NorthCrest Asset Manangement LLC Makes New $341,000 Investment in Zscaler, Inc. (NASDAQ:ZS)

NorthCrest Asset Manangement LLC purchased a new stake in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,719 shares of the company's stock, valued at approximately $341,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in ZS. Corebridge Financial Inc. boosted its position in Zscaler by 0.5% in the fourth quarter. Corebridge Financial Inc. now owns 11,695 shares of the company's stock valued at $2,110,000 after buying an additional 54 shares during the last quarter. Erste Asset Management GmbH boosted its holdings in shares of Zscaler by 0.6% in the 4th quarter. Erste Asset Management GmbH now owns 9,780 shares of the company's stock valued at $1,805,000 after acquiring an additional 56 shares during the last quarter. Ironwood Investment Management LLC increased its stake in shares of Zscaler by 1.0% in the fourth quarter. Ironwood Investment Management LLC now owns 6,249 shares of the company's stock worth $1,127,000 after acquiring an additional 64 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Zscaler by 16.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 482 shares of the company's stock worth $88,000 after purchasing an additional 69 shares during the last quarter. Finally, Covestor Ltd lifted its position in Zscaler by 15.2% during the fourth quarter. Covestor Ltd now owns 622 shares of the company's stock valued at $112,000 after purchasing an additional 82 shares during the period. Hedge funds and other institutional investors own 46.45% of the company's stock.

Zscaler Stock Down 0.6%

Shares of Zscaler stock traded down $1.90 during mid-day trading on Thursday, hitting $305.41. The stock had a trading volume of 2,019,325 shares, compared to its average volume of 2,056,872. The firm has a 50-day moving average of $247.98 and a two-hundred day moving average of $214.79. The firm has a market cap of $47.55 billion, a P/E ratio of -1,174.65 and a beta of 1.09. Zscaler, Inc. has a 12-month low of $153.45 and a 12-month high of $309.19.

Zscaler (NASDAQ:ZS - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.08. Zscaler had a negative return on equity of 0.59% and a negative net margin of 1.52%. The company had revenue of $678.03 million during the quarter, compared to analyst estimates of $667.13 million. During the same period in the prior year, the business posted $0.88 earnings per share. The firm's revenue for the quarter was up 22.6% compared to the same quarter last year. Sell-side analysts expect that Zscaler, Inc. will post -0.1 earnings per share for the current year.

Insider Activity at Zscaler

In other news, CEO Jagtar Singh Chaudhry sold 2,849 shares of the firm's stock in a transaction on 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 transaction, the chief executive officer now directly owns 353,565 shares in the company, valued at $107,377,690.50. This trade represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Andrew William Fraser Brown sold 10,000 shares of the stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $206.00, for a total value of $2,060,000.00. Following the transaction, the director now directly owns 27,216 shares in the company, valued at approximately $5,606,496. The trade was a 26.87% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 210,793 shares of company stock worth $60,812,794. Company insiders own 18.10% of the company's stock.

Analysts Set New Price Targets

ZS has been the subject of a number of recent research reports. Rosenblatt Securities lifted their price objective on Zscaler from $235.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, May 30th. BTIG Research lifted their price target on Zscaler from $298.00 to $329.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Mizuho boosted their price target on Zscaler from $275.00 to $290.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Bank of America raised their price objective on shares of Zscaler from $285.00 to $340.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, Susquehanna lifted their target price on shares of Zscaler from $245.00 to $320.00 and gave the company a "positive" rating in a report on Friday, May 30th. Eight research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Zscaler currently has an average rating of "Moderate Buy" and a consensus price target of $294.03.

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.