Zscaler (NASDAQ:ZS) Price Target Raised to $348.00

Zscaler (NASDAQ:ZS - Get Free Report) had its price target increased by equities researchers at JPMorgan Chase & Co. from $292.00 to $348.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 13.66% from the stock's current price.

Several other equities research analysts have also recently commented on the company. Robert W. Baird upped their price target on Zscaler from $295.00 to $315.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Mizuho lifted their price target on Zscaler from $275.00 to $290.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Needham & Company LLC raised their target price on Zscaler from $240.00 to $310.00 and gave the company a "buy" rating in a report on Friday, May 30th. Susquehanna increased their price target on shares of Zscaler from $245.00 to $320.00 and gave the company a "positive" rating in a report on Friday, May 30th. Finally, Wells Fargo & Company raised shares of Zscaler from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $260.00 to $385.00 in a report on Friday. Eight analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Zscaler presently has a consensus rating of "Moderate Buy" and a consensus target price of $294.03.

Zscaler Price Performance

NASDAQ ZS opened at $306.19 on Monday. Zscaler has a 12 month low of $153.45 and a 12 month high of $306.78. The company has a market capitalization of $47.67 billion, a price-to-earnings ratio of -1,207.80 and a beta of 1.09. The firm's fifty day moving average price is $241.25 and its 200 day moving average price is $212.83.

Zscaler (NASDAQ:ZS - Get Free Report) last released 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 firm had revenue of $678.03 million for the quarter, compared to the consensus estimate of $667.13 million. Zscaler had a negative return on equity of 0.75% and a negative net margin of 1.58%. The firm's quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.88 EPS. As a group, sell-side analysts forecast that Zscaler will post -0.1 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Ajay Mangal sold 120,000 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $300.89, for a total value of $36,106,800.00. Following the completion of the transaction, the insider now directly owns 2,550,210 shares in the company, valued at approximately $767,332,686.90. This represents a 4.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Syam Nair sold 28,947 shares of the firm's stock in a transaction on Friday, May 16th. The shares were 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 of the company's stock, valued at $27,641,500. The trade was a 20.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 196,242 shares of company stock valued at $55,463,017 over the last ninety days. Insiders own 18.10% of the company's stock.

Hedge Funds Weigh In On Zscaler

Hedge funds and other institutional investors have recently bought and sold shares of the company. ORG Partners LLC lifted its stake in Zscaler by 284.8% during the 1st quarter. ORG Partners LLC now owns 127 shares of the company's stock valued at $26,000 after acquiring an additional 94 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of Zscaler in the 1st quarter worth about $26,000. Goodman Advisory Group LLC bought a new position in Zscaler during the first quarter valued at about $29,000. N.E.W. Advisory Services LLC purchased a new stake in Zscaler during the first quarter worth about $29,000. Finally, Summit Securities Group LLC bought a new stake in Zscaler in the fourth quarter worth about $27,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.