Swiss National Bank Lowers Stock Position in Zscaler, Inc. $ZS

Key Points

• Swiss National Bank trimmed its Zscaler stake by 4.2%, selling 12,700 shares to hold 291,700 shares worth about $87.4 million (0.18% of the company) after the third quarter.
• Zscaler beat quarterly estimates — $1.01 EPS vs. $0.89 expected and $815.8M revenue (up 25.9% YoY) — and issued FY2026 guidance of roughly 3.99–4.02 EPS.
• Company insiders have been net sellers (CFO and CEO sold in December; 19,350 shares worth $4.47M sold over 90 days), while analysts overall rate Zscaler a “Moderate Buy” with an average target of $267.13 despite several recent target cuts.

Swiss National Bank cut its holdings in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 4.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 291,700 shares of the company's stock after selling 12,700 shares during the period. Swiss National Bank owned 0.18% of Zscaler worth $87,411,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Tradewinds Capital Management LLC boosted its position in Zscaler by 145.7% during the 3rd quarter. Tradewinds Capital Management LLC now owns 86 shares of the company's stock valued at $26,000 after acquiring an additional 51 shares in the last quarter. Root Financial Partners LLC bought a new position in Zscaler in the third quarter worth about $26,000. McIlrath & Eck LLC purchased a new stake in shares of Zscaler during the third quarter valued at about $29,000. Picton Mahoney Asset Management bought a new stake in shares of Zscaler in the 3rd quarter valued at about $30,000. Finally, E Fund Management Hong Kong Co. Ltd. grew its position in shares of Zscaler by 81.9% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 131 shares of the company's stock worth $39,000 after buying an additional 59 shares during the last quarter. Institutional investors own 46.45% of the company's stock.

Zscaler Stock Performance

Shares of ZS opened at $156.61 on Wednesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a 50-day moving average of $188.90 and a two-hundred day moving average of $249.19. The stock has a market cap of $25.18 billion, a P/E ratio of -372.88 and a beta of 1.07. Zscaler, Inc. has a one year low of $140.56 and a one year high of $336.99.

Zscaler (NASDAQ:ZS - Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.12. The firm had revenue of $815.75 million during the quarter, compared to analysts' expectations of $798.92 million. Zscaler had a positive return on equity of 0.06% and a negative net margin of 2.25%.The company's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period last year, the business posted $0.78 earnings per share. Zscaler has set its Q3 2026 guidance at 1.000-1.010 EPS and its FY 2026 guidance at 3.990-4.020 EPS. As a group, research analysts predict that Zscaler, Inc. will post -0.1 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ZS shares. Morgan Stanley lowered their target price on shares of Zscaler from $305.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, February 27th. HC Wainwright reissued a "buy" rating on shares of Zscaler in a research report on Wednesday, November 26th. Rosenblatt Securities restated a "buy" rating and set a $280.00 target price on shares of Zscaler in a research note on Tuesday, February 24th. Citizens Jmp decreased their price target on Zscaler from $355.00 to $290.00 and set a "market outperform" rating for the company in a research note on Friday, February 27th. Finally, BMO Capital Markets lowered their price target on Zscaler from $315.00 to $210.00 and set an "outperform" rating for the company in a report on Friday, February 27th. Two analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $267.13.

Insider Transactions at Zscaler

In other news, CFO Kevin Rubin sold 3,303 shares of the business's stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $230.82, for a total value of $762,398.46. Following the completion of the sale, the chief financial officer directly owned 48,161 shares in the company, valued at $11,116,522.02. The trade was a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jagtar Singh Chaudhry sold 2,843 shares of the company's stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $230.82, for a total value of $656,221.26. Following the transaction, the chief executive officer directly owned 347,857 shares of the company's stock, valued at approximately $80,292,352.74. The trade was a 0.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 19,350 shares of company stock worth $4,471,509. Insiders own 17.20% of the company's stock.

Zscaler Profile

Zscaler is a cloud security company that delivers a cloud-native platform to protect users, applications and data as organizations move away from traditional, network-centric security architectures. The company focuses on a zero trust approach that assumes no implicit trust for users or devices, providing secure access to the internet, SaaS applications and private applications regardless of where users are located. Zscaler positions its services as an alternative to legacy appliances and site-centric VPNs, aiming to simplify security while enabling modern, distributed workforces.

Key offerings are built around the Zscaler Zero Trust Exchange, a multi-tenant cloud platform that enforces security and access policies in-line.

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