Zscaler (NASDAQ:ZS) Price Target Raised to $320.00

Zscaler (NASDAQ:ZS - Free Report) had its price objective raised by Susquehanna from $245.00 to $320.00 in a report published on Friday morning,Benzinga reports. Susquehanna currently has a positive rating on the stock.

ZS has been the subject of several other reports. Mizuho lifted their price objective on Zscaler from $220.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. Bank of America upgraded Zscaler from a "neutral" rating to a "buy" rating and upped their price objective for the company from $215.00 to $240.00 in a research note on Friday, March 7th. Wedbush increased their price objective on Zscaler from $240.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday. Scotiabank increased their price objective on Zscaler from $242.00 to $310.00 and gave the company a "sector outperform" rating in a research report on Friday. Finally, Needham & Company LLC lifted their price target on Zscaler from $240.00 to $310.00 and gave the company a "buy" rating in a report on Friday. Ten equities research analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Zscaler has an average rating of "Moderate Buy" and an average target price of $275.12.

Zscaler Price Performance

ZS stock traded up $22.92 during trading on Friday, hitting $274.03. 9,940,403 shares of the company traded hands, 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 1 year low of $153.45 and a 1 year high of $276.49. The stock's 50-day simple moving average is $220.62 and its 200 day simple moving average is $206.31.

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

Insider Activity at Zscaler

In related news, CEO Jagtar Singh Chaudhry sold 2,155 shares of the stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total transaction of $429,168.25. Following the sale, the chief executive officer now directly owns 356,414 shares in the company, valued at $70,979,848.10. This represents a 0.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert Schlossman sold 3,590 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $250.00, for a total value of $897,500.00. Following the completion of the transaction, the insider now owns 100,230 shares in the company, valued at $25,057,500. The trade was a 3.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 241,771 shares of company stock valued at $50,165,040. Company insiders own 18.10% of the company's stock.

Institutional Trading of Zscaler

Several hedge funds have recently added to or reduced their stakes in the business. Anderson Financial Strategies LLC acquired a new stake in shares of Zscaler in the first quarter valued at about $238,000. Geneos Wealth Management Inc. increased its stake in Zscaler by 26.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,170 shares of the company's stock worth $1,224,000 after acquiring an additional 1,299 shares during the period. Belpointe Asset Management LLC increased its holdings in Zscaler by 10.8% in the 1st quarter. Belpointe Asset Management LLC now owns 1,166 shares of the company's stock valued at $231,000 after buying an additional 114 shares during the period. Jupiter Wealth Management LLC acquired a new stake in shares of Zscaler in the 1st quarter valued at approximately $298,000. Finally, Focus Partners Wealth boosted its stake in shares of Zscaler by 2.5% in the 1st quarter. Focus Partners Wealth now owns 62,083 shares of the company's stock valued at $12,319,000 after purchasing an additional 1,517 shares in the last quarter. Institutional investors and hedge funds 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.