Meeder Advisory Services Inc. Invests $295,000 in Zscaler, Inc. (NASDAQ:ZS)

Key Points

• Meeder Advisory Services Inc. acquired 1,489 shares of Zscaler, Inc., valued at approximately $295,000, in the first quarter.
• Zscaler reported $0.84 earnings per share for the quarter, exceeding analyst estimates, with revenue increasing by 22.6% year-over-year.
• The stock has been assigned an average rating of "Moderate Buy" by analysts, with a consensus price target of $296.82.

Meeder Advisory Services Inc. purchased a new position in Zscaler, Inc. (NASDAQ:ZS - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,489 shares of the company's stock, valued at approximately $295,000.

Several other large investors have also recently made changes to their positions in the stock. Norges Bank acquired a new position in Zscaler during the 4th quarter valued at about $32,158,000. Alliancebernstein L.P. grew its stake in Zscaler by 23.4% during the 4th quarter. Alliancebernstein L.P. now owns 71,735 shares of the company's stock valued at $12,942,000 after purchasing an additional 13,597 shares during the last quarter. HighPoint Advisor Group LLC purchased a new stake in Zscaler during the 4th quarter valued at about $218,000. Geode Capital Management LLC grew its stake in Zscaler by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 1,658,406 shares of the company's stock valued at $298,710,000 after purchasing an additional 32,545 shares during the last quarter. Finally, Westpac Banking Corp grew its stake in Zscaler by 763.5% during the 4th quarter. Westpac Banking Corp now owns 4,784 shares of the company's stock valued at $863,000 after purchasing an additional 4,230 shares during the last quarter. 46.45% of the stock is owned by institutional investors.

Insider Buying and Selling at Zscaler

In related news, EVP Raj Judge sold 2,957 shares of the business's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $303.70, for a total value of $898,040.90. Following the transaction, the executive vice president owned 76,289 shares in the company, valued at $23,168,969.30. The trade was a 3.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Syam Nair sold 4,064 shares of the business's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $303.70, for a total value of $1,234,236.80. Following the completion of the transaction, the insider owned 106,659 shares in the company, valued at $32,392,338.30. This trade represents a 3.67% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 200,793 shares of company stock valued at $58,752,794. 18.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Oppenheimer boosted their price target on Zscaler from $290.00 to $345.00 and gave the company an "outperform" rating in a research note on Friday, June 6th. Stephens restated an "overweight" rating and issued a $255.00 target price on shares of Zscaler in a research note on Tuesday, May 27th. Susquehanna upped their target price on Zscaler from $245.00 to $320.00 and gave the stock a "positive" rating in a research note on Friday, May 30th. Barclays upped their target price on Zscaler from $275.00 to $290.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Finally, Cantor Fitzgerald upped their price target on Zscaler from $290.00 to $340.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Seven research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $296.82.

Zscaler Trading Down 1.4%

NASDAQ:ZS traded down $3.95 during midday trading on Tuesday, reaching $281.91. The company had a trading volume of 547,452 shares, compared to its average volume of 2,223,544. The firm has a market capitalization of $43.89 billion, a price-to-earnings ratio of -1,085.87, a PEG ratio of 240.75 and a beta of 1.06. The stock's fifty day simple moving average is $295.84 and its 200-day simple moving average is $239.60. Zscaler, Inc. has a 12-month low of $153.45 and a 12-month high of $318.46.

Zscaler (NASDAQ:ZS - Get Free Report) last posted 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 analysts' expectations of $667.13 million. Zscaler had a negative return on equity of 0.59% and a negative net margin of 1.52%. Zscaler's quarterly revenue was up 22.6% on a year-over-year basis. During the same period last year, the firm earned $0.88 earnings per share. As a group, sell-side analysts expect that Zscaler, Inc. will post -0.1 EPS for the current year.

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.