Needham & Company LLC Increases Zscaler (NASDAQ:ZS) Price Target to $310.00

Zscaler (NASDAQ:ZS - Free Report) had its target price raised by Needham & Company LLC from $240.00 to $310.00 in a report issued on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

ZS has been the topic of several other research reports. UBS Group increased their price objective on shares of Zscaler from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Robert W. Baird increased their price objective on shares of Zscaler from $240.00 to $250.00 and gave the stock an "outperform" rating in a research note on Thursday, March 6th. Citigroup reiterated a "buy" rating and issued a $240.00 price objective (up previously from $235.00) on shares of Zscaler in a research note on Wednesday, March 5th. Stephens reiterated an "overweight" rating and issued a $255.00 price objective on shares of Zscaler in a research note on Tuesday, May 27th. Finally, Roth Capital reiterated a "neutral" rating on shares of Zscaler in a research note on Wednesday. Ten investment analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $275.12.

Zscaler Stock Up 9.1%

Shares of NASDAQ ZS traded up $22.92 during trading on Friday, reaching $274.03. 9,940,403 shares of the company traded hands, compared to its average volume of 2,045,319. The firm has a 50 day simple moving average of $220.62 and a 200-day simple moving average of $206.33. The stock has a market capitalization of $42.40 billion, a PE ratio of -1,096.12 and a beta of 1.14. Zscaler has a 52-week low of $153.45 and a 52-week high of $276.49.

Zscaler (NASDAQ:ZS - Get Free Report) last announced its quarterly 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 for the quarter, compared to the consensus estimate of $667.13 million. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The business's quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.88 EPS. As a group, research analysts predict that Zscaler will post -0.1 EPS for the current year.

Insider Activity

In related news, major shareholder Ajay Mangal sold 190,480 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $200.69, for a total value of $38,227,431.20. Following the completion of the transaction, the insider now directly owns 2,580,210 shares of the company's stock, valued at approximately $517,822,344.90. This trade represents a 6.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Andrew William Fraser Brown sold 10,000 shares of the firm's stock in a transaction on 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 completion of the transaction, the director now directly owns 27,216 shares of the company's stock, valued at approximately $5,606,496. This trade represents a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 241,771 shares of company stock worth $50,165,040 over the last quarter. Insiders own 18.10% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. T. Rowe Price Investment Management Inc. purchased a new position in Zscaler during the first quarter worth $516,622,000. Nuveen LLC purchased a new position in Zscaler during the first quarter worth $153,340,000. Goldman Sachs Group Inc. boosted its stake in Zscaler by 23.4% during the first quarter. Goldman Sachs Group Inc. now owns 3,048,238 shares of the company's stock worth $604,831,000 after buying an additional 578,883 shares during the period. AQR Capital Management LLC boosted its stake in Zscaler by 120.1% during the fourth quarter. AQR Capital Management LLC now owns 964,031 shares of the company's stock worth $173,921,000 after buying an additional 525,956 shares during the period. Finally, Natixis purchased a new position in Zscaler during the fourth quarter worth $87,775,000. 46.45% of the stock is owned by hedge funds and other institutional investors.

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.