Oppenheimer Raises Zscaler (NASDAQ:ZS) Price Target to $290.00

Zscaler (NASDAQ:ZS - Get Free Report) had its price target upped by analysts at Oppenheimer from $250.00 to $290.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's target price indicates a potential upside of 5.83% from the stock's previous close.

Several other research analysts also recently weighed in on the company. Susquehanna increased their price target on Zscaler from $245.00 to $320.00 and gave the stock a "positive" rating in a research note on Friday. UBS Group upped their target price on shares of Zscaler from $260.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday. Evercore ISI upped their target price on shares of Zscaler from $245.00 to $290.00 and gave the stock an "outperform" rating in a research report on Friday. Royal Bank of Canada boosted their price target on shares of Zscaler from $288.00 to $304.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Stifel Nicolaus upped their price objective on shares of Zscaler from $270.00 to $295.00 and gave the company a "buy" rating in a research note on Friday. Ten research analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $275.12.

Zscaler Stock Up 9.1%

Zscaler stock traded up $22.92 during trading hours on Friday, reaching $274.03. 9,940,403 shares of the company's stock were exchanged, compared to its average volume of 2,045,319. The firm's 50 day simple moving average is $220.62 and its 200 day simple moving average is $206.31. Zscaler has a twelve month low of $153.45 and a twelve month high of $276.49. The firm has a market capitalization of $42.40 billion, a PE ratio of -1,096.12 and a beta of 1.14.

Zscaler (NASDAQ:ZS - Get Free Report) last announced its quarterly 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. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The business had revenue of $678.03 million for the quarter, compared to analysts' expectations of $667.13 million. During the same quarter last year, the firm earned $0.88 EPS. The firm's revenue for the quarter was up 22.6% compared to the same quarter last year. Analysts anticipate that Zscaler will post -0.1 EPS for the current year.

Insider Buying and Selling

In other Zscaler news, insider Robert Schlossman sold 2,878 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 $573,153.70. Following the transaction, the insider now owns 107,587 shares of the company's stock, valued at approximately $21,425,951.05. This represents a 2.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Ajay Mangal sold 190,480 shares of Zscaler stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $200.69, for a total value of $38,227,431.20. Following the completion of the sale, the insider now directly owns 2,580,210 shares in the company, valued at approximately $517,822,344.90. This represents a 6.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 241,771 shares of company stock valued at $50,165,040. 18.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Zscaler

Institutional investors have recently modified their holdings of the business. Anderson Financial Strategies LLC acquired a new position in Zscaler during the first quarter worth about $238,000. Geneos Wealth Management Inc. boosted its holdings in shares of Zscaler by 26.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,170 shares of the company's stock worth $1,224,000 after buying an additional 1,299 shares in the last quarter. Belpointe Asset Management LLC boosted its holdings in shares of Zscaler by 10.8% during the 1st quarter. Belpointe Asset Management LLC now owns 1,166 shares of the company's stock worth $231,000 after buying an additional 114 shares in the last quarter. Jupiter Wealth Management LLC acquired a new position in shares of Zscaler during the first quarter worth approximately $298,000. Finally, Focus Partners Wealth raised its position in shares of Zscaler by 2.5% during the first quarter. Focus Partners Wealth now owns 62,083 shares of the company's stock worth $12,319,000 after purchasing an additional 1,517 shares during the period. 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.