Diversify Advisory Services LLC Sells 11,158 Shares of Zscaler, Inc. (NASDAQ:ZS)

Diversify Advisory Services LLC cut its stake in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 68.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,163 shares of the company's stock after selling 11,158 shares during the period. Diversify Advisory Services LLC's holdings in Zscaler were worth $1,024,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ZS. Geode Capital Management LLC grew its holdings in Zscaler by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 1,658,406 shares of the company's stock worth $298,710,000 after acquiring an additional 32,545 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in shares of Zscaler by 25.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,618,176 shares of the company's stock valued at $291,935,000 after buying an additional 332,307 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Zscaler by 120.1% in the 4th quarter. AQR Capital Management LLC now owns 964,031 shares of the company's stock valued at $173,921,000 after buying an additional 525,956 shares in the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Zscaler by 30.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 868,795 shares of the company's stock valued at $156,739,000 after buying an additional 204,996 shares in the last quarter. Finally, DnB Asset Management AS boosted its holdings in shares of Zscaler by 66.8% in the 4th quarter. DnB Asset Management AS now owns 667,383 shares of the company's stock valued at $120,403,000 after buying an additional 267,162 shares in the last quarter. 46.45% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Zscaler news, major shareholder Ajay Mangal sold 120,000 shares of Zscaler stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $300.89, for a total transaction of $36,106,800.00. Following the sale, the insider directly owned 2,550,210 shares in the company, valued at $767,332,686.90. The trade was a 4.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Geller sold 3,662 shares of Zscaler stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $306.72, for a total value of $1,123,208.64. Following the sale, the insider owned 46,813 shares in the company, valued at $14,358,483.36. This represents a 7.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 200,793 shares of company stock worth $58,752,794. 18.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ZS has been the subject of several research analyst reports. Truist Financial reaffirmed a "buy" rating and issued a $300.00 price objective (up from $260.00) on shares of Zscaler in a research report on Friday, May 30th. Wall Street Zen raised shares of Zscaler from a "hold" rating to a "buy" rating in a research report on Sunday, June 8th. Rosenblatt Securities increased their price objective on shares of Zscaler from $235.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Roth Capital reissued a "neutral" rating on shares of Zscaler in a research report on Wednesday, May 28th. Finally, UBS Group raised their price target on shares of Zscaler from $315.00 to $365.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. Eight research 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, the stock presently has an average rating of "Moderate Buy" and an average price target of $296.82.

Zscaler Price Performance

Shares of ZS stock traded up $2.43 during trading hours on Friday, hitting $288.72. The stock had a trading volume of 1,819,101 shares, compared to its average volume of 2,071,037. Zscaler, Inc. has a twelve month low of $153.45 and a twelve month high of $318.46. The stock's 50 day moving average is $287.76 and its 200 day moving average is $231.65. The firm has a market capitalization of $44.95 billion, a PE ratio of -1,110.46 and a beta of 1.11.

Zscaler (NASDAQ:ZS - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.08. The firm had revenue of $678.03 million during 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 revenue was up 22.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.88 earnings per share. As a group, equities analysts predict that Zscaler, Inc. will post -0.1 earnings per share for the current 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.