BTIG Research Forecasts Strong Price Appreciation for Zscaler (NASDAQ:ZS) Stock

Zscaler (NASDAQ:ZS - Free Report) had its price target increased by BTIG Research from $298.00 to $329.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also commented on ZS. JMP Securities boosted their price objective on shares of Zscaler from $240.00 to $310.00 and gave the stock a "market outperform" rating in a report on Friday, May 30th. Roth Capital reiterated a "neutral" rating on shares of Zscaler in a report on Wednesday, May 28th. Cantor Fitzgerald boosted their price objective on shares of Zscaler from $250.00 to $275.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. Barclays boosted their price objective on shares of Zscaler from $275.00 to $290.00 and gave the stock an "overweight" rating in a report on Friday, May 30th. Finally, BMO Capital Markets boosted their price objective on shares of Zscaler from $233.00 to $295.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Ten investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $280.76.

Zscaler Stock Up 1.4%

Shares of NASDAQ ZS traded up $4.03 during trading on Wednesday, hitting $300.88. 2,503,610 shares of the company traded hands, compared to its average volume of 2,064,930. Zscaler has a 1 year low of $153.45 and a 1 year high of $303.67. The company has a 50-day moving average price of $225.76 and a 200-day moving average price of $208.18. The firm has a market capitalization of $46.55 billion, a P/E ratio of -1,203.52 and a beta of 1.14.

Zscaler (NASDAQ:ZS - Get Free Report) last posted 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. The business had revenue of $678.03 million for the quarter, compared to analyst estimates of $667.13 million. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The business's quarterly revenue was up 22.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.88 EPS. Research analysts predict that Zscaler will post -0.1 EPS for the current fiscal year.

Insider Activity

In other news, CEO Jagtar Singh Chaudhry sold 2,155 shares of the company's stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $429,168.25. Following the transaction, the chief executive officer now directly owns 356,414 shares of the company's stock, valued at approximately $70,979,848.10. This represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Syam Nair sold 28,947 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $250.00, for a total transaction of $7,236,750.00. Following the transaction, the insider now directly owns 110,566 shares in the company, valued at $27,641,500. The trade was a 20.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 241,771 shares of company stock worth $50,165,040. Insiders own 18.10% of the company's stock.

Institutional Investors Weigh In On Zscaler

A number of hedge funds have recently bought and sold shares of ZS. ORG Partners LLC lifted its stake in shares of Zscaler by 284.8% in the first quarter. ORG Partners LLC now owns 127 shares of the company's stock valued at $26,000 after buying an additional 94 shares during the period. SVB Wealth LLC bought a new position in Zscaler during the first quarter worth about $26,000. Global X Japan Co. Ltd. lifted its stake in Zscaler by 127.4% during the fourth quarter. Global X Japan Co. Ltd. now owns 141 shares of the company's stock worth $25,000 after purchasing an additional 79 shares during the period. Goodman Advisory Group LLC bought a new position in Zscaler during the first quarter worth about $29,000. Finally, N.E.W. Advisory Services LLC bought a new position in Zscaler during the first quarter worth about $29,000. 46.45% of the stock is currently owned by institutional investors.

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.