Forsta AP Fonden Sells 18,600 Shares of Zscaler, Inc. (NASDAQ:ZS)

Key Points

• Forsta AP Fonden reduced its stake in Zscaler, Inc. by 47.6%, selling 18,600 shares and leaving it with 20,500 shares valued at approximately $4,068,000 as of the latest reporting period.
• Multiple institutional investors increased their holdings in Zscaler during the fourth quarter, with Envestnet Asset Management and Cerity Partners notably raising their stakes by 96% and 116.4%, respectively.
• Zscaler recently reported earnings of $0.84 per share, exceeding analysts' expectations, along with a revenue increase of 22.6% compared to the same quarter last year, totaling $678.03 million.

Forsta AP Fonden trimmed its stake in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 47.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,500 shares of the company's stock after selling 18,600 shares during the period. Forsta AP Fonden's holdings in Zscaler were worth $4,068,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ZS. Envestnet Asset Management Inc. increased its holdings in Zscaler by 96.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 25,579 shares of the company's stock valued at $4,615,000 after purchasing an additional 12,531 shares during the period. Cerity Partners LLC increased its holdings in Zscaler by 116.4% in the fourth quarter. Cerity Partners LLC now owns 22,860 shares of the company's stock valued at $4,117,000 after purchasing an additional 12,298 shares during the period. Raymond James Financial Inc. acquired a new stake in Zscaler in the fourth quarter valued at $28,072,000. Treasurer of the State of North Carolina increased its holdings in Zscaler by 2.4% in the fourth quarter. Treasurer of the State of North Carolina now owns 40,962 shares of the company's stock valued at $7,390,000 after purchasing an additional 960 shares during the period. Finally, Rockefeller Capital Management L.P. acquired a new stake in Zscaler in the fourth quarter valued at $3,346,000. 46.45% of the stock is currently owned by institutional investors and hedge funds.

Zscaler Stock Performance

Shares of ZS stock opened at $271.18 on Tuesday. Zscaler, Inc. has a 52-week low of $153.45 and a 52-week high of $318.46. The company has a 50-day simple moving average of $296.95 and a two-hundred day simple moving average of $242.58. The company has a market capitalization of $42.22 billion, a price-to-earnings ratio of -1,043.00, a PEG ratio of 241.80 and a beta of 1.06.

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 analysts' consensus estimates of $0.76 by $0.08. Zscaler had a negative net margin of 1.52% and a negative return on equity of 0.59%. The business had revenue of $678.03 million during the quarter, compared to the consensus estimate of $667.13 million. During the same period in the prior year, the firm posted $0.88 EPS. The firm's quarterly revenue was up 22.6% compared to the same quarter last year. On average, sell-side analysts forecast that Zscaler, Inc. will post -0.1 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ZS. Evercore ISI increased their price objective on Zscaler from $245.00 to $290.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Barclays boosted their target price on shares of Zscaler from $275.00 to $290.00 and gave the company an "overweight" rating in a report on Friday, May 30th. UBS Group boosted their target price on shares of Zscaler from $315.00 to $365.00 and gave the company a "buy" rating in a report on Friday, June 27th. Needham & Company LLC boosted their target price on shares of Zscaler from $240.00 to $310.00 and gave the company a "buy" rating in a report on Friday, May 30th. Finally, Bank of America boosted their target price on shares of Zscaler from $285.00 to $340.00 and gave the company a "buy" rating in a report on Monday, June 9th. 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. Based on data from MarketBeat.com, Zscaler currently has a consensus rating of "Moderate Buy" and a consensus price target of $296.82.

Insiders Place Their Bets

In other Zscaler news, insider Syam Nair sold 4,064 shares of the company'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 sale, the insider directly owned 106,659 shares of the company's stock, valued at approximately $32,392,338.30. This represents a 3.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jagtar Singh Chaudhry sold 2,849 shares of the company's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $303.70, for a total transaction of $865,241.30. Following the completion of the sale, the chief executive officer directly owned 353,565 shares of the company's stock, valued at $107,377,690.50. The trade was a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 200,793 shares of company stock worth $58,752,794 in the last ninety days. 18.10% of the stock is owned by corporate insiders.

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.

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