Rafferty Asset Management LLC Has $12.94 Million Stock Position in Zscaler, Inc. $ZS

Key Points

• Rafferty Asset Management LLC reduced its stake in Zscaler, Inc. by 10.6%, selling 7,774 shares and leaving it with 65,231 shares valued at approximately $12.94 million.
• Zscaler reported $678.03 million in revenue for the latest quarter, exceeding analyst expectations, and an earnings per share (EPS) of $0.84, surpassing the consensus estimate.
• Several institutional investors, including T. Rowe Price and Vanguard Group, recently modified their holdings, with a combined 46.45% of the stock now owned by hedge funds and other institutions.

Rafferty Asset Management LLC reduced its holdings in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 10.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,231 shares of the company's stock after selling 7,774 shares during the quarter. Rafferty Asset Management LLC's holdings in Zscaler were worth $12,943,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ZS. T. Rowe Price Investment Management Inc. bought a new stake in shares of Zscaler in the 1st quarter worth approximately $516,622,000. Nuveen LLC bought a new stake in shares of Zscaler in the 1st quarter worth approximately $153,340,000. Goldman Sachs Group Inc. raised its holdings in shares of Zscaler by 23.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,048,238 shares of the company's stock worth $604,831,000 after purchasing an additional 578,883 shares in the last quarter. Greenvale Capital LLP bought a new stake in shares of Zscaler in the 4th quarter worth approximately $72,164,000. Finally, Vanguard Group Inc. raised its holdings in shares of Zscaler by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 9,890,506 shares of the company's stock worth $1,962,474,000 after purchasing an additional 294,034 shares in the last quarter. 46.45% of the stock is currently owned by institutional investors.

Zscaler Trading Down 1.2%

Shares of Zscaler stock traded down $3.37 on Friday, hitting $277.05. 1,492,491 shares of the company traded hands, compared to its average volume of 1,379,851. The company has a 50-day moving average price of $289.20 and a 200 day moving average price of $248.84. Zscaler, Inc. has a 12-month low of $153.45 and a 12-month high of $318.46.

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, beating the consensus estimate 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%. Zscaler's revenue was up 22.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 EPS. As a group, sell-side analysts forecast that Zscaler, Inc. will post -0.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ZS. FBN Securities raised shares of Zscaler to a "strong-buy" rating in a research report on Friday, May 30th. Royal Bank Of Canada lifted their target price on shares of Zscaler from $288.00 to $304.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Wedbush lifted their target price on shares of Zscaler from $240.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. lifted their target price on shares of Zscaler from $292.00 to $348.00 and gave the stock an "overweight" rating in a research report on Monday, June 16th. Finally, UBS Group lifted their target price on shares of Zscaler from $315.00 to $365.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Zscaler currently has an average rating of "Moderate Buy" and a consensus price target of $296.49.

Insider Buying and Selling

In other Zscaler news, insider Robert Schlossman sold 3,174 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $305.07, for a total value of $968,292.18. Following the completion of the sale, the insider directly owned 88,970 shares of the company's stock, valued at $27,142,077.90. The trade was a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Adam Geller sold 3,662 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $306.72, for a total transaction of $1,123,208.64. Following the completion of the sale, the insider directly 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 disclosure for this sale can be found here. Over the last three months, insiders sold 168,256 shares of company stock valued at $50,618,544. 18.10% of the stock is owned by company insiders.

Zscaler Company 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.