Nissay Asset Management Corp Japan Sells 23,506 Shares of Zscaler, Inc. $ZS

Key Points

• Nissay Asset Management Japan cut its Zscaler stake by 62.6% in the second quarter, selling 23,506 shares and retaining 14,031 shares valued at approximately $1.98 million. Institutional investors collectively own 46.45% of Zscaler.
• Analysts remain broadly positive, with 34 Buy ratings, six Holds and one Sell. Zscaler has a “Moderate Buy” consensus rating and an average price target of $216.18.
• Zscaler shares opened at $178.37, well below their 52-week high of $336.99 but above the 50-day and 200-day moving averages. Insiders have sold 16,772 shares worth about $2.14 million over the past 90 days.

Nissay Asset Management Corp Japan reduced its position in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 62.6% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,031 shares of the company's stock after selling 23,506 shares during the quarter. Nissay Asset Management Corp Japan's holdings in Zscaler were worth $1,980,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Kentucky Retirement Systems Insurance Trust Fund grew its holdings in shares of Zscaler by 1.4% during the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 2,569 shares of the company's stock valued at $770,000 after buying an additional 36 shares during the last quarter. Parallel Advisors LLC raised its holdings in Zscaler by 10.9% in the 3rd quarter. Parallel Advisors LLC now owns 397 shares of the company's stock worth $119,000 after acquiring an additional 39 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Zscaler by 7.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 648 shares of the company's stock worth $204,000 after acquiring an additional 45 shares during the last quarter. Larson Financial Group LLC raised its holdings in Zscaler by 2.6% in the 3rd quarter. Larson Financial Group LLC now owns 2,040 shares of the company's stock worth $611,000 after acquiring an additional 52 shares during the last quarter. Finally, Crossmark Global Holdings Inc. lifted its position in Zscaler by 6.1% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 976 shares of the company's stock valued at $292,000 after acquiring an additional 56 shares in the last quarter. 46.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ZS. UBS Group decreased their price target on Zscaler from $260.00 to $225.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Wells Fargo & Company increased their price objective on Zscaler from $180.00 to $210.00 and gave the company an "overweight" rating in a research report on Monday, August 17th. Guggenheim reiterated a "buy" rating and issued a $214.00 price objective on shares of Zscaler in a report on Monday, August 24th. TD Cowen boosted their target price on Zscaler from $180.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, August 17th. Finally, JPMorgan Chase & Co. upped their target price on shares of Zscaler from $205.00 to $215.00 and gave the company an "overweight" rating in a research note on Wednesday, August 26th. Thirty-four analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Zscaler currently has a consensus rating of "Moderate Buy" and an average price target of $216.18.

Zscaler Price Performance

NASDAQ ZS opened at $178.37 on Wednesday. The company has a market capitalization of $28.84 billion, a PE ratio of -371.60, a price-to-earnings-growth ratio of 110.88 and a beta of 0.94. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.86 and a current ratio of 1.86. The business's fifty day moving average is $158.52 and its 200 day moving average is $150.38. Zscaler, Inc. has a fifty-two week low of $114.63 and a fifty-two week high of $336.99.

Insider Activity

In related news, CFO Kevin Rubin sold 503 shares of Zscaler stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $173.38, for a total transaction of $87,210.14. Following the transaction, the chief financial officer owned 40,895 shares in the company, valued at approximately $7,090,375.10. The trade was a 1.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Schlossman sold 3,146 shares of Zscaler stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $126.43, for a total transaction of $397,748.78. Following the transaction, the insider owned 69,366 shares in the company, valued at approximately $8,769,943.38. This trade represents a 4.34% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 16,772 shares of company stock valued at $2,139,799 over the last 90 days. Company 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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