Scotiabank Boosts Zscaler (NASDAQ:ZS) Price Target to $310.00

Zscaler (NASDAQ:ZS - Get Free Report) had its price target boosted by equities researchers at Scotiabank from $242.00 to $310.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a "sector outperform" rating on the stock. Scotiabank's price objective suggests a potential upside of 13.13% from the stock's current price.

Several other brokerages have also weighed in on ZS. Stephens reissued an "overweight" rating and set a $255.00 price objective on shares of Zscaler in a report on Tuesday, May 27th. BTIG Research set a $252.00 price target on Zscaler and gave the stock a "buy" rating in a research note on Thursday, March 6th. Cantor Fitzgerald boosted their price objective on Zscaler from $250.00 to $275.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. BMO Capital Markets increased their target price on Zscaler from $222.00 to $233.00 and gave the stock an "outperform" rating in a report on Thursday, March 6th. Finally, Citigroup reiterated a "buy" rating and issued a $240.00 price target (up from $235.00) on shares of Zscaler in a report on Wednesday, March 5th. Ten research analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat, Zscaler currently has a consensus rating of "Moderate Buy" and an average target price of $275.12.

Zscaler Stock Performance

Shares of ZS stock traded up $22.92 on Friday, hitting $274.03. The stock had a trading volume of 9,940,403 shares, compared to its average volume of 2,045,319. The stock's 50 day moving average is $220.62 and its 200-day moving average is $206.33. The firm has a market capitalization of $42.40 billion, a price-to-earnings 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 posted its quarterly earnings data on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.08. The company had revenue of $678.03 million for the quarter, compared to the consensus estimate of $667.13 million. Zscaler had a negative return on equity of 0.75% and a negative net margin of 1.58%. Zscaler's revenue for the quarter was up 22.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.88 EPS. Equities analysts expect that Zscaler will post -0.1 earnings per share for the current year.

Insider Activity at Zscaler

In other news, insider Robert Schlossman sold 2,878 shares of the business'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 $573,153.70. Following the sale, the insider now owns 107,587 shares in the company, valued at $21,425,951.05. The trade was a 2.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Syam Nair sold 28,947 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $250.00, for a total transaction of $7,236,750.00. Following the completion of the sale, the insider now owns 110,566 shares of the company's stock, valued at approximately $27,641,500. This trade represents a 20.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 241,771 shares of company stock valued at $50,165,040 over the last ninety days. Insiders own 18.10% of the company's stock.

Institutional Trading of Zscaler

Several large investors have recently added to or reduced their stakes in the company. Quintet Private Bank Europe S.A. raised its stake in shares of Zscaler by 4.7% during the 1st quarter. Quintet Private Bank Europe S.A. now owns 1,120 shares of the company's stock worth $222,000 after purchasing an additional 50 shares in the last quarter. Corebridge Financial Inc. raised its position in Zscaler by 0.5% during the fourth quarter. Corebridge Financial Inc. now owns 11,695 shares of the company's stock valued at $2,110,000 after acquiring an additional 54 shares in the last quarter. Erste Asset Management GmbH raised its position in Zscaler by 0.6% during the fourth quarter. Erste Asset Management GmbH now owns 9,780 shares of the company's stock valued at $1,805,000 after acquiring an additional 56 shares in the last quarter. Ironwood Investment Management LLC lifted its stake in Zscaler by 1.0% in the fourth quarter. Ironwood Investment Management LLC now owns 6,249 shares of the company's stock valued at $1,127,000 after acquiring an additional 64 shares during the last quarter. Finally, Cerity Partners LLC grew its position in Zscaler by 0.3% in the first quarter. Cerity Partners LLC now owns 22,928 shares of the company's stock worth $4,549,000 after acquiring an additional 68 shares in the last quarter. 46.45% of the stock is owned by institutional investors and hedge funds.

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.