Zscaler, Inc. (NASDAQ:ZS) Shares Purchased by Malaga Cove Capital LLC

Key Points

• Malaga Cove Capital LLC increased its stake in Zscaler, Inc. by 24.0%, owning a total of 8,312 shares worth approximately $1.65 million as of the latest filing.
• Several analysts have raised their price targets for Zscaler, with Oppenheimer setting a new objective at $345.00 and JPMorgan boosting theirs to $348.00, reflecting strong confidence in the stock's performance.
• Recently, insiders sold a total of 200,793 shares valued at approximately $58.75 million, indicating significant movement in the company's equity holdings among executives.

Malaga Cove Capital LLC raised its holdings in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 24.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,312 shares of the company's stock after acquiring an additional 1,609 shares during the quarter. Malaga Cove Capital LLC's holdings in Zscaler were worth $1,649,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. ORG Partners LLC boosted its stake in shares of Zscaler by 284.8% during the first quarter. ORG Partners LLC now owns 127 shares of the company's stock valued at $26,000 after acquiring an additional 94 shares during the last quarter. Colonial Trust Co SC purchased a new position in Zscaler in the 4th quarter valued at about $28,000. Goodman Advisory Group LLC acquired a new stake in shares of Zscaler during the 1st quarter worth about $29,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Zscaler during the 1st quarter worth about $29,000. Finally, Elequin Capital LP purchased a new stake in shares of Zscaler during the fourth quarter worth about $30,000. Hedge funds and other institutional investors own 46.45% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on ZS. Oppenheimer upped their price objective on shares of Zscaler from $290.00 to $345.00 and gave the company an "outperform" rating in a research note on Friday, June 6th. Stephens restated an "overweight" rating and issued a $255.00 target price on shares of Zscaler in a report on Tuesday, May 27th. Piper Sandler reaffirmed a "neutral" rating and set a $260.00 price target (up previously from $235.00) on shares of Zscaler in a research note on Friday, May 30th. Scotiabank lifted their price target on shares of Zscaler from $310.00 to $360.00 and gave the company a "sector outperform" rating in a report on Friday, June 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Zscaler from $292.00 to $348.00 and gave the company an "overweight" rating in a research note on Monday, June 16th. Seven equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $296.82.

Insider Activity

In other news, insider Robert Schlossman sold 4,618 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $300.00, for a total value of $1,385,400.00. Following the sale, the insider 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Syam Nair sold 28,947 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $250.00, for a total value of $7,236,750.00. Following the completion of the sale, the insider owned 110,566 shares of the company's stock, valued at approximately $27,641,500. This trade represents a 20.75% 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 in the last 90 days. 18.10% of the stock is currently owned by corporate insiders.

Zscaler Stock Performance

ZS stock opened at $280.27 on Friday. Zscaler, Inc. has a 1 year low of $153.45 and a 1 year high of $318.46. The stock has a market capitalization of $43.64 billion, a price-to-earnings ratio of -1,077.96 and a beta of 1.06. The stock's fifty day moving average is $295.21 and its two-hundred day moving average is $238.22.

Zscaler (NASDAQ:ZS - Get Free Report) last released 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. The company had revenue of $678.03 million for the quarter, compared to analysts' expectations of $667.13 million. Zscaler had a negative return on equity of 0.59% and a negative net margin of 1.52%. The business's revenue for the quarter was up 22.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 earnings per share. As a group, analysts predict 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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