Skandinaviska Enskilda Banken AB publ Increases Position in Zscaler, Inc. (NASDAQ:ZS)

Key Points

• Skandinaviska Enskilda Banken AB increased its holdings in Zscaler, Inc. by 244.7%, owning approximately 157,411 shares worth $31.23 million at the end of the first quarter.
• Zscaler reported a 22.6% revenue growth year-over-year for the quarter, with earnings per share (EPS) of $0.84, exceeding analysts' estimates of $0.76.
• Analysts have upgraded their price targets for Zscaler, with Cantor Fitzgerald increasing its target from $290 to $340, reflecting strong overall positive sentiment with a consensus “Moderate Buy” rating.

Skandinaviska Enskilda Banken AB publ lifted its holdings in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 244.7% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 157,411 shares of the company's stock after buying an additional 111,740 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.10% of Zscaler worth $31,230,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. ORG Partners LLC increased its stake in shares of Zscaler by 284.8% during the 1st quarter. ORG Partners LLC now owns 127 shares of the company's stock worth $26,000 after purchasing an additional 94 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of Zscaler during the 4th quarter worth approximately $27,000. Colonial Trust Co SC purchased a new stake in shares of Zscaler during the 4th quarter worth approximately $28,000. Goodman Advisory Group LLC purchased a new stake in shares of Zscaler during the 1st quarter worth approximately $29,000. Finally, Elequin Capital LP purchased a new stake in shares of Zscaler during the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 46.45% of the company's stock.

Zscaler Stock Up 0.7%

Shares of NASDAQ:ZS opened at $286.18 on Friday. The stock has a market cap of $44.56 billion, a PE ratio of -1,100.69 and a beta of 1.11. The company's fifty day moving average is $291.76 and its 200 day moving average is $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 issued its 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 company 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 was up 22.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 EPS. Sell-side analysts anticipate that Zscaler, Inc. will post -0.1 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ZS shares. Cantor Fitzgerald raised their price target on shares of Zscaler from $290.00 to $340.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. KeyCorp raised their price target on shares of Zscaler from $290.00 to $310.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Stifel Nicolaus raised their price objective on shares of Zscaler from $270.00 to $295.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Guggenheim reissued a "neutral" rating on shares of Zscaler in a report on Friday, May 30th. Finally, Rosenblatt Securities increased their target price on Zscaler from $235.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Seven research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Zscaler currently has an average rating of "Moderate Buy" and a consensus target price of $296.82.

Insider Buying and Selling

In related news, insider Adam Geller sold 3,662 shares of Zscaler stock in a transaction on Wednesday, June 18th. The shares were 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 in the company, valued at $14,358,483.36. This trade represents a 7.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew William Fraser Brown sold 20,333 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $296.72, for a total transaction of $6,033,207.76. Following the completion of the transaction, the director owned 27,216 shares in the company, valued at $8,075,531.52. The trade was a 42.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 200,793 shares of company stock worth $58,752,794 over the last 90 days. Insiders own 18.10% of the company's stock.

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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