Zscaler (NASDAQ:ZS) Given New $315.00 Price Target at Robert W. Baird

Zscaler (NASDAQ:ZS - Get Free Report) had its price target lifted by research analysts at Robert W. Baird from $295.00 to $315.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Robert W. Baird's price target suggests a potential upside of 14.95% from the stock's previous close.

Several other equities analysts have also recently issued reports on ZS. Wells Fargo & Company upped their price objective on Zscaler from $210.00 to $260.00 and gave the company an "equal weight" rating in a research report on Friday. Piper Sandler reissued a "neutral" rating and set a $260.00 price target (up from $235.00) on shares of Zscaler in a report on Friday. Guggenheim reissued a "neutral" rating on shares of Zscaler in a report on Friday. Evercore ISI increased their price target on Zscaler from $245.00 to $290.00 and gave the company an "outperform" rating in a report on Friday. Finally, Scotiabank increased their price target on Zscaler from $242.00 to $310.00 and gave the company a "sector outperform" rating in a report on Friday. Ten analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat.com, Zscaler currently has a consensus rating of "Moderate Buy" and an average price target of $275.12.

Zscaler Trading Up 9.1%

ZS stock traded up $22.92 during midday trading on Friday, hitting $274.03. The company's stock had a trading volume of 9,940,403 shares, compared to its average volume of 2,045,319. The company has a market cap of $42.40 billion, a PE ratio of -1,096.12 and a beta of 1.14. Zscaler has a 12 month low of $153.45 and a 12 month high of $276.49. The firm's 50-day moving average is $220.62 and its 200-day moving average is $206.31.

Zscaler (NASDAQ:ZS - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.08. The business had revenue of $678.03 million for 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 firm's quarterly revenue was up 22.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.88 EPS. Analysts expect that Zscaler will post -0.1 earnings per share for the current year.

Insider Activity

In other news, CEO Jagtar Singh Chaudhry sold 2,155 shares of the firm's stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total transaction of $429,168.25. Following the completion of the transaction, the chief executive officer now owns 356,414 shares in the company, valued at $70,979,848.10. This trade represents a 0.60% 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 stock in a transaction dated 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 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. The trade was a 6.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 241,771 shares of company stock worth $50,165,040 over the last 90 days. Corporate insiders own 18.10% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Zscaler by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 9,890,506 shares of the company's stock valued at $1,962,474,000 after acquiring an additional 294,034 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Zscaler by 23.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,048,238 shares of the company's stock valued at $604,831,000 after acquiring an additional 578,883 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new position in shares of Zscaler in the 1st quarter valued at about $516,622,000. Geode Capital Management LLC lifted its holdings 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 acquiring an additional 32,545 shares during the last quarter. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of 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 acquiring an additional 332,307 shares during the last quarter. Institutional investors own 46.45% of the company's stock.

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.