Zscaler, Inc. (NASDAQ:ZS) Shares Purchased by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Zscaler, Inc. by 1,136.1%, now owning 27,083 shares valued at approximately $5.37 million.
• Insiders have sold a significant number of shares recently, with 200,793 shares sold worth nearly $58.75 million in the last 90 days, reducing insider ownership to 18.10%.
• Several analysts have raised their price targets for Zscaler, with the average target now at $296.82 and a consensus rating of "Moderate Buy".

OVERSEA CHINESE BANKING Corp Ltd boosted its position in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 1,136.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 27,083 shares of the company's stock after purchasing an additional 24,892 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Zscaler were worth $5,374,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its stake in Zscaler by 13.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,420 shares of the company's stock valued at $1,472,000 after purchasing an additional 855 shares during the last quarter. Harbour Investments Inc. increased its stake in shares of Zscaler by 6.9% during the 1st quarter. Harbour Investments Inc. now owns 1,278 shares of the company's stock valued at $254,000 after acquiring an additional 83 shares during the last quarter. Menard Financial Group LLC acquired a new position in shares of Zscaler during the 1st quarter valued at about $379,000. North Star Asset Management Inc. increased its stake in shares of Zscaler by 1.2% during the 1st quarter. North Star Asset Management Inc. now owns 37,378 shares of the company's stock valued at $7,417,000 after acquiring an additional 429 shares during the last quarter. Finally, Bayforest Capital Ltd acquired a new position in shares of Zscaler during the 1st quarter valued at about $34,000. Institutional investors and hedge funds own 46.45% of the company's stock.

Insider Activity at Zscaler

In related news, insider Adam Geller sold 3,662 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $306.72, for a total transaction of $1,123,208.64. Following the transaction, the insider directly owned 46,813 shares in the company, valued at $14,358,483.36. This trade represents a 7.26% decrease in their ownership of the stock. The sale 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 firm'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 transaction, the insider owned 95,612 shares in the company, valued at $28,683,600. This trade represents a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 200,793 shares of company stock worth $58,752,794. 18.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ZS has been the subject of a number of research analyst reports. Royal Bank Of Canada upped their price objective on shares of Zscaler from $288.00 to $304.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Truist Financial reaffirmed a "buy" rating and set a $300.00 price objective (up previously from $260.00) on shares of Zscaler in a research note on Friday, May 30th. Robert W. Baird upped their price objective on shares of Zscaler from $295.00 to $315.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Barclays upped their price objective on shares of Zscaler from $275.00 to $290.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Finally, Wedbush upped their price objective on shares of Zscaler from $240.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $296.82.

Zscaler Trading Down 1.9%

Zscaler stock opened at $280.27 on Friday. The stock has a market cap of $43.64 billion, a P/E ratio of -1,077.96 and a beta of 1.06. The stock has a 50 day moving average of $295.21 and a 200-day moving average of $238.22. Zscaler, Inc. has a 52 week low of $153.45 and a 52 week high of $318.46.

Zscaler (NASDAQ:ZS - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.76 by $0.08. The company had revenue of $678.03 million during 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 was up 22.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 EPS. As a group, equities analysts predict that Zscaler, Inc. will post -0.1 earnings per share 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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