Zscaler (NASDAQ:ZS) Given New $310.00 Price Target at Scotiabank

Zscaler (NASDAQ:ZS) had its price objective upped by analysts at Scotiabank from $242.00 to $310.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 13.13% from the stock’s current price.

ZS has been the subject of several other reports. BNP Paribas raised shares of Zscaler from a “neutral” rating to an “outperform” rating and set a $260.00 target price for the company in a research note on Monday, April 28th. Guggenheim reaffirmed a “neutral” rating on shares of Zscaler in a research note on Friday. Cantor Fitzgerald boosted their price target on Zscaler from $250.00 to $275.00 and gave the company an “overweight” rating in a research note on Tuesday, May 27th. Rosenblatt Securities lifted their target price on Zscaler from $235.00 to $315.00 and gave the company a “buy” rating in a research report on Friday. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $244.00 price target on shares of Zscaler in a report 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 company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $275.12.

Zscaler Trading Up 9.1%

Zscaler stock opened at $274.03 on Friday. Zscaler has a 1 year low of $153.45 and a 1 year high of $276.49. The company has a market cap of $42.40 billion, a PE ratio of -1,096.12 and a beta of 1.14. The company’s 50-day moving average is $220.62 and its two-hundred day moving average is $206.33.

Zscaler (NASDAQ:ZS) last announced its earnings results on Thursday, May 29th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.76 by $0.08. The firm had revenue of $678.03 million for the quarter, compared to the consensus estimate of $667.13 million. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The business’s quarterly revenue was up 22.6% on a year-over-year basis. During the same period last year, the company posted $0.88 EPS. Research analysts forecast that Zscaler will post -0.1 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Jagtar Singh Chaudhry sold 2,155 shares of the firm’s 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 transaction, the chief executive officer now directly owns 356,414 shares of the company’s stock, valued at approximately $70,979,848.10. This trade represents a 0.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robert Schlossman sold 2,878 shares of Zscaler 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 $573,153.70. Following the completion of the transaction, the insider now directly owns 107,587 shares in the company, valued at $21,425,951.05. This trade represents a 2.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 241,771 shares of company stock worth $50,165,040 in the last quarter. 18.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Zscaler

A number of large investors have recently bought and sold shares of the stock. SYM FINANCIAL Corp bought a new stake in shares of Zscaler in the 4th quarter worth approximately $303,000. Mediolanum International Funds Ltd increased its position in Zscaler by 17.2% during the fourth quarter. Mediolanum International Funds Ltd now owns 53,646 shares of the company’s stock valued at $9,800,000 after acquiring an additional 7,892 shares during the last quarter. Choreo LLC increased its position in Zscaler by 2.6% during the fourth quarter. Choreo LLC now owns 2,833 shares of the company’s stock valued at $517,000 after acquiring an additional 73 shares during the last quarter. Arlington Capital Management Inc. bought a new stake in Zscaler during the fourth quarter valued at about $2,107,000. Finally, DnB Asset Management AS grew its holdings in Zscaler by 66.8% during the fourth quarter. DnB Asset Management AS now owns 667,383 shares of the company’s stock valued at $120,403,000 after purchasing an additional 267,162 shares during the period. 46.45% of the stock is owned by hedge funds and other institutional investors.

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.