Activity at Zscaler

In other Zscaler news, insider Syam Nair sold 4,064 shares of Zscaler stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $303.70, for a total transaction of $1,234,236.80. Following the transaction, the insider directly owned 106,659 shares of the company’s stock, valued at $32,392,338.30. The trade was a 3.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew William Fraser Brown sold 20,333 shares of Zscaler stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $296.72, for a total transaction of $6,033,207.76. Following the transaction, the director directly owned 27,216 shares in the company, valued at $8,075,531.52. This trade represents a 42.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 168,256 shares of company stock valued at $50,618,544 over the last ninety days. Corporate insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Zscaler

A number of institutional investors have recently made changes to their positions in ZS. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Zscaler during the first quarter valued at about $516,622,000. Federated Hermes Inc. increased its position in shares of Zscaler by 314.0% during the second quarter. Federated Hermes Inc. now owns 1,171,983 shares of the company’s stock valued at $367,932,000 after acquiring an additional 888,888 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Zscaler by 8.3% during the second quarter. Vanguard Group Inc. now owns 10,715,132 shares of the company’s stock valued at $3,363,909,000 after acquiring an additional 824,626 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Zscaler during the first quarter valued at about $153,340,000. Finally, Goldman Sachs Group Inc. increased its position in shares of Zscaler by 23.4% during the first quarter. Goldman Sachs Group Inc. now owns 3,048,238 shares of the company’s stock valued at $604,831,000 after acquiring an additional 578,883 shares during the last quarter. 46.45% of the stock is currently owned by institutional investors and hedge funds.

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.