Pinnacle Associates Ltd. Grows Stock Position in Zscaler, Inc. (NASDAQ:ZS)

Pinnacle Associates Ltd. increased its position in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 7.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 35,994 shares of the company's stock after acquiring an additional 2,492 shares during the period. Pinnacle Associates Ltd.'s holdings in Zscaler were worth $7,142,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. ORG Partners LLC lifted its stake in shares of Zscaler by 284.8% in the 1st quarter. ORG Partners LLC now owns 127 shares of the company's stock valued at $26,000 after purchasing an additional 94 shares during the period. Summit Securities Group LLC acquired a new position in shares of Zscaler in the 4th quarter valued at about $27,000. Colonial Trust Co SC acquired a new position in shares of Zscaler in the 4th quarter valued at about $28,000. Goodman Advisory Group LLC acquired a new position in shares of Zscaler in the 1st quarter valued at about $29,000. Finally, Elequin Capital LP acquired a new position in shares of Zscaler in the 4th quarter valued at about $30,000. Institutional investors own 46.45% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on ZS shares. FBN Securities raised Zscaler to a "strong-buy" rating in a research note on Friday, May 30th. Piper Sandler reaffirmed a "neutral" rating and set a $260.00 price target (up from $235.00) on shares of Zscaler in a research note on Friday, May 30th. Oppenheimer upped their price target on Zscaler from $290.00 to $345.00 and gave the stock an "outperform" rating in a research note on Friday, June 6th. JMP Securities upped their price target on Zscaler from $310.00 to $355.00 and gave the stock a "market outperform" rating in a research note on Tuesday, July 1st. Finally, Mizuho upped their price target on Zscaler from $275.00 to $290.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 4th. Seven research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $296.82.

Zscaler Price Performance

Shares of NASDAQ:ZS traded up $1.88 during trading on Friday, hitting $286.18. 1,001,220 shares of the company were exchanged, compared to its average volume of 1,856,509. The company has a market cap of $44.56 billion, a PE ratio of -1,100.69 and a beta of 1.11. The stock has a 50 day moving average of $291.76 and a 200 day moving average of $234.80. 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 (EPS) 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 firm had revenue of $678.03 million for the quarter, compared to the consensus estimate of $667.13 million. During the same quarter in the prior year, the business posted $0.88 earnings per share. The business's quarterly revenue was up 22.6% on a year-over-year basis. Sell-side analysts forecast that Zscaler, Inc. will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Adam Geller sold 3,662 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $306.72, for a total value of $1,123,208.64. Following the transaction, the insider owned 46,813 shares of the company's stock, valued at $14,358,483.36. This represents a 7.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Syam Nair sold 4,064 shares of the stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $303.70, for a total value of $1,234,236.80. Following the completion of the transaction, the insider directly owned 106,659 shares in the company, valued at approximately $32,392,338.30. This represents a 3.67% decrease in their position. 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 in the last ninety days. 18.10% of the stock is owned by insiders.

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.