Zscaler, Inc. $ZS Stake Boosted by Comerica Bank

Key Points

• Comerica Bank has increased its stake in Zscaler, Inc. by 138.5%, owning 13,716 shares valued at approximately $2.72 million.
• Several institutional investors, including GAMMA Investing LLC and Allworth Financial LP, also grew their stakes in Zscaler during the first quarter of the year.
• Analysts maintain a "Moderate Buy" consensus rating for Zscaler, with target prices ranging significantly; some analysts have rated it as a "strong-buy."

Comerica Bank increased its stake in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 138.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,716 shares of the company's stock after purchasing an additional 7,965 shares during the quarter. Comerica Bank's holdings in Zscaler were worth $2,721,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. GAMMA Investing LLC grew its stake in Zscaler by 43.1% during the 1st quarter. GAMMA Investing LLC now owns 641 shares of the company's stock valued at $127,000 after acquiring an additional 193 shares in the last quarter. Allworth Financial LP grew its stake in Zscaler by 47.4% during the 1st quarter. Allworth Financial LP now owns 1,002 shares of the company's stock valued at $211,000 after acquiring an additional 322 shares in the last quarter. Krane Funds Advisors LLC grew its stake in Zscaler by 36.4% during the 1st quarter. Krane Funds Advisors LLC now owns 1,667 shares of the company's stock valued at $331,000 after acquiring an additional 445 shares in the last quarter. Merit Financial Group LLC grew its stake in Zscaler by 42.0% during the 1st quarter. Merit Financial Group LLC now owns 6,197 shares of the company's stock valued at $1,230,000 after acquiring an additional 1,832 shares in the last quarter. Finally, National Pension Service grew its stake in Zscaler by 11.2% during the 1st quarter. National Pension Service now owns 171,847 shares of the company's stock valued at $34,098,000 after acquiring an additional 17,342 shares in the last quarter. Hedge funds and other institutional investors own 46.45% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Susquehanna lifted their target price on Zscaler from $245.00 to $320.00 and gave the company a "positive" rating in a research note on Friday, May 30th. Wells Fargo & Company raised Zscaler from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $260.00 to $385.00 in a research note on Friday, June 13th. FBN Securities raised Zscaler to a "strong-buy" rating in a research note on Friday, May 30th. Canaccord Genuity Group set a $305.00 price target on Zscaler and gave the company a "buy" rating in a research note on Monday, June 2nd. Finally, Piper Sandler reissued a "neutral" rating and issued a $260.00 price target (up previously from $235.00) on shares of Zscaler in a research note on Friday, May 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Zscaler presently has an average rating of "Moderate Buy" and a consensus price target of $296.49.

Zscaler Stock Down 1.2%

Shares of Zscaler stock opened at $277.05 on Monday. The stock has a market capitalization of $43.14 billion, a P/E ratio of -1,065.58, a PEG ratio of 259.58 and a beta of 1.05. The stock has a 50 day moving average price of $289.20 and a two-hundred day moving average price of $249.34. Zscaler, Inc. has a 12-month low of $153.45 and a 12-month high of $318.46.

Zscaler (NASDAQ:ZS - Get Free Report) last announced its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping 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 0.59% and a negative net margin of 1.52%.The company's revenue was up 22.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.88 earnings per share. Sell-side analysts anticipate that Zscaler, Inc. will post -0.1 earnings per share for the current year.

Insider Activity

In other Zscaler news, insider Syam Nair sold 4,064 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $303.70, for a total transaction of $1,234,236.80. Following the completion of the sale, the insider owned 106,659 shares of the company's stock, valued at $32,392,338.30. This represents a 3.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jagtar Singh Chaudhry sold 2,849 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $303.70, for a total value of $865,241.30. Following the sale, the chief executive officer directly owned 353,565 shares of the company's stock, valued at $107,377,690.50. The trade was a 0.80% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 168,256 shares of company stock valued at $50,618,544. Insiders own 18.10% of the company's stock.

Zscaler Company 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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