Zscaler (NASDAQ:ZS) Reaches New 52-Week High on Analyst Upgrade

Zscaler, Inc. (NASDAQ:ZS) hit a new 52-week high during mid-day trading on Monday after Canaccord Genuity Group raised their price target on the stock from $230.00 to $305.00. Canaccord Genuity Group currently has a buy rating on the stock. Zscaler traded as high as $288.92 and last traded at $287.60, with a volume of 1844035 shares trading hands. The stock had previously closed at $275.70.

Several other analysts have also issued reports on ZS. KeyCorp boosted their price objective on shares of Zscaler from $290.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, May 30th. Citigroup reissued a “buy” rating and issued a $240.00 price target (up from $235.00) on shares of Zscaler in a research note on Wednesday, March 5th. Jefferies Financial Group decreased their price objective on shares of Zscaler from $245.00 to $240.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Susquehanna lifted their target price on shares of Zscaler from $245.00 to $320.00 and gave the company a “positive” rating in a report on Friday, May 30th. Finally, Roth Capital reissued a “neutral” rating on shares of Zscaler in a research report on Wednesday, May 28th. Ten analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $277.32.

Insider Activity at Zscaler

In other Zscaler news, CEO Jagtar Singh Chaudhry sold 2,155 shares of the firm’s stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Ajay Mangal sold 190,480 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $200.69, for a total transaction of $38,227,431.20. Following the transaction, the insider now directly owns 2,580,210 shares in the company, valued at approximately $517,822,344.90. This trade represents a 6.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,771 shares of company stock worth $50,165,040 in the last quarter. Company insiders own 18.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ZS. Quintet Private Bank Europe S.A. grew its stake in Zscaler by 4.7% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 1,120 shares of the company’s stock valued at $222,000 after acquiring an additional 50 shares during the last quarter. Corebridge Financial Inc. grew its position in shares of Zscaler by 0.5% in the fourth quarter. Corebridge Financial Inc. now owns 11,695 shares of the company’s stock valued at $2,110,000 after purchasing an additional 54 shares during the last quarter. Erste Asset Management GmbH increased its stake in shares of Zscaler by 0.6% during the 4th quarter. Erste Asset Management GmbH now owns 9,780 shares of the company’s stock worth $1,805,000 after purchasing an additional 56 shares in the last quarter. Ironwood Investment Management LLC raised its position in shares of Zscaler by 1.0% during the 4th quarter. Ironwood Investment Management LLC now owns 6,249 shares of the company’s stock worth $1,127,000 after purchasing an additional 64 shares during the last quarter. Finally, Cerity Partners LLC raised its position in shares of Zscaler by 0.3% during the 1st quarter. Cerity Partners LLC now owns 22,928 shares of the company’s stock worth $4,549,000 after purchasing an additional 68 shares during the last quarter. 46.45% of the stock is currently owned by institutional investors and hedge funds.

Zscaler Trading Up 0.6%

The business has a 50 day moving average of $223.97 and a 200-day moving average of $207.56. The stock has a market cap of $45.65 billion, a PE ratio of -1,180.12 and a beta of 1.14.

Zscaler (NASDAQ:ZS) last announced its quarterly earnings results on Thursday, May 29th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.08. The company had revenue of $678.03 million for the quarter, compared to analyst estimates of $667.13 million. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. During the same quarter last year, the business earned $0.88 EPS. Zscaler’s revenue for the quarter was up 22.6% on a year-over-year basis. On average, equities research analysts anticipate that Zscaler, Inc. will post -0.1 EPS for the current fiscal year.

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.