Allegiance Financial Group Advisory Services LLC Invests $272,000 in Zscaler, Inc. (NASDAQ:ZS)

Allegiance Financial Group Advisory Services LLC acquired a new position in Zscaler, Inc. (NASDAQ:ZS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,371 shares of the company's stock, valued at approximately $272,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ZS. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Zscaler during the 4th quarter valued at about $213,000. Corient Private Wealth LLC raised its stake in shares of Zscaler by 8.1% during the 4th quarter. Corient Private Wealth LLC now owns 18,991 shares of the company's stock valued at $3,426,000 after buying an additional 1,429 shares during the last quarter. Evoke Wealth LLC purchased a new position in shares of Zscaler during the 4th quarter valued at about $221,000. Xponance Inc. increased its stake in shares of Zscaler by 8.2% in the 4th quarter. Xponance Inc. now owns 17,127 shares of the company's stock valued at $3,090,000 after purchasing an additional 1,295 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Zscaler in the 4th quarter valued at about $404,000. Hedge funds and other institutional investors own 46.45% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ZS. Evercore ISI lifted their price target on Zscaler from $245.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Wall Street Zen upgraded Zscaler from a "hold" rating to a "buy" rating in a research note on Sunday, June 8th. Susquehanna boosted their price objective on Zscaler from $245.00 to $320.00 and gave the stock a "positive" rating in a research note on Friday, May 30th. BTIG Research reiterated a "buy" rating on shares of Zscaler in a research note on Thursday, July 10th. Finally, Stifel Nicolaus boosted their target price on Zscaler from $270.00 to $295.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Eight analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Zscaler currently has an average rating of "Moderate Buy" and an average target price of $296.82.

Zscaler Stock Up 0.5%

Shares of ZS traded up $1.50 during midday trading on Friday, hitting $287.79. The company had a trading volume of 582,021 shares, compared to its average volume of 2,063,343. The company's 50 day moving average price is $286.65 and its 200 day moving average price is $230.55. The stock has a market cap of $44.81 billion, a price-to-earnings ratio of -1,106.54 and a beta of 1.11. Zscaler, Inc. has a 52 week low of $153.45 and a 52 week high of $318.46.

Zscaler (NASDAQ:ZS - Get Free Report) last posted its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 1.52% and a negative return on equity of 0.59%. Zscaler's revenue was up 22.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.88 EPS. Equities analysts anticipate that Zscaler, Inc. will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling at Zscaler

In other news, CEO Jagtar Singh Chaudhry sold 2,849 shares of the business's 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 sale, the chief executive officer owned 353,565 shares in the company, valued at $107,377,690.50. The trade was a 0.80% 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, insider Robert Schlossman sold 3,174 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $305.07, for a total transaction of $968,292.18. Following the sale, the insider owned 88,970 shares in the company, valued at $27,142,077.90. This represents a 3.44% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 200,793 shares of company stock valued at $58,752,794. Corporate insiders own 18.10% of the company's stock.

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.

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