Evercore ISI Raises Zscaler (NASDAQ:ZS) Price Target to $290.00

Zscaler (NASDAQ:ZS - Free Report) had its price target hoisted by Evercore ISI from $245.00 to $290.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities research analysts have also commented on the stock. Guggenheim reiterated a "neutral" rating on shares of Zscaler in a research note on Friday. Wells Fargo & Company increased their price objective on shares of Zscaler from $210.00 to $260.00 and gave the company an "equal weight" rating in a research note on Friday. BTIG Research set a $252.00 target price on shares of Zscaler and gave the company a "buy" rating in a research report on Thursday, March 6th. Stifel Nicolaus increased their target price on shares of Zscaler from $270.00 to $295.00 and gave the company a "buy" rating in a research report on Friday. Finally, Scotiabank increased their target price on shares of Zscaler from $242.00 to $310.00 and gave the company a "sector outperform" rating in a research report on Friday. Ten investment analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company's stock. According to MarketBeat.com, Zscaler currently has an average rating of "Moderate Buy" and a consensus target price of $275.12.

Zscaler Stock Performance

NASDAQ:ZS traded up $22.92 on Friday, hitting $274.03. The stock had a trading volume of 9,940,403 shares, compared to its average volume of 2,045,319. The stock has a market cap of $42.40 billion, a P/E ratio of -1,096.12 and a beta of 1.14. Zscaler has a 1 year low of $153.45 and a 1 year high of $276.49. The firm's fifty day simple moving average is $220.62 and its two-hundred day simple moving average is $206.31.

Zscaler (NASDAQ:ZS - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.76 by $0.08. The firm had revenue of $678.03 million during 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%. The company's revenue for the quarter was up 22.6% on a year-over-year basis. During the same quarter last year, the business posted $0.88 EPS. Equities research analysts predict that Zscaler will post -0.1 EPS for the current year.

Insider Buying and Selling at Zscaler

In other news, CEO Jagtar Singh Chaudhry sold 2,155 shares of the firm's stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total transaction of $429,168.25. Following the sale, the chief executive officer now 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Ajay Mangal sold 190,480 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $200.69, for a total transaction 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. This trade represents a 6.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 241,771 shares of company stock valued at $50,165,040 in the last three months. Company insiders own 18.10% of the company's stock.

Institutional Trading of Zscaler

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Zscaler by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 9,890,506 shares of the company's stock worth $1,962,474,000 after purchasing an additional 294,034 shares during the period. Goldman Sachs Group Inc. increased its position in shares of 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 acquiring an additional 578,883 shares during the period. T. Rowe Price Investment Management Inc. purchased a new position in shares of Zscaler in the first quarter valued at about $516,622,000. Geode Capital Management LLC increased its position in shares of Zscaler by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 1,658,406 shares of the company's stock valued at $298,710,000 after acquiring an additional 32,545 shares during the period. Finally, Pictet Asset Management Holding SA increased its position in shares of Zscaler by 25.8% in 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 acquiring an additional 332,307 shares during the period. Hedge funds and other institutional investors own 46.45% of the company's stock.

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.