Freedom Investment Management Inc. Increases Position in Zscaler, Inc. (NASDAQ:ZS)

Freedom Investment Management Inc. lifted its position in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 57.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,845 shares of the company's stock after acquiring an additional 1,770 shares during the quarter. Freedom Investment Management Inc.'s holdings in Zscaler were worth $874,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ZS. CANADA LIFE ASSURANCE Co increased its stake in shares of Zscaler by 4.6% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 151,215 shares of the company's stock valued at $27,272,000 after acquiring an additional 6,640 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Zscaler by 105.9% in the 4th quarter. Canada Pension Plan Investment Board now owns 47,167 shares of the company's stock valued at $8,509,000 after buying an additional 24,263 shares during the last quarter. Altshuler Shaham Ltd acquired a new stake in shares of Zscaler in the fourth quarter valued at about $1,205,000. Zacks Investment Management bought a new stake in shares of Zscaler during the 4th quarter worth approximately $12,204,000. Finally, Everest Management Corp. acquired a new stake in Zscaler in the fourth quarter valued at $268,000. Institutional investors and hedge funds own 46.45% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on ZS. Morgan Stanley decreased their target price on Zscaler from $205.00 to $200.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Barclays restated an "overweight" rating on shares of Zscaler in a research note on Wednesday, March 5th. Bank of America upgraded shares of Zscaler from a "neutral" rating to a "buy" rating and upped their price target for the company from $215.00 to $240.00 in a research note on Friday, March 7th. BTIG Research set a $252.00 price objective on shares of Zscaler and gave the stock a "buy" rating in a research report on Thursday, March 6th. Finally, UBS Group upped their target price on Zscaler from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Nine research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Zscaler currently has an average rating of "Moderate Buy" and a consensus target price of $234.16.

Insider Activity

In other Zscaler news, Director Andrew William Fraser Brown sold 10,000 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $206.00, for a total transaction of $2,060,000.00. Following the sale, the director now directly owns 27,216 shares of the company's stock, valued at $5,606,496. This represents a 26.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Ajay Mangal sold 190,480 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $200.69, for a total transaction of $38,227,431.20. Following the completion of the sale, the insider now directly owns 2,580,210 shares in the company, valued at approximately $517,822,344.90. The trade was a 6.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 209,234 shares of company stock valued at $42,030,790. 18.10% of the stock is currently owned by insiders.

Zscaler Trading Up 2.8 %

NASDAQ:ZS traded up $5.78 during mid-day trading on Friday, hitting $215.92. 1,026,289 shares of the company's stock were exchanged, compared to its average volume of 2,049,701. Zscaler, Inc. has a fifty-two week low of $153.45 and a fifty-two week high of $217.84. The company has a 50 day simple moving average of $199.33 and a 200-day simple moving average of $197.03. The firm has a market capitalization of $33.41 billion, a P/E ratio of -863.54 and a beta of 1.12.

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.