Azimuth Capital Investment Management LLC Buys New Shares in Zscaler, Inc. (NASDAQ:ZS)

Key Points

• Azimuth Capital Investment Management LLC acquired a new stake in Zscaler, Inc. by purchasing 1,050 shares valued at approximately $208,000 during the first quarter.
• Zscaler reported earnings of $0.84 per share, exceeding analysts' expectations, with revenue of $678.03 million for the quarter, marking a 22.6% year-over-year increase.
• The average target price for Zscaler shares has been adjusted upward by several analysts, with the consensus target now set at $296.82, suggesting a strong market outlook.

Azimuth Capital Investment Management LLC bought a new stake in Zscaler, Inc. (NASDAQ:ZS - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,050 shares of the company's stock, valued at approximately $208,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. ORG Partners LLC increased its position in Zscaler by 284.8% during the first quarter. ORG Partners LLC now owns 127 shares of the company's stock worth $26,000 after buying an additional 94 shares during the last quarter. Colonial Trust Co SC acquired a new position in Zscaler during the fourth quarter worth approximately $28,000. Goodman Advisory Group LLC acquired a new position in Zscaler during the first quarter worth approximately $29,000. N.E.W. Advisory Services LLC acquired a new position in Zscaler during the first quarter worth approximately $29,000. Finally, Elequin Capital LP acquired a new position in Zscaler during the fourth quarter worth approximately $30,000. Institutional investors and hedge funds own 46.45% of the company's stock.

Zscaler Stock Performance

Shares of ZS stock opened at $274.97 on Friday. The stock's fifty day moving average price is $295.02 and its two-hundred day moving average price is $244.09. The company has a market cap of $42.81 billion, a PE ratio of -1,057.58, a P/E/G ratio of 242.96 and a beta of 1.06. Zscaler, Inc. has a fifty-two week low of $153.45 and a fifty-two week high of $318.46.

Zscaler (NASDAQ:ZS - Get Free Report) last issued its 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 firm had revenue of $678.03 million for the quarter, compared to the consensus estimate of $667.13 million. Zscaler had a negative return on equity of 0.59% and a negative net margin of 1.52%. The company's revenue was up 22.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.88 EPS. On average, equities analysts predict that Zscaler, Inc. will post -0.1 EPS for the current fiscal year.

Insider Activity at Zscaler

In related news, insider Syam Nair sold 4,064 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $303.70, for a total transaction of $1,234,236.80. Following the sale, the insider owned 106,659 shares of the company's stock, valued at $32,392,338.30. This trade represents a 3.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Adam Geller sold 3,662 shares of the firm's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $306.72, for a total value of $1,123,208.64. Following the sale, the insider directly owned 46,813 shares in the company, valued at approximately $14,358,483.36. This trade represents a 7.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 168,256 shares of company stock worth $50,618,544 over the last 90 days. 18.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ZS has been the topic of several research reports. Roth Capital reaffirmed a "neutral" rating on shares of Zscaler in a research report on Wednesday, May 28th. Truist Financial reaffirmed a "buy" rating and issued a $300.00 target price (up previously from $260.00) on shares of Zscaler in a research report on Friday, May 30th. Stifel Nicolaus upped their target price on Zscaler from $270.00 to $295.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Barclays upped their target price on Zscaler from $275.00 to $290.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. Finally, BNP Paribas raised Zscaler from a "neutral" rating to an "outperform" rating and set a $260.00 target price on the stock in a research report on Monday, April 28th. Seven investment 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, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $296.82.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.