Scotia Capital Inc. Buys 14,224 Shares of Zscaler, Inc. (NASDAQ:ZS)

Key Points

• Scotia Capital Inc. increased its stake in Zscaler by 96.1%, purchasing an additional 14,224 shares to reach a total of 29,031 shares valued at approximately $5.76 million.
• Zscaler's quarterly earnings report indicated $678.03 million in revenue and earnings per share of $0.84, surpassing analysts' expectations, with revenue growth of 22.6% year-over-year.
• Analysts have lifted their price targets for Zscaler, with estimates ranging as high as $345.00, reflecting a consensus rating of "Moderate Buy" among research analysts.

Scotia Capital Inc. lifted its holdings in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 96.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 29,031 shares of the company's stock after buying an additional 14,224 shares during the period. Scotia Capital Inc.'s holdings in Zscaler were worth $5,760,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. AQR Capital Management LLC grew its holdings in shares of Zscaler by 120.1% during the fourth 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. Northern Trust Corp grew its holdings in Zscaler by 23.1% during the 4th quarter. Northern Trust Corp now owns 638,042 shares of the company's stock worth $115,109,000 after acquiring an additional 119,536 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Zscaler by 10.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 531,395 shares of the company's stock valued at $96,008,000 after acquiring an additional 50,867 shares during the period. Natixis bought a new position in shares of Zscaler during the fourth quarter valued at $87,775,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Zscaler by 148.7% during the first quarter. Assenagon Asset Management S.A. now owns 474,431 shares of the company's stock worth $94,137,000 after purchasing an additional 283,637 shares during the period. 46.45% of the stock is currently owned by institutional investors.

Zscaler Stock Up 2.0%

Shares of NASDAQ ZS opened at $285.86 on Tuesday. The company has a market capitalization of $44.51 billion, a PE ratio of -1,099.46, a PEG ratio of 240.75 and a beta of 1.06. The stock's 50 day moving average price is $295.84 and its 200-day moving average price is $239.60. Zscaler, Inc. has a twelve month low of $153.45 and a twelve month high of $318.46.

Zscaler (NASDAQ:ZS - Get Free Report) last announced its quarterly earnings data 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 return on equity of 0.59% and a negative net margin of 1.52%. The firm had revenue of $678.03 million during the quarter, compared to the consensus estimate of $667.13 million. During the same quarter in the prior year, the company earned $0.88 EPS. The business's revenue for the quarter was up 22.6% on a year-over-year basis. As a group, research analysts expect that Zscaler, Inc. will post -0.1 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Cantor Fitzgerald raised their target price on Zscaler from $290.00 to $340.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Robert W. Baird raised their price objective on Zscaler from $295.00 to $315.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Canaccord Genuity Group set a $305.00 target price on Zscaler and gave the company a "buy" rating in a report on Monday, June 2nd. Barclays increased their target price on shares of Zscaler from $275.00 to $290.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. Finally, Oppenheimer boosted their price target on shares of Zscaler from $290.00 to $345.00 and gave the stock an "outperform" rating in a research report on Friday, June 6th. Seven research 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. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $296.82.

Insider Buying and Selling at Zscaler

In related news, EVP Raj Judge sold 2,957 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was 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 in the company, valued at approximately $23,168,969.30. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert Schlossman sold 3,174 shares of the stock in a transaction 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 transaction, the insider directly owned 88,970 shares of the company's stock, valued at approximately $27,142,077.90. This trade represents a 3.44% 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 in the last three months. 18.10% of the stock is owned by corporate 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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