M&T Bank Corp Raises Holdings in Zscaler, Inc. $ZS

Key Points

• M&T Bank Corp boosted its stake in Zscaler by 10,380.7% in Q4, adding 237,406 shares to hold 239,693 shares worth about $53.9M (≈0.15% of the company).
• Zscaler beat quarterly estimates with revenue of $815.75M (up 25.9% YoY) and an EPS beat, and won the 2026 Google Cloud Partner of the Year for Security, highlighting AI/security and cloud channel growth potential.
• Several analysts have trimmed price targets (including Morgan Stanley cutting to $155 and downgrading to Equal Weight), though MarketBeat’s consensus is a Moderate Buy with an average target of $265.58; insiders have sold about 12,130 shares in the last three months.

M&T Bank Corp boosted its stake in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 10,380.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 239,693 shares of the company's stock after acquiring an additional 237,406 shares during the quarter. M&T Bank Corp owned 0.15% of Zscaler worth $53,912,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Bessemer Group Inc. boosted its holdings in Zscaler by 3.2% during the 3rd quarter. Bessemer Group Inc. now owns 1,021 shares of the company's stock valued at $306,000 after acquiring an additional 32 shares during the period. Brookstone Capital Management boosted its holdings in Zscaler by 3.7% during the 3rd quarter. Brookstone Capital Management now owns 936 shares of the company's stock valued at $280,000 after acquiring an additional 33 shares during the period. Wedbush Securities Inc. boosted its holdings in Zscaler by 0.7% during the 3rd quarter. Wedbush Securities Inc. now owns 5,129 shares of the company's stock valued at $1,537,000 after acquiring an additional 34 shares during the period. Goldstream Capital Management Ltd boosted its holdings in Zscaler by 0.3% during the 3rd quarter. Goldstream Capital Management Ltd now owns 12,450 shares of the company's stock valued at $3,731,000 after acquiring an additional 34 shares during the period. Finally, 180 Wealth Advisors LLC boosted its holdings in Zscaler by 0.5% during the 3rd quarter. 180 Wealth Advisors LLC now owns 7,897 shares of the company's stock valued at $2,366,000 after acquiring an additional 36 shares during the period. 46.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Zscaler

In other news, CEO Jagtar Singh Chaudhry sold 1,941 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $156.59, for a total value of $303,941.19. Following the completion of the transaction, the chief executive officer owned 345,916 shares of the company's stock, valued at approximately $54,166,986.44. This represents a 0.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Raj Judge sold 2,488 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $156.59, for a total value of $389,595.92. Following the completion of the transaction, the executive vice president directly owned 67,906 shares of the company's stock, valued at $10,633,400.54. This represents a 3.53% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 12,130 shares of company stock worth $1,892,487. 17.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on ZS. Cantor Fitzgerald dropped their price objective on Zscaler from $365.00 to $300.00 and set an "overweight" rating for the company in a report on Tuesday, February 24th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Zscaler in a report on Wednesday, January 21st. Oppenheimer dropped their price objective on Zscaler from $280.00 to $250.00 and set an "outperform" rating for the company in a report on Tuesday, March 10th. KeyCorp dropped their price objective on Zscaler from $220.00 to $160.00 and set an "overweight" rating for the company in a report on Wednesday, April 15th. Finally, Berenberg Bank dropped their price objective on Zscaler from $390.00 to $320.00 and set a "buy" rating for the company in a report on Friday, February 27th. Two analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Zscaler has a consensus rating of "Moderate Buy" and an average price target of $265.58.

Key Zscaler News

Here are the key news stories impacting Zscaler this week:

• Positive Sentiment: Zscaler won the 2026 Google Cloud Partner of the Year Award for Security, highlighting its role in AI security and Zero Trust integrations with Google Cloud — a clear channel for growth and enterprise adoption. Zscaler’s Google Cloud Award Spotlights AI Security And Zero Trust Growth
• Positive Sentiment: Cybersecurity stocks (including Zscaler) have seen renewed buying as analysts anticipate AI model adoption to drive security spending; Zscaler previously jumped on that sector rebound, reflecting investor appetite for AI-security exposure. Zscaler (ZS) Stock Is Up, What You Need To Know
• Neutral Sentiment: Market coverage pieces note Zscaler’s recent outperformance vs. the market and continued investor interest; these reports mainly summarize price moves and attention rather than new fundamentals. Zscaler (ZS) Surpasses Market Returns: Some Facts Worth Knowing
• Neutral Sentiment: Trending/attention articles (Zacks/Yahoo) show higher retail and analyst interest, which can amplify moves but are not direct catalysts on their own. Is Trending Stock Zscaler, Inc. (ZS) a Buy Now?
• Negative Sentiment: Morgan Stanley downgraded Zscaler from Overweight to Equal Weight and cut its price target to $155 from $200, signaling less conviction in near-term upside and likely tempering institutional demand. Benzinga (Downgrade Report)
• Negative Sentiment: Morgan Stanley also flagged limited platform expansion outside ZIA/ZPA, a reminder that product breadth and cross-sell are areas investors will watch for sustained revenue acceleration. Zscaler Shows Limited Platform Expansion as ZIA, ZPA Remain Growth Engine, Morgan Stanley Says

Zscaler Trading Up 2.2%

NASDAQ ZS opened at $142.66 on Thursday. Zscaler, Inc. has a fifty-two week low of $114.63 and a fifty-two week high of $336.99. The stock has a market cap of $22.94 billion, a P/E ratio of -339.67 and a beta of 1.12. The stock has a 50 day simple moving average of $148.36 and a two-hundred day simple moving average of $218.17. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.90 and a current ratio of 1.90.

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

Zscaler 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.

Want to see what other hedge funds are holding ZS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zscaler, Inc. (NASDAQ:ZS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.