Wells Fargo & Company Forecasts Strong Price Appreciation for Zscaler (NASDAQ:ZS) Stock

Zscaler (NASDAQ:ZS - Get Free Report) had its price objective upped by equities researchers at Wells Fargo & Company from $210.00 to $260.00 in a report issued on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's target price indicates a potential downside of 5.12% from the company's current price.

ZS has been the subject of a number of other research reports. Stephens reissued an "overweight" rating and issued a $255.00 target price on shares of Zscaler in a research report on Tuesday, May 27th. Sanford C. Bernstein reissued an "outperform" rating and issued a $244.00 target price on shares of Zscaler in a research report on Thursday, March 6th. JPMorgan Chase & Co. boosted their target price on Zscaler from $250.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. BMO Capital Markets boosted their target price on Zscaler from $222.00 to $233.00 and gave the stock an "outperform" rating in a research report on Thursday, March 6th. Finally, Bank of America raised Zscaler from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $215.00 to $240.00 in a research report on Friday, March 7th. Ten analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $275.12.

Zscaler Price Performance

Zscaler stock traded up $22.92 during mid-day trading on Friday, reaching $274.03. The stock had a trading volume of 9,940,403 shares, compared to its average volume of 2,045,319. The company has a market capitalization of $42.40 billion, a price-to-earnings ratio of -1,096.12 and a beta of 1.14. The company has a 50-day moving average price of $220.62 and a two-hundred day moving average price of $206.33. Zscaler has a one year low of $153.45 and a one year high of $276.49.

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

Insiders Place Their Bets

In other 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 completion of the transaction, the chief executive officer now directly owns 356,414 shares in the company, valued at approximately $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 can be accessed through the SEC website. Also, insider Robert Schlossman sold 3,590 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 100,230 shares of the company's stock, valued at $25,057,500. This represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 241,771 shares of company stock worth $50,165,040 in the last three months. 18.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ZS. T. Rowe Price Investment Management Inc. bought a new stake in Zscaler in the first quarter worth $516,622,000. Nuveen LLC bought a new stake in Zscaler in the first quarter worth $153,340,000. Goldman Sachs Group Inc. lifted its position in Zscaler by 23.4% in the first quarter. Goldman Sachs Group Inc. now owns 3,048,238 shares of the company's stock worth $604,831,000 after buying an additional 578,883 shares during the last quarter. AQR Capital Management LLC lifted its position in Zscaler by 120.1% in the fourth quarter. AQR Capital Management LLC now owns 964,031 shares of the company's stock worth $173,921,000 after buying an additional 525,956 shares during the last quarter. Finally, Natixis bought a new stake in Zscaler in the fourth quarter worth $87,775,000. 46.45% of the stock is currently owned by institutional investors.

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.