Zscaler (NASDAQ:ZS) Price Target Cut to $200.00 by Analysts at Morgan Stanley

Zscaler (NASDAQ:ZS) had its price objective reduced by research analysts at Morgan Stanley from $205.00 to $200.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential downside of 0.54% from the company’s previous close.

ZS has been the topic of several other reports. BMO Capital Markets increased their price objective on shares of Zscaler from $222.00 to $233.00 and gave the stock an “outperform” rating in a report on Thursday, March 6th. Sanford C. Bernstein restated an “outperform” rating and set a $244.00 price objective on shares of Zscaler in a report on Thursday, March 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $235.00 target price on shares of Zscaler in a research report on Tuesday. Citigroup restated a “buy” rating and set a $240.00 price target (up from $235.00) on shares of Zscaler in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company lifted their price objective on Zscaler from $190.00 to $210.00 and gave the company an “equal weight” rating in a research note on Thursday, March 6th. Eight investment 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 presently has a consensus rating of “Moderate Buy” and an average price target of $234.77.

Zscaler Stock Performance

Shares of ZS opened at $201.09 on Wednesday. The company’s 50 day simple moving average is $200.50 and its 200 day simple moving average is $195.99. The company has a market capitalization of $31.11 billion, a price-to-earnings ratio of -804.36 and a beta of 1.12. Zscaler has a 1 year low of $153.45 and a 1 year high of $217.84.

Insider Buying and Selling at Zscaler

In other Zscaler news, major shareholder Ajay Mangal sold 190,480 shares of Zscaler stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 2,580,210 shares in the company, valued at $517,822,344.90. The trade was a 6.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total value 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 trade represents a 0.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 209,234 shares of company stock worth $42,030,790 over the last quarter. 18.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Zscaler

A number of hedge funds have recently added to or reduced their stakes in the stock. Zweig DiMenna Associates LLC grew its holdings in Zscaler by 29.8% in the 4th quarter. Zweig DiMenna Associates LLC now owns 77,941 shares of the company’s stock worth $14,061,000 after buying an additional 17,900 shares in the last quarter. Baader Bank Aktiengesellschaft grew its stake in shares of 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 purchasing an additional 1,952 shares in the last quarter. Everence Capital Management Inc. acquired a new position in shares of Zscaler during the fourth quarter valued at $565,000. SYM FINANCIAL Corp bought a new stake in shares of Zscaler during the fourth quarter valued at about $303,000. Finally, Merit Financial Group LLC acquired a new stake in Zscaler in the fourth quarter worth about $787,000. 46.45% of the stock is currently 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.