Zscaler (NASDAQ:ZS) Price Target Raised to $310.00

Zscaler (NASDAQ:ZS) had its price target raised by Scotiabank from $242.00 to $310.00 in a report issued on Friday,Benzinga reports. They currently have a sector outperform rating on the stock.

A number of other brokerages also recently issued reports on ZS. Roth Capital reaffirmed a “neutral” rating on shares of Zscaler in a research note on Wednesday. JPMorgan Chase & Co. raised their target price on Zscaler from $250.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, May 23rd. BNP Paribas upgraded Zscaler from a “neutral” rating to an “outperform” rating and set a $260.00 target price for the company in a report on Monday, April 28th. Wells Fargo & Company increased their price target on Zscaler from $210.00 to $260.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $260.00 price target (up previously from $235.00) on shares of Zscaler in a research report on Friday. Ten analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat, Zscaler has an average rating of “Moderate Buy” and an average target price of $275.12.

Zscaler Price Performance

Shares of ZS stock opened at $274.03 on Friday. The company has a market cap of $42.40 billion, a price-to-earnings ratio of -1,096.12 and a beta of 1.14. The stock has a 50 day simple moving average of $220.62 and a 200-day simple moving average of $206.35. Zscaler has a 1-year low of $153.45 and a 1-year high of $276.49.

Zscaler (NASDAQ:ZS) last announced its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share for the quarter, topping 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 business had revenue of $678.03 million during the quarter, compared to the consensus estimate of $667.13 million. During the same period in the prior year, the company posted $0.88 EPS. The business’s quarterly revenue was up 22.6% on a year-over-year basis. Analysts anticipate that Zscaler will post -0.1 earnings per share for the current fiscal year.

Insider Activity at Zscaler

In other Zscaler news, insider Syam Nair sold 28,947 shares of the business’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $250.00, for a total transaction of $7,236,750.00. Following the sale, the insider now directly owns 110,566 shares in the company, valued at approximately $27,641,500. The trade was a 20.75% 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, major shareholder Ajay Mangal sold 190,480 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $200.69, for a total value of $38,227,431.20. Following the sale, the insider now owns 2,580,210 shares in the company, valued at approximately $517,822,344.90. The trade was a 6.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 241,771 shares of company stock worth $50,165,040 over the last three months. 18.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Zscaler

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Zscaler by 3.1% during the first quarter. Vanguard Group Inc. now owns 9,890,506 shares of the company’s stock valued at $1,962,474,000 after acquiring an additional 294,034 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Zscaler by 23.4% in the first quarter. Goldman Sachs Group Inc. now owns 3,048,238 shares of the company’s stock valued at $604,831,000 after purchasing an additional 578,883 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in Zscaler during the first quarter valued at approximately $516,622,000. Geode Capital Management LLC raised its stake in Zscaler by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 1,658,406 shares of the company’s stock valued at $298,710,000 after buying an additional 32,545 shares in the last quarter. Finally, Pictet Asset Management Holding SA raised its stake in Zscaler by 25.8% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,618,176 shares of the company’s stock valued at $291,935,000 after buying an additional 332,307 shares in the last quarter. 46.45% of the stock is currently owned by institutional investors and hedge funds.

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.