Zscaler (NASDAQ:ZS) Hits New 12-Month High - What's Next?

Zscaler, Inc. (NASDAQ:ZS - Get Free Report) reached a new 52-week high on Monday . The company traded as high as $240.37 and last traded at $238.85, with a volume of 998888 shares. The stock had previously closed at $233.06.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Citigroup reissued 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. BNP Paribas upgraded Zscaler from a "neutral" rating to an "outperform" rating and set a $260.00 target price on the stock in a research report on Monday, April 28th. Scotiabank reiterated a "sector outperform" rating and set a $242.00 target price (up from $225.00) on shares of Zscaler in a research report on Wednesday, March 5th. Wedbush upped their price target on Zscaler from $230.00 to $240.00 and gave the stock an "outperform" rating in a research note on Thursday, March 6th. Finally, Mizuho upped their price target on Zscaler from $210.00 to $225.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. Eight research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $236.66.

Zscaler Stock Performance

The firm has a market cap of $37.36 billion, a P/E ratio of -965.92 and a beta of 1.14. The firm has a fifty day moving average of $205.63 and a 200-day moving average of $200.14.

Insider Buying and Selling

In other news, major shareholder Ajay Mangal sold 190,480 shares of Zscaler stock in a transaction on Monday, March 17th. The stock was sold at an average price of $200.69, for a total transaction of $38,227,431.20. Following the transaction, the insider now directly owns 2,580,210 shares in the company, valued at approximately $517,822,344.90. This trade represents a 6.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew William Fraser Brown sold 10,000 shares of Zscaler 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 transaction, the director now owns 27,216 shares in the company, valued at approximately $5,606,496. This trade represents a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 209,234 shares of company stock valued at $42,030,790. Insiders own 18.10% of the company's stock.

Institutional Trading of Zscaler

Hedge funds and other institutional investors have recently modified their holdings of the business. Quintet Private Bank Europe S.A. grew its position in Zscaler by 4.7% in the first quarter. Quintet Private Bank Europe S.A. now owns 1,120 shares of the company's stock valued at $222,000 after acquiring an additional 50 shares during the period. Corebridge Financial Inc. grew its position in Zscaler by 0.5% in 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 during the period. Erste Asset Management GmbH grew its position in Zscaler by 0.6% in 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 during the period. KRS Capital Management LLC grew its position in Zscaler by 1.9% in the fourth quarter. KRS Capital Management LLC now owns 3,261 shares of the company's stock valued at $588,000 after acquiring an additional 60 shares during the period. Finally, Ironwood Investment Management LLC grew its position 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 period. 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.

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