Zscaler, Inc. (NASDAQ:ZS) Shares Sold by Pinebridge Investments L.P.

Pinebridge Investments L.P. reduced its stake in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 14.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,897 shares of the company's stock after selling 17,448 shares during the period. Pinebridge Investments L.P. owned 0.07% of Zscaler worth $18,383,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Global X Japan Co. Ltd. lifted its holdings in Zscaler by 127.4% in the 4th quarter. Global X Japan Co. Ltd. now owns 141 shares of the company's stock worth $25,000 after purchasing an additional 79 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Zscaler during the 4th quarter valued at approximately $27,000. Stonebridge Financial Group LLC purchased a new position in shares of Zscaler in the fourth quarter valued at $29,000. Versant Capital Management Inc increased its position in Zscaler by 136.8% in the fourth quarter. Versant Capital Management Inc now owns 180 shares of the company's stock worth $32,000 after purchasing an additional 104 shares during the last quarter. Finally, Modus Advisors LLC bought a new position in Zscaler during the fourth quarter valued at $36,000. 46.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on ZS. BMO Capital Markets increased their price objective on shares of Zscaler from $222.00 to $233.00 and gave the company an "outperform" rating in a research report on Thursday, March 6th. Stephens began coverage on shares of Zscaler in a report on Tuesday, April 1st. They issued an "overweight" rating and a $255.00 target price for the company. BTIG Research set a $252.00 target price on shares of Zscaler and gave the stock a "buy" rating in a report on Thursday, March 6th. Sanford C. Bernstein restated an "outperform" rating and issued a $244.00 target price on shares of Zscaler in a report on Thursday, March 6th. Finally, Bank of America upgraded shares of Zscaler from a "neutral" rating to a "buy" rating and raised their target price for the stock from $215.00 to $240.00 in a report on Friday, March 7th. Eight analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $236.66.

Zscaler Price Performance

NASDAQ:ZS traded up $2.47 during trading hours on Tuesday, hitting $222.33. 829,793 shares of the company were exchanged, compared to its average volume of 1,992,007. The stock has a market capitalization of $34.40 billion, a price-to-earnings ratio of -888.59 and a beta of 1.12. Zscaler, Inc. has a 52-week low of $153.45 and a 52-week high of $222.99. The company's 50 day moving average price is $199.41 and its 200-day moving average price is $197.54.

Insiders Place Their Bets

In other Zscaler news, Director Andrew William Fraser Brown sold 10,000 shares of the company's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $206.00, for a total value of $2,060,000.00. Following the sale, the director now directly owns 27,216 shares of the company's stock, valued at approximately $5,606,496. This represents a 26.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 209,234 shares of company stock valued at $42,030,790. Insiders own 18.10% 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.