Canaccord Genuity Group Forecasts Strong Price Appreciation for Zscaler (NASDAQ:ZS) Stock

Zscaler (NASDAQ:ZS - Free Report) had its price objective hoisted by Canaccord Genuity Group from $230.00 to $305.00 in a research report released on Monday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Cantor Fitzgerald raised their price objective on shares of Zscaler from $250.00 to $275.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. Piper Sandler reaffirmed a "neutral" rating and set a $260.00 price objective (up from $235.00) on shares of Zscaler in a research report on Friday. BNP Paribas raised 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. Sanford C. Bernstein reissued an "outperform" rating and set a $244.00 target price on shares of Zscaler in a report on Thursday, March 6th. Finally, Roth Capital reissued a "neutral" rating on shares of Zscaler in a report on Wednesday, May 28th. Ten equities research analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $277.32.

Zscaler Price Performance

Shares of ZS traded up $1.85 during mid-day trading on Monday, hitting $295.03. The company's stock had a trading volume of 3,942,270 shares, compared to its average volume of 2,062,645. The firm has a 50-day moving average price of $222.26 and a 200 day moving average price of $206.95. The stock has a market capitalization of $45.65 billion, a price-to-earnings ratio of -1,180.12 and a beta of 1.14. Zscaler has a fifty-two week low of $153.45 and a fifty-two week high of $297.91.

Zscaler (NASDAQ:ZS - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The company reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.08. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The company had revenue of $678.03 million for the quarter, compared to analyst estimates of $667.13 million. During the same quarter last year, the firm posted $0.88 earnings per share. The company's quarterly revenue was up 22.6% compared to the same quarter last year. As a group, equities analysts anticipate that Zscaler will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling

In other news, 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 owns 2,580,210 shares of the company's stock, valued at $517,822,344.90. This represents a 6.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert Schlossman sold 2,878 shares of the business's stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $573,153.70. Following the sale, the insider now owns 107,587 shares in the company, valued at approximately $21,425,951.05. The trade was a 2.61% 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 valued at $50,165,040 over the last ninety days. 18.10% of the stock is owned by corporate insiders.

Institutional Trading of Zscaler

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Anderson Financial Strategies LLC bought a new position in Zscaler in the 1st quarter worth about $238,000. Geneos Wealth Management Inc. increased its stake in Zscaler by 26.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,170 shares of the company's stock worth $1,224,000 after acquiring an additional 1,299 shares during the last quarter. Belpointe Asset Management LLC increased its stake in Zscaler by 10.8% in the 1st quarter. Belpointe Asset Management LLC now owns 1,166 shares of the company's stock worth $231,000 after acquiring an additional 114 shares during the last quarter. Jupiter Wealth Management LLC bought a new position in Zscaler in the 1st quarter worth about $298,000. Finally, Focus Partners Wealth boosted its holdings in shares of Zscaler by 2.5% in the 1st quarter. Focus Partners Wealth now owns 62,083 shares of the company's stock worth $12,319,000 after purchasing an additional 1,517 shares in the last quarter. 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.