NorthCrest Asset Manangement LLC Buys New Stake in Zscaler, Inc. (NASDAQ:ZS)

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

A number of other hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC grew its position in Zscaler by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 1,658,406 shares of the company's stock worth $298,710,000 after purchasing an additional 32,545 shares during the last quarter. Pictet Asset Management Holding SA grew its position in Zscaler by 25.8% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,618,176 shares of the company's stock worth $291,935,000 after purchasing an additional 332,307 shares during the last quarter. AQR Capital Management LLC grew its position in Zscaler by 120.1% during the 4th quarter. AQR Capital Management LLC now owns 964,031 shares of the company's stock worth $173,921,000 after purchasing an additional 525,956 shares during the last quarter. Artisan Partners Limited Partnership grew its position in Zscaler by 30.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 868,795 shares of the company's stock worth $156,739,000 after purchasing an additional 204,996 shares during the last quarter. Finally, DnB Asset Management AS grew its position in Zscaler by 66.8% during the 4th quarter. DnB Asset Management AS now owns 667,383 shares of the company's stock worth $120,403,000 after purchasing an additional 267,162 shares during 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 commented on ZS. Barclays raised their target price on shares of Zscaler from $275.00 to $290.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Robert W. Baird raised their price objective on shares of Zscaler from $295.00 to $315.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. BMO Capital Markets raised their price objective on shares of Zscaler from $233.00 to $295.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. KeyCorp raised their price objective on shares of Zscaler from $290.00 to $310.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Finally, Sanford C. Bernstein reiterated an "outperform" rating and issued a $244.00 price objective on shares of Zscaler in a research note on Thursday, March 6th. Eight analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $292.38.

Zscaler Stock Performance

Zscaler stock opened at $301.95 on Monday. Zscaler, Inc. has a 1 year low of $153.45 and a 1 year high of $306.78. The firm has a 50 day moving average price of $241.25 and a 200 day moving average price of $212.83. The company has a market cap of $47.01 billion, a price-to-earnings ratio of -1,207.80 and a beta of 1.09.

Zscaler (NASDAQ:ZS - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.08. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The firm had revenue of $678.03 million during the quarter, compared to the consensus estimate of $667.13 million. During the same period in the previous year, the firm earned $0.88 earnings per share. Zscaler's revenue was up 22.6% compared to the same quarter last year. Sell-side analysts predict that Zscaler, Inc. will post -0.1 EPS for the current year.

Insider Activity at Zscaler

In other Zscaler news, major shareholder Ajay Mangal sold 120,000 shares of Zscaler stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $300.89, for a total transaction of $36,106,800.00. Following the transaction, the insider now directly owns 2,550,210 shares of the company's stock, valued at $767,332,686.90. The trade was a 4.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Andrew William Fraser Brown sold 20,333 shares of Zscaler stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $296.72, for a total transaction of $6,033,207.76. Following the transaction, the director now directly owns 27,216 shares in the company, valued at approximately $8,075,531.52. This trade represents a 42.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 196,242 shares of company stock worth $55,463,017. 18.10% of the stock is owned by company insiders.

About Zscaler

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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