Renaissance Technologies LLC Decreases Stock Position in Zscaler, Inc. (NASDAQ:ZS)

Renaissance Technologies LLC reduced its position in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 30.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 236,782 shares of the company's stock after selling 104,000 shares during the quarter. Renaissance Technologies LLC owned about 0.15% of Zscaler worth $42,718,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ZS. Krane Funds Advisors LLC purchased a new stake in Zscaler in the 4th quarter valued at about $220,000. Cerity Partners LLC raised its stake in Zscaler by 116.4% in the fourth quarter. Cerity Partners LLC now owns 22,860 shares of the company's stock valued at $4,117,000 after buying an additional 12,298 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Zscaler during the fourth quarter worth about $94,000. Sepio Capital LP boosted its stake in shares of Zscaler by 5.7% during the 4th quarter. Sepio Capital LP now owns 8,764 shares of the company's stock worth $1,581,000 after acquiring an additional 475 shares in the last quarter. Finally, MIG Capital LLC acquired a new stake in Zscaler in the 4th quarter worth about $329,000. 46.45% of the stock is currently owned by institutional investors.

Insider Activity

In other Zscaler news, major shareholder Ajay Mangal sold 190,480 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $200.69, for a total transaction of $38,227,431.20. Following the sale, the insider now owns 2,580,210 shares of the company's stock, valued at approximately $517,822,344.90. This represents a 6.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 dated Wednesday, April 2nd. The stock was sold at an average price of $206.00, for a total transaction of $2,060,000.00. Following the sale, the director now owns 27,216 shares of the company's stock, valued at $5,606,496. This trade represents a 26.87 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 209,234 shares of company stock worth $42,030,790. 18.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ZS. Sanford C. Bernstein restated an "outperform" rating and set a $244.00 price objective on shares of Zscaler in a research note on Thursday, March 6th. JPMorgan Chase & Co. boosted their price target on shares of Zscaler from $240.00 to $250.00 and gave the stock an "overweight" rating in a research note on Thursday, March 6th. Barclays reissued an "overweight" rating on shares of Zscaler in a report on Wednesday, March 5th. BMO Capital Markets upped their price objective on Zscaler from $222.00 to $233.00 and gave the company an "outperform" rating in a research note on Thursday, March 6th. Finally, Bank of America upgraded shares of Zscaler from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $215.00 to $240.00 in a report on Friday, March 7th. Eight equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $234.94.

Zscaler Stock Performance

Zscaler stock traded up $0.49 during mid-day trading on Wednesday, reaching $205.13. 522,231 shares of the company were exchanged, compared to its average volume of 1,970,596. Zscaler, Inc. has a twelve month low of $153.45 and a twelve month high of $217.84. The firm has a market cap of $31.74 billion, a PE ratio of -820.52 and a beta of 1.12. The firm's 50-day simple moving average is $200.78 and its two-hundred day simple moving average is $195.74.

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.