Pier 88 Investment Partners LLC Buys 2,430 Shares of Zscaler, Inc. (NASDAQ:ZS)

Pier 88 Investment Partners LLC grew its stake in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 143.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,120 shares of the company's stock after acquiring an additional 2,430 shares during the quarter. Pier 88 Investment Partners LLC's holdings in Zscaler were worth $817,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of ZS. Geode Capital Management LLC raised its holdings in shares of Zscaler by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 1,658,406 shares of the company's stock worth $298,710,000 after buying an additional 32,545 shares during the period. Pictet Asset Management Holding SA raised its stake in Zscaler by 25.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,618,176 shares of the company's stock worth $291,935,000 after acquiring an additional 332,307 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Zscaler by 120.1% in the 4th quarter. AQR Capital Management LLC now owns 964,031 shares of the company's stock valued at $173,921,000 after purchasing an additional 525,956 shares in the last quarter. Artisan Partners Limited Partnership increased its stake 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 buying an additional 204,996 shares in the last quarter. Finally, DnB Asset Management AS increased its stake 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 buying an additional 267,162 shares in the last quarter. Hedge funds and other institutional investors own 46.45% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on ZS. JPMorgan Chase & Co. raised their price objective on Zscaler from $292.00 to $348.00 and gave the stock an "overweight" rating in a report on Monday, June 16th. Oppenheimer raised their price objective on shares of Zscaler from $290.00 to $345.00 and gave the company an "outperform" rating in a research report on Friday, June 6th. BNP Paribas raised shares of Zscaler from a "neutral" rating to an "outperform" rating and set a $260.00 price objective for the company in a research note on Monday, April 28th. Barclays lifted 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. Finally, Morgan Stanley lifted their price target on shares of Zscaler from $200.00 to $280.00 and gave the company an "equal weight" rating in a report on Friday, May 30th. Eight investment 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. According to MarketBeat.com, Zscaler presently has an average rating of "Moderate Buy" and a consensus target price of $296.82.

Insider Transactions at Zscaler

In other news, EVP Raj Judge sold 2,957 shares of the business's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $303.70, for a total value of $898,040.90. Following the transaction, the executive vice president owned 76,289 shares of the company's stock, valued at approximately $23,168,969.30. The trade was a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert Schlossman sold 3,174 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $305.07, for a total transaction of $968,292.18. Following the transaction, the insider owned 88,970 shares in the company, valued at $27,142,077.90. This trade represents a 3.44% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 200,793 shares of company stock valued at $58,752,794. Company insiders own 18.10% of the company's stock.

Zscaler Price Performance

Zscaler stock traded down $0.86 during trading hours on Tuesday, hitting $287.58. The company had a trading volume of 277,470 shares, compared to its average volume of 2,061,154. The firm has a 50-day moving average of $287.76 and a 200 day moving average of $232.00. Zscaler, Inc. has a one year low of $153.45 and a one year high of $318.46. The firm has a market cap of $44.77 billion, a PE ratio of -1,104.26 and a beta of 1.11.

Zscaler (NASDAQ:ZS - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.08. The business had revenue of $678.03 million during 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 business's quarterly revenue was up 22.6% on a year-over-year basis. During the same period last year, the company posted $0.88 earnings per share. As a group, research analysts expect that Zscaler, Inc. will post -0.1 earnings per share for the current year.

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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