Westpac Banking Corp Has $342,000 Holdings in Zscaler, Inc. (NASDAQ:ZS)

Key Points

• Westpac Banking Corp reduced its stake in Zscaler by 64% in Q1, holding 1,722 shares valued at $342,000.
• Several hedge funds increased their investments in Zscaler, with Envestnet Asset Management boosting its stake by 96% to 25,579 shares valued at $4,615,000.
• Zscaler's stock has received a consensus rating of "Moderate Buy" from analysts, with a target price averaging $296.82, following recent upgrades and price objective increases.

Westpac Banking Corp lessened its stake in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 64.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,722 shares of the company's stock after selling 3,062 shares during the quarter. Westpac Banking Corp's holdings in Zscaler were worth $342,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of ZS. Envestnet Asset Management Inc. boosted its stake in shares of Zscaler by 96.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 25,579 shares of the company's stock valued at $4,615,000 after purchasing an additional 12,531 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Zscaler in the 4th quarter valued at about $28,072,000. Rockefeller Capital Management L.P. bought a new position in shares of Zscaler in the 4th quarter valued at about $3,346,000. Summit Investment Advisors Inc. boosted its stake in shares of Zscaler by 7.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,881 shares of the company's stock valued at $881,000 after purchasing an additional 333 shares during the last quarter. Finally, CreativeOne Wealth LLC bought a new position in shares of Zscaler in the 4th quarter valued at about $431,000. Institutional investors own 46.45% of the company's stock.

Wall Street Analyst Weigh In

ZS has been the topic of several recent analyst reports. UBS Group lifted their price objective on shares of Zscaler from $315.00 to $365.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. Roth Capital restated a "neutral" rating on shares of Zscaler in a report on Wednesday, May 28th. BTIG Research restated a "buy" rating on shares of Zscaler in a report on Thursday, July 10th. BNP Paribas upgraded shares of Zscaler from a "neutral" rating to an "outperform" rating and set a $260.00 target price on the stock in a report on Monday, April 28th. Finally, Piper Sandler restated a "neutral" rating and set a $260.00 target price (up from $235.00) on shares of Zscaler in a report on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has issued 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 Activity

In other Zscaler news, insider Syam Nair sold 28,947 shares of Zscaler stock in a transaction on Friday, May 16th. The shares were sold at an average price of $250.00, for a total transaction of $7,236,750.00. Following the completion of the transaction, the insider directly owned 110,566 shares of the company's stock, valued at $27,641,500. The trade was a 20.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robert Schlossman sold 4,618 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $300.00, for a total transaction of $1,385,400.00. Following the completion of the sale, the insider directly owned 95,612 shares of the company's stock, valued at approximately $28,683,600. The trade was a 4.61% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 200,793 shares of company stock valued at $58,752,794. 18.10% of the stock is owned by company insiders.

Zscaler Price Performance

ZS stock opened at $277.77 on Thursday. The company has a fifty day moving average price of $296.18 and a two-hundred day moving average price of $243.05. Zscaler, Inc. has a one year low of $153.45 and a one year high of $318.46. The stock has a market cap of $43.25 billion, a price-to-earnings ratio of -1,068.35, a price-to-earnings-growth ratio of 246.94 and a beta of 1.06.

Zscaler (NASDAQ:ZS - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.08. Zscaler had a negative net margin of 1.52% and a negative return on equity of 0.59%. The firm had revenue of $678.03 million during the quarter, compared to analysts' expectations of $667.13 million. During the same period in the previous year, the business posted $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 anticipate that Zscaler, Inc. will post -0.1 EPS for the current fiscal year.

Zscaler 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.

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