Clare Market Investments LLC Sells 2,980 Shares of Zscaler, Inc. (NASDAQ:ZS)

Clare Market Investments LLC trimmed its position in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 11.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,210 shares of the company's stock after selling 2,980 shares during the quarter. Zscaler accounts for 1.3% of Clare Market Investments LLC's portfolio, making the stock its 17th largest position. Clare Market Investments LLC's holdings in Zscaler were worth $4,804,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in shares of 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 purchasing an additional 32,545 shares during the period. Pictet Asset Management Holding SA boosted its stake in Zscaler by 25.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,618,176 shares of the company's stock valued at $291,935,000 after buying an additional 332,307 shares in the last quarter. AQR Capital Management LLC grew its position in Zscaler by 120.1% in the fourth quarter. AQR Capital Management LLC now owns 964,031 shares of the company's stock valued at $173,921,000 after acquiring an additional 525,956 shares during the period. Artisan Partners Limited Partnership grew its position in Zscaler by 30.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 868,795 shares of the company's stock valued at $156,739,000 after acquiring an additional 204,996 shares during the period. Finally, DnB Asset Management AS raised its stake in Zscaler by 66.8% during the fourth quarter. DnB Asset Management AS now owns 667,383 shares of the company's stock worth $120,403,000 after acquiring an additional 267,162 shares in the last quarter. 46.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ZS shares. Jefferies Financial Group lowered their target price on shares of Zscaler from $245.00 to $240.00 and set a "buy" rating on the stock in a report on Monday, March 31st. KeyCorp boosted their price target on shares of Zscaler from $290.00 to $310.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. Needham & Company LLC raised their price objective on shares of Zscaler from $240.00 to $310.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Oppenheimer lifted their target price on shares of Zscaler from $250.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Finally, Citigroup restated a "buy" rating and set a $240.00 price target (up from $235.00) on shares of Zscaler in a research report on Wednesday, March 5th. Ten investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $280.76.

Zscaler Price Performance

ZS traded up $4.03 during mid-day trading on Thursday, hitting $300.88. The stock had a trading volume of 2,503,610 shares, compared to its average volume of 2,064,930. Zscaler, Inc. has a 1-year low of $153.45 and a 1-year high of $303.67. The firm has a market capitalization of $46.55 billion, a price-to-earnings ratio of -1,203.52 and a beta of 1.14. The stock's fifty day simple moving average is $225.76 and its 200-day simple moving average is $208.18.

Zscaler (NASDAQ:ZS - Get Free Report) last posted its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.08. The firm 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 0.75% and a negative net margin of 1.58%. The company's revenue was up 22.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.88 earnings per share. As a group, research analysts expect that Zscaler, Inc. will post -0.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Zscaler

In other news, insider Robert Schlossman sold 2,878 shares of the business's stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total value of $573,153.70. Following the sale, the insider now directly owns 107,587 shares in the company, valued at $21,425,951.05. The trade was a 2.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Ajay Mangal sold 190,480 shares of the company's stock in a transaction dated 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 directly owns 2,580,210 shares of the company's stock, valued at $517,822,344.90. This represents a 6.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 241,771 shares of company stock valued at $50,165,040. 18.10% of the stock is currently owned by corporate insiders.

About Zscaler

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.