Zscaler, Inc. (NASDAQ:ZS) Shares Sold by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers reduced its stake in Zscaler, Inc. by 36.8%, now owning 26,853 shares valued at approximately $5.3 million.
• In the recent quarter, Zscaler reported a 22.6% increase in revenue year-over-year, amounting to $678.03 million, with an EPS of $0.84, surpassing estimates.
• Analysts currently rate Zscaler with a consensus of "Moderate Buy" and a target price of $296.82, with a mix of buy, hold, and outperform ratings from various investment firms.

Cetera Investment Advisers lessened its stake in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 36.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 26,853 shares of the company's stock after selling 15,613 shares during the period. Cetera Investment Advisers' holdings in Zscaler were worth $5,328,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new stake in Zscaler in the 4th quarter valued at about $32,158,000. Alliancebernstein L.P. raised its holdings in Zscaler by 23.4% in the 4th quarter. Alliancebernstein L.P. now owns 71,735 shares of the company's stock valued at $12,942,000 after acquiring an additional 13,597 shares during the last quarter. Geode Capital Management LLC raised its holdings in Zscaler by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 1,658,406 shares of the company's stock valued at $298,710,000 after acquiring an additional 32,545 shares during the last quarter. Westpac Banking Corp raised its holdings in Zscaler by 763.5% in the 4th quarter. Westpac Banking Corp now owns 4,784 shares of the company's stock valued at $863,000 after acquiring an additional 4,230 shares during the last quarter. Finally, ExodusPoint Capital Management LP raised its holdings in Zscaler by 33.8% in the 4th quarter. ExodusPoint Capital Management LP now owns 32,551 shares of the company's stock valued at $5,873,000 after acquiring an additional 8,228 shares during the last quarter. Institutional investors and hedge funds own 46.45% of the company's stock.

Zscaler Price Performance

Shares of NASDAQ:ZS opened at $280.27 on Friday. The company's fifty day moving average price is $295.21 and its 200 day moving average price is $238.56. Zscaler, Inc. has a 12 month low of $153.45 and a 12 month high of $318.46. The firm has a market capitalization of $43.64 billion, a P/E ratio of -1,077.96 and a beta of 1.06.

Zscaler (NASDAQ:ZS - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The company reported $0.84 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $667.13 million. During the same period last year, the business earned $0.88 EPS. Zscaler's revenue for the quarter was up 22.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Zscaler, Inc. will post -0.1 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. BNP Paribas raised shares of Zscaler from a "neutral" rating to an "outperform" rating and set a $260.00 price target for the company in a research note on Monday, April 28th. Mizuho increased their price target on shares of Zscaler from $275.00 to $290.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. BMO Capital Markets increased their price target on shares of Zscaler from $233.00 to $295.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Cantor Fitzgerald increased their price target on shares of Zscaler from $290.00 to $340.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Finally, Loop Capital increased their price target on shares of Zscaler from $250.00 to $260.00 and gave the company a "hold" rating in a research note on Friday, May 30th. Seven 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 company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $296.82.

Insider Activity

In related news, insider Syam Nair sold 4,064 shares of Zscaler stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $303.70, for a total transaction of $1,234,236.80. Following the sale, the insider directly owned 106,659 shares in the company, valued at $32,392,338.30. This trade represents a 3.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jagtar Singh Chaudhry sold 2,849 shares of Zscaler stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $303.70, for a total transaction of $865,241.30. Following the completion of the transaction, the chief executive officer owned 353,565 shares in the company, valued at approximately $107,377,690.50. This represents a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 200,793 shares of company stock worth $58,752,794 over the last three months. Company insiders own 18.10% of the company's stock.

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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