Keybank National Association OH Sells 73,230 Shares of Zscaler, Inc. $ZS

Key Points

• KeyBank National Association OH sold 73,230 shares of Zscaler, cutting its stake by 30.1% to 169,727 shares valued at about $38.18 million at the end of the quarter.
• Zscaler beat quarterly expectations, reporting $1.01 EPS vs. $0.89 expected and $815.8M in revenue (up 25.9% year-over-year), and provided Q3 2026 guidance of 1.000–1.010 EPS and FY 2026 guidance of 3.990–4.020 EPS.
• Insiders and analysts activity: insiders sold 12,130 shares (~$1.89M) last quarter (including EVP Raj Judge and Robert Schlossman) while insiders own 17.2% and institutional ownership is ~46.45%; several firms have trimmed price targets but the consensus rating remains a "Moderate Buy" with a $265.74 target.

Keybank National Association OH cut its holdings in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 30.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 169,727 shares of the company's stock after selling 73,230 shares during the period. Keybank National Association OH owned approximately 0.11% of Zscaler worth $38,175,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Integrated Wealth Concepts LLC boosted its holdings in Zscaler by 19.9% during the first quarter. Integrated Wealth Concepts LLC now owns 1,439 shares of the company's stock valued at $285,000 after acquiring an additional 239 shares during the period. NewEdge Advisors LLC boosted its holdings in Zscaler by 8.2% during the first quarter. NewEdge Advisors LLC now owns 4,899 shares of the company's stock valued at $972,000 after acquiring an additional 370 shares during the period. Empowered Funds LLC boosted its holdings in Zscaler by 9.2% during the first quarter. Empowered Funds LLC now owns 2,811 shares of the company's stock valued at $558,000 after acquiring an additional 238 shares during the period. Sivia Capital Partners LLC bought a new stake in Zscaler during the second quarter valued at about $252,000. Finally, Jump Financial LLC bought a new stake in Zscaler during the second quarter valued at about $3,019,000. 46.45% of the stock is currently owned by institutional investors.

Zscaler Stock Up 1.5%

Shares of ZS opened at $136.07 on Wednesday. The stock has a market cap of $21.88 billion, a price-to-earnings ratio of -323.98 and a beta of 1.12. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.78. Zscaler, Inc. has a 12 month low of $114.63 and a 12 month high of $336.99. The company has a 50-day moving average price of $145.15 and a two-hundred day moving average price of $212.67.

Zscaler (NASDAQ:ZS - Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The company reported $1.01 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.12. The firm had revenue of $815.75 million during the quarter, compared to analysts' expectations of $798.92 million. Zscaler had a negative net margin of 2.25% and a positive return on equity of 0.06%. The company's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.78 earnings per share. Zscaler has set its Q3 2026 guidance at 1.000-1.010 EPS and its FY 2026 guidance at 3.990-4.020 EPS. Equities analysts predict that Zscaler, Inc. will post -0.03 EPS for the current fiscal year.

Analyst Ratings Changes

ZS has been the subject of a number of recent analyst reports. Royal Bank Of Canada decreased their price target on shares of Zscaler from $250.00 to $205.00 and set an "outperform" rating for the company in a report on Friday, February 27th. The Goldman Sachs Group decreased their price target on shares of Zscaler from $290.00 to $257.00 and set a "neutral" rating for the company in a report on Monday, March 2nd. Wells Fargo & Company initiated coverage on shares of Zscaler in a report on Tuesday, March 3rd. They set an "overweight" rating and a $200.00 price target for the company. Citigroup decreased their price target on shares of Zscaler from $305.00 to $195.00 and set a "buy" rating for the company in a report on Monday, March 2nd. Finally, Oppenheimer decreased their price target on shares of Zscaler from $280.00 to $250.00 and set an "outperform" rating for the company in a report on Tuesday, March 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $265.74.

Insider Activity at Zscaler

In other news, EVP Raj Judge sold 2,488 shares of the firm's stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $156.59, for a total transaction of $389,595.92. Following the completion of the sale, the executive vice president owned 67,906 shares of the company's stock, valued at approximately $10,633,400.54. This trade represents a 3.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robert Schlossman sold 2,263 shares of the firm's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $156.59, for a total transaction of $354,363.17. Following the sale, the insider directly owned 72,390 shares of the company's stock, valued at approximately $11,335,550.10. The trade was a 3.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 12,130 shares of company stock valued at $1,892,487. Insiders own 17.20% of the company's stock.

Zscaler Company Profile

Zscaler is a cloud security company that delivers a cloud-native platform to protect users, applications and data as organizations move away from traditional, network-centric security architectures. The company focuses on a zero trust approach that assumes no implicit trust for users or devices, providing secure access to the internet, SaaS applications and private applications regardless of where users are located. Zscaler positions its services as an alternative to legacy appliances and site-centric VPNs, aiming to simplify security while enabling modern, distributed workforces.

Key offerings are built around the Zscaler Zero Trust Exchange, a multi-tenant cloud platform that enforces security and access policies in-line.

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