SouthState Corp Boosts Position in Zscaler, Inc. (NASDAQ:ZS)

Key Points

• SouthState Corp increased its stake in Zscaler, Inc. by 24.7%, now holding 34,602 shares valued at approximately $6.87 million.
• Zscaler's shares received multiple rating upgrades from analysts, with price targets increasing, the highest being raised to $340, indicating strong growth expectations.
• Insider trading activity included sales by executives totaling over 200,000 shares, demonstrating a 3.67% decline in their holdings, which may signal investor caution.

SouthState Corp boosted its holdings in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 24.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,602 shares of the company's stock after acquiring an additional 6,864 shares during the quarter. SouthState Corp's holdings in Zscaler were worth $6,866,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ZS. ORG Partners LLC raised its position in 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 in the last quarter. Colonial Trust Co SC acquired a new stake in Zscaler in the 4th quarter valued at about $28,000. Goodman Advisory Group LLC acquired a new stake in Zscaler in the 1st quarter valued at about $29,000. N.E.W. Advisory Services LLC acquired a new stake in Zscaler in the 1st quarter valued at about $29,000. Finally, Elequin Capital LP acquired a new stake in Zscaler in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 46.45% of the company's stock.

Zscaler Stock Up 0.5%

Shares of Zscaler stock traded up $1.48 during trading on Monday, reaching $271.18. The company's stock had a trading volume of 1,280,969 shares, compared to its average volume of 1,655,501. Zscaler, Inc. has a 12-month low of $153.45 and a 12-month high of $318.46. The company has a market capitalization of $42.22 billion, a P/E ratio of -1,043.00, a price-to-earnings-growth ratio of 241.80 and a beta of 1.06. The business has a 50 day moving average price of $296.95 and a 200-day moving average price of $242.58.

Zscaler (NASDAQ:ZS - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.84 earnings per share 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 for the quarter, compared to the consensus estimate of $667.13 million. During the same period in the previous year, the business earned $0.88 earnings per share. The company's revenue for the quarter was up 22.6% compared to the same quarter last year. Research analysts predict that Zscaler, Inc. will post -0.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Roth Capital reaffirmed a "neutral" rating on shares of Zscaler in a research report on Wednesday, May 28th. Barclays raised their target price on Zscaler from $275.00 to $290.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Truist Financial reissued a "buy" rating and set a $300.00 target price (up previously from $260.00) on shares of Zscaler in a research report on Friday, May 30th. BMO Capital Markets raised their target price on Zscaler from $233.00 to $295.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Finally, Susquehanna raised their price target on Zscaler from $245.00 to $320.00 and gave the stock a "positive" rating in a research note on Friday, May 30th. Seven equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Zscaler has a consensus rating of "Moderate Buy" and a consensus target price of $296.82.

Insider Activity at Zscaler

In other Zscaler news, EVP Raj Judge sold 2,957 shares of the business's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $303.70, for a total transaction of $898,040.90. Following the sale, the executive vice president directly owned 76,289 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Adam Geller sold 3,662 shares of the business's 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 sale, the insider owned 46,813 shares in the company, valued at approximately $14,358,483.36. The trade was a 7.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 200,793 shares of company stock valued at $58,752,794 in the last 90 days. 18.10% of the stock is owned by corporate 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.