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Nuveen LLC Takes Position in Zscaler, Inc. (NASDAQ:ZS)

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Key Points

  • Nuveen LLC has invested $153.34 million in Zscaler, acquiring 772,807 shares, representing 0.50% of the company's total stock.
  • Wall Street analysts have raised their price targets for Zscaler, with Oppenheimer's new target at $345.00 and Wells Fargo's at $385.00, reflecting strong growth expectations.
  • Insider selling activity includes Adam Geller selling 3,662 shares for over $1.12 million and Syam Nair selling 28,947 shares, signaling some reduction in insider holdings amidst positive market forecasts.
  • Want stock alerts on Zscaler? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Nuveen 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 disclosure with the Securities and Exchange Commission (SEC). The fund purchased 772,807 shares of the company's stock, valued at approximately $153,340,000. Nuveen LLC owned about 0.50% of Zscaler at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ZS. ORG Partners LLC raised its holdings in Zscaler by 284.8% during the first quarter. ORG Partners LLC now owns 127 shares of the company's stock worth $26,000 after purchasing an additional 94 shares in the last quarter. Colonial Trust Co SC bought a new stake in Zscaler during the fourth quarter worth approximately $28,000. Goodman Advisory Group LLC bought a new stake in Zscaler during the first quarter worth approximately $29,000. N.E.W. Advisory Services LLC bought a new stake in Zscaler during the first quarter worth approximately $29,000. Finally, Elequin Capital LP bought a new stake in Zscaler during the fourth quarter worth approximately $30,000. Institutional investors own 46.45% of the company's stock.

Zscaler Trading Up 0.8%

NASDAQ ZS traded up $2.34 on Wednesday, reaching $277.77. The company's stock had a trading volume of 1,269,312 shares, compared to its average volume of 1,610,014. The firm has a market cap of $43.25 billion, a PE ratio of -1,068.35, a price-to-earnings-growth ratio of 246.94 and a beta of 1.06. The business has a 50-day moving average price of $296.18 and a 200 day moving average price of $243.05. Zscaler, Inc. has a 52 week low of $153.45 and a 52 week high of $318.46.

Zscaler (NASDAQ:ZS - Get Free Report) last posted its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.08. The business had revenue of $678.03 million for the quarter, compared to analysts' expectations of $667.13 million. Zscaler had a negative net margin of 1.52% and a negative return on equity of 0.59%. The firm's revenue for the quarter was up 22.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Analysts anticipate that Zscaler, Inc. will post -0.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Loop Capital upped their price target on Zscaler from $250.00 to $260.00 and gave the company a "hold" rating in a report on Friday, May 30th. Morgan Stanley upped their price target on Zscaler from $200.00 to $280.00 and gave the company an "equal weight" rating in a report on Friday, May 30th. Susquehanna upped their price target on Zscaler from $245.00 to $320.00 and gave the company a "positive" rating in a report on Friday, May 30th. Piper Sandler reaffirmed a "neutral" rating and issued a $260.00 price target (up previously from $235.00) on shares of Zscaler in a report on Friday, May 30th. Finally, BMO Capital Markets upped their price target on Zscaler from $233.00 to $295.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Seven equities 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $296.82.

Read Our Latest Report on Zscaler

Insiders Place Their Bets

In other Zscaler news, insider Syam Nair sold 4,064 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $303.70, for a total transaction of $1,234,236.80. Following the sale, the insider directly owned 106,659 shares of the company's stock, valued at approximately $32,392,338.30. This represents a 3.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jagtar Singh Chaudhry sold 2,849 shares of the company's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $303.70, for a total transaction of $865,241.30. Following the sale, the chief executive officer directly owned 353,565 shares in the company, valued at $107,377,690.50. This represents a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 200,793 shares of company stock valued at $58,752,794 over the last 90 days. Company insiders own 18.10% of the company's stock.

Zscaler Profile

(Free Report)

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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Institutional Ownership by Quarter for Zscaler (NASDAQ:ZS)

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