Zscaler, Inc. (NASDAQ:ZS) Shares Sold by Empower Advisory Group LLC

Key Points

• Empower Advisory Group LLC reduced its Zscaler holdings by 53.6% in the first quarter, selling 1,789 shares and now owning 1,550 shares worth $308,000.
• Multiple institutional investors increased their positions in Zscaler, leading to 46.45% of the stock being owned by institutional investors and hedge funds.
• Zscaler received several buy ratings from analysts, with price targets ranging from $290 to $345, indicating strong market confidence in the company's future performance.

Empower Advisory Group LLC reduced its position in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 53.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,550 shares of the company's stock after selling 1,789 shares during the period. Empower Advisory Group LLC's holdings in Zscaler were worth $308,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Thoroughbred Financial Services LLC boosted its holdings in Zscaler by 3.4% in the 1st quarter. Thoroughbred Financial Services LLC now owns 12,953 shares of the company's stock valued at $2,570,000 after purchasing an additional 426 shares during the period. Raiffeisen Bank International AG boosted its holdings in Zscaler by 7.2% in the 1st quarter. Raiffeisen Bank International AG now owns 33,149 shares of the company's stock valued at $6,866,000 after purchasing an additional 2,236 shares during the period. Manchester Capital Management LLC boosted its holdings in Zscaler by 23.0% in the 1st quarter. Manchester Capital Management LLC now owns 935 shares of the company's stock valued at $186,000 after purchasing an additional 175 shares during the period. Scotia Capital Inc. boosted its holdings in Zscaler by 96.1% in the 1st quarter. Scotia Capital Inc. now owns 29,031 shares of the company's stock valued at $5,760,000 after purchasing an additional 14,224 shares during the period. Finally, Malaga Cove Capital LLC boosted its holdings in Zscaler by 24.0% in the 1st quarter. Malaga Cove Capital LLC now owns 8,312 shares of the company's stock valued at $1,649,000 after purchasing an additional 1,609 shares during the period. 46.45% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Adam Geller sold 3,662 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $306.72, for a total transaction of $1,123,208.64. Following the transaction, the insider owned 46,813 shares of the company's stock, valued at approximately $14,358,483.36. This represents a 7.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jagtar Singh Chaudhry sold 2,849 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $303.70, for a total value of $865,241.30. Following the transaction, the chief executive officer directly owned 353,565 shares in the company, valued at $107,377,690.50. The trade was a 0.80% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 200,793 shares of company stock valued at $58,752,794. Insiders own 18.10% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on ZS shares. BTIG Research reiterated a "buy" rating on shares of Zscaler in a research report on Thursday, July 10th. KeyCorp increased their target price on shares of Zscaler from $290.00 to $310.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Mizuho increased their target price on shares of Zscaler from $275.00 to $290.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. Wedbush increased their target price on shares of Zscaler from $240.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Finally, FBN Securities upgraded shares of Zscaler to a "strong-buy" rating in a research report on Friday, May 30th. Seven equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $296.82.

Zscaler Stock Down 1.0%

ZS stock traded down $2.80 during midday trading on Friday, hitting $269.70. The company's stock had a trading volume of 1,673,452 shares, compared to its average volume of 1,685,475. Zscaler, Inc. has a 12 month low of $153.45 and a 12 month high of $318.46. The firm has a market capitalization of $41.99 billion, a price-to-earnings ratio of -1,037.31, a price-to-earnings-growth ratio of 241.80 and a beta of 1.06. The company has a 50 day moving average of $297.39 and a two-hundred day moving average of $241.70.

Zscaler (NASDAQ:ZS - Get Free Report) last issued 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 business 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%. The company's revenue for the quarter was up 22.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 EPS. On average, analysts anticipate that Zscaler, Inc. will post -0.1 earnings per share for the current fiscal year.

Zscaler 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.