Wealth Enhancement Advisory Services LLC Purchases 11,179 Shares of Zscaler, Inc. (NASDAQ:ZS)

Wealth Enhancement Advisory Services LLC increased its position in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 97.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,694 shares of the company's stock after acquiring an additional 11,179 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Zscaler were worth $4,094,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Choreo LLC raised its stake in Zscaler by 2.6% during the 4th quarter. Choreo LLC now owns 2,833 shares of the company's stock valued at $517,000 after buying an additional 73 shares during the last quarter. Arlington Capital Management Inc. bought a new position in Zscaler in the 4th quarter worth $2,107,000. DnB Asset Management AS boosted its holdings in shares of Zscaler by 66.8% during the 4th quarter. DnB Asset Management AS now owns 667,383 shares of the company's stock valued at $120,403,000 after purchasing an additional 267,162 shares during the last quarter. Norges Bank bought a new position in shares of Zscaler during the 4th quarter valued at about $32,158,000. Finally, Light Street Capital Management LLC bought a new position in shares of Zscaler during the 4th quarter valued at about $5,992,000. 46.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Zscaler

In related news, major shareholder Ajay Mangal sold 190,480 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $200.69, for a total value of $38,227,431.20. Following the transaction, the insider now owns 2,580,210 shares in the company, valued at approximately $517,822,344.90. This represents a 6.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Andrew William Fraser Brown sold 20,333 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $296.72, for a total value of $6,033,207.76. Following the completion of the transaction, the director now owns 27,216 shares in the company, valued at $8,075,531.52. This represents a 42.76% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 266,722 shares of company stock worth $57,583,648. Insiders own 18.10% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ZS. Jefferies Financial Group decreased their target price on shares of Zscaler from $245.00 to $240.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Robert W. Baird increased their price objective on shares of Zscaler from $295.00 to $315.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Morgan Stanley increased their price objective on shares of Zscaler from $200.00 to $280.00 and gave the stock an "equal weight" rating in a research report on Friday, May 30th. Wells Fargo & Company increased their price objective on shares of Zscaler from $210.00 to $260.00 and gave the stock an "equal weight" rating in a research report on Friday, May 30th. Finally, JMP Securities increased their price objective on shares of Zscaler from $240.00 to $310.00 and gave the stock a "market outperform" rating in a research report on Friday, May 30th. Ten equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $283.85.

Zscaler Trading Up 0.7%

Shares of NASDAQ ZS traded up $2.15 during midday trading on Friday, reaching $303.03. 3,015,367 shares of the stock were exchanged, compared to its average volume of 2,065,797. The company has a market capitalization of $47.18 billion, a P/E ratio of -1,212.12 and a beta of 1.09. Zscaler, Inc. has a 52-week low of $153.45 and a 52-week high of $306.78. The stock has a 50 day moving average price of $229.85 and a 200-day moving average price of $209.54.

Zscaler (NASDAQ:ZS - Get Free Report) last posted 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. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The business had revenue of $678.03 million for the quarter, compared to analysts' expectations of $667.13 million. During the same period in the previous year, the company posted $0.88 earnings per share. The business's revenue for the quarter was up 22.6% compared to the same quarter last year. On average, analysts forecast that Zscaler, Inc. will post -0.1 earnings per share for the current 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.