Royal Bank of Canada Raises Zscaler (NASDAQ:ZS) Price Target to $304.00

Zscaler (NASDAQ:ZS - Get Free Report) had its target price increased by Royal Bank of Canada from $288.00 to $304.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank of Canada's price objective indicates a potential upside of 10.94% from the company's current price.

A number of other research firms also recently weighed in on ZS. Needham & Company LLC lifted their price target on shares of Zscaler from $240.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday. Scotiabank raised their price objective on shares of Zscaler from $242.00 to $310.00 and gave the stock a "sector outperform" rating in a report on Friday. Guggenheim reiterated a "neutral" rating on shares of Zscaler in a research report on Friday. Piper Sandler reissued a "neutral" rating and issued a $260.00 target price (up previously from $235.00) on shares of Zscaler in a research note on Friday. Finally, Rosenblatt Securities raised their target price on Zscaler from $235.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday. Ten equities research analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $275.12.

Zscaler Stock Up 9.1%

Shares of ZS stock traded up $22.92 during trading hours on Friday, reaching $274.03. 9,940,403 shares of the company's stock were exchanged, compared to its average volume of 2,045,319. Zscaler has a fifty-two week low of $153.45 and a fifty-two week high of $276.49. The stock has a market capitalization of $42.40 billion, a P/E ratio of -1,096.12 and a beta of 1.14. The business has a fifty day moving average price of $220.62 and a 200-day moving average price of $206.33.

Zscaler (NASDAQ:ZS - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.08. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The business had revenue of $678.03 million during the quarter, compared to analysts' expectations of $667.13 million. During the same quarter last year, the company earned $0.88 earnings per share. The firm's revenue was up 22.6% on a year-over-year basis. As a group, research analysts expect that Zscaler will post -0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Remo Canessa sold 3,721 shares of Zscaler stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total transaction of $741,037.15. Following the transaction, the chief financial officer now owns 213,702 shares of the company's stock, valued at $42,558,753.30. This trade represents a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the company's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total transaction of $429,168.25. Following the completion of the sale, the chief executive officer now directly owns 356,414 shares of the company's stock, valued at $70,979,848.10. The trade was a 0.60% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 241,771 shares of company stock valued at $50,165,040. 18.10% of the stock is currently owned by insiders.

Institutional Trading of Zscaler

Several hedge funds have recently added to or reduced their stakes in the business. LaFleur & Godfrey LLC raised its holdings in Zscaler by 0.6% during the 4th quarter. LaFleur & Godfrey LLC now owns 61,985 shares of the company's stock worth $11,183,000 after buying an additional 399 shares during the period. Blue Trust Inc. increased its position in shares of Zscaler by 31.7% during the fourth quarter. Blue Trust Inc. now owns 2,051 shares of the company's stock worth $351,000 after acquiring an additional 494 shares in the last quarter. R Squared Ltd bought a new stake in shares of Zscaler during the fourth quarter worth $38,000. Swedbank AB raised its holdings in shares of Zscaler by 12.6% during the fourth quarter. Swedbank AB now owns 12,797 shares of the company's stock worth $2,309,000 after acquiring an additional 1,434 shares during the period. Finally, Crews Bank & Trust bought a new stake in Zscaler in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 46.45% 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.