Zscaler (NASDAQ:ZS) Sets New 1-Year High - Here's Why

Shares of Zscaler, Inc. (NASDAQ:ZS - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $318.46 and last traded at $315.35, with a volume of 199124 shares. The stock had previously closed at $315.45.

Analyst Upgrades and Downgrades

ZS has been the subject of a number of research analyst reports. Bank of America lifted their target price on Zscaler from $285.00 to $340.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Needham & Company LLC lifted their target price on Zscaler from $240.00 to $310.00 and gave the stock a "buy" rating in a report on Friday, May 30th. BMO Capital Markets lifted their target price on Zscaler from $233.00 to $295.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. FBN Securities upgraded Zscaler to a "strong-buy" rating in a report on Friday, May 30th. Finally, BTIG Research lifted their target price on Zscaler from $298.00 to $329.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Eight equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Zscaler has a consensus rating of "Moderate Buy" and a consensus target price of $296.82.

Zscaler Stock Up 1.3%

The company has a 50-day simple moving average of $279.66 and a two-hundred day simple moving average of $226.24. The firm has a market cap of $49.28 billion, a PE ratio of -1,217.31 and a beta of 1.11.

Zscaler (NASDAQ:ZS - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.08. Zscaler had a negative return on equity of 0.59% and a negative net margin of 1.52%. The business had revenue of $678.03 million for the quarter, compared to analysts' expectations of $667.13 million. During the same quarter in the previous year, the firm earned $0.88 earnings per share. The business's revenue was up 22.6% on a year-over-year basis. As a group, equities analysts predict that Zscaler, Inc. will post -0.1 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Robert Schlossman sold 4,618 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $300.00, for a total transaction of $1,385,400.00. Following the transaction, the insider owned 95,612 shares of the company's stock, valued at $28,683,600. This represents a 4.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew William Fraser Brown sold 20,333 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $296.72, for a total value of $6,033,207.76. Following the transaction, the director directly owned 27,216 shares in the company, valued at $8,075,531.52. This represents a 42.76% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 200,793 shares of company stock valued at $58,752,794. 18.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ZS. ORG Partners LLC lifted its holdings in Zscaler by 284.8% during the 1st quarter. ORG Partners LLC now owns 127 shares of the company's stock worth $26,000 after purchasing an additional 94 shares in the last quarter. SVB Wealth LLC purchased a new stake in Zscaler during the 1st quarter worth about $26,000. Summit Securities Group LLC purchased a new stake in Zscaler during the 4th quarter worth about $27,000. Colonial Trust Co SC purchased a new stake in Zscaler during the 4th quarter worth about $28,000. Finally, Goodman Advisory Group LLC purchased a new stake in Zscaler during the 1st quarter worth about $29,000. Hedge funds and other institutional investors 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.