Palumbo Wealth Management LLC Makes New Investment in Zscaler, Inc. (NASDAQ:ZS)

Palumbo Wealth Management LLC acquired a new position in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,280 shares of the company's stock, valued at approximately $254,000.

A number of other hedge funds have also recently bought and sold shares of the company. Quintet Private Bank Europe S.A. boosted its holdings in Zscaler by 4.7% during the first quarter. Quintet Private Bank Europe S.A. now owns 1,120 shares of the company's stock worth $222,000 after buying an additional 50 shares during the last quarter. Corebridge Financial Inc. boosted its position in shares of Zscaler by 0.5% during the fourth quarter. Corebridge Financial Inc. now owns 11,695 shares of the company's stock worth $2,110,000 after purchasing an additional 54 shares in the last quarter. Erste Asset Management GmbH grew its holdings in shares of Zscaler by 0.6% in the 4th quarter. Erste Asset Management GmbH now owns 9,780 shares of the company's stock valued at $1,805,000 after buying an additional 56 shares during the period. Ironwood Investment Management LLC raised its stake in 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 buying an additional 64 shares during the period. Finally, Smartleaf Asset Management LLC grew its stake in Zscaler by 16.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 482 shares of the company's stock valued at $88,000 after acquiring an additional 69 shares during the period. 46.45% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Zscaler news, CEO Jagtar Singh Chaudhry sold 2,849 shares of Zscaler stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $303.70, for a total transaction of $865,241.30. Following the transaction, the chief executive officer now directly owns 353,565 shares of the company's stock, valued at approximately $107,377,690.50. This trade represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ajay Mangal sold 120,000 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $300.89, for a total value of $36,106,800.00. Following the completion of the sale, the insider now directly owns 2,550,210 shares of the company's stock, valued at approximately $767,332,686.90. This trade represents a 4.49% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 210,793 shares of company stock valued at $60,812,794. Insiders own 18.10% of the company's stock.

Analyst Ratings Changes

ZS has been the subject of a number of research analyst reports. Needham & Company LLC upped their target price on shares of Zscaler from $240.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Evercore ISI increased their price objective on Zscaler from $245.00 to $290.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. JPMorgan Chase & Co. upped their price target on Zscaler from $292.00 to $348.00 and gave the stock an "overweight" rating in a research report on Monday, June 16th. Cantor Fitzgerald boosted their price objective on shares of Zscaler from $290.00 to $340.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Finally, Oppenheimer lifted their price target on shares of Zscaler from $290.00 to $345.00 and gave the company an "outperform" rating in a research note on Friday, June 6th. Eight research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Zscaler presently has a consensus rating of "Moderate Buy" and a consensus target price of $294.03.

Zscaler Stock Down 0.6%

ZS traded down $2.00 during midday trading on Tuesday, hitting $308.46. 2,112,680 shares of the company were exchanged, compared to its average volume of 2,306,194. The firm has a market capitalization of $48.03 billion, a P/E ratio of -1,186.38 and a beta of 1.09. The firm's 50 day moving average price is $254.50 and its 200-day moving average price is $217.01. Zscaler, Inc. has a 1-year low of $153.45 and a 1-year high of $314.64.

Zscaler (NASDAQ:ZS - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.76 by $0.08. Zscaler had a negative net margin of 1.52% and a negative return on equity of 0.59%. The company had revenue of $678.03 million during the quarter, compared to the consensus estimate of $667.13 million. During the same quarter last year, the firm posted $0.88 EPS. The company's quarterly revenue was up 22.6% on a year-over-year basis. On average, sell-side analysts predict that Zscaler, Inc. will post -0.1 earnings per share 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.