Pitcairn Co. Cuts Stock Position in Zscaler, Inc. (NASDAQ:ZS)

Pitcairn Co. decreased its holdings in Zscaler, Inc. (NASDAQ:ZS) by 6.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,115 shares of the company’s stock after selling 76 shares during the quarter. Pitcairn Co.’s holdings in Zscaler were worth $201,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ZS. Nomura Asset Management Co. Ltd. raised its position in Zscaler by 11.0% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 380,463 shares of the company’s stock valued at $65,036,000 after purchasing an additional 37,801 shares in the last quarter. Zweig DiMenna Associates LLC raised its holdings in Zscaler by 29.8% in the fourth quarter. Zweig DiMenna Associates LLC now owns 77,941 shares of the company’s stock valued at $14,061,000 after acquiring an additional 17,900 shares in the last quarter. Baader Bank Aktiengesellschaft lifted its stake in Zscaler by 30.3% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 8,400 shares of the company’s stock worth $1,515,000 after acquiring an additional 1,952 shares during the last quarter. Benjamin Edwards Inc. acquired a new position in Zscaler during the 3rd quarter worth approximately $449,000. Finally, Everence Capital Management Inc. purchased a new stake in shares of Zscaler in the 4th quarter valued at approximately $565,000. Institutional investors and hedge funds own 46.45% of the company’s stock.

Zscaler Trading Down 9.1 %

Shares of Zscaler stock opened at $174.67 on Monday. The company has a 50-day moving average of $202.38 and a two-hundred day moving average of $194.78. Zscaler, Inc. has a 12-month low of $153.45 and a 12-month high of $217.84. The stock has a market cap of $27.03 billion, a PE ratio of -698.68 and a beta of 1.12.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ZS. Mizuho boosted their target price on shares of Zscaler from $210.00 to $225.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Cantor Fitzgerald raised Zscaler from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $220.00 to $250.00 in a research report on Thursday. Morgan Stanley started coverage on Zscaler in a research report on Tuesday, March 18th. They set an “equal weight” rating on the stock. Citigroup reaffirmed a “buy” rating and issued a $240.00 price target (up from $235.00) on shares of Zscaler in a report on Wednesday, March 5th. Finally, Scotiabank reissued a “sector outperform” rating and set a $242.00 price objective (up previously from $225.00) on shares of Zscaler in a report on Wednesday, March 5th. Eight research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $234.94.

Insider Activity at Zscaler

In related news, 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 completion of the sale, the chief executive officer now owns 356,414 shares in the company, valued at approximately $70,979,848.10. This trade represents a 0.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ajay Mangal sold 190,480 shares of the business’s stock in a transaction dated 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. The trade was a 6.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 209,234 shares of company stock valued at $42,030,790 in the last ninety days. Corporate insiders own 18.10% of the company’s stock.

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.