Zscaler (NASDAQ:ZS) Price Target Raised to $360.00 at Scotiabank

Zscaler (NASDAQ:ZS - Get Free Report) had its price target upped by equities research analysts at Scotiabank from $310.00 to $360.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "sector outperform" rating on the stock. Scotiabank's price target would indicate a potential upside of 18.27% from the company's previous close.

Several other research analysts have also recently commented on the company. Mizuho lifted their price target on shares of Zscaler from $275.00 to $290.00 and gave the stock a "neutral" rating in a research note on Wednesday. Wedbush lifted their price objective on Zscaler from $240.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Rosenblatt Securities raised their price objective on Zscaler from $235.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Cantor Fitzgerald lifted their price target on shares of Zscaler from $250.00 to $275.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Finally, Bank of America raised shares of Zscaler from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $215.00 to $240.00 in a research note on Friday, March 7th. Ten equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $283.85.

Zscaler Price Performance

ZS traded up $3.51 during trading on Friday, reaching $304.39. The company had a trading volume of 1,510,869 shares, compared to its average volume of 2,062,974. The company has a market cap of $47.10 billion, a P/E ratio of -1,217.53 and a beta of 1.14. The business's fifty day moving average price is $227.81 and its 200 day moving average price is $208.86. Zscaler has a 12 month low of $153.45 and a 12 month high of $306.71.

Zscaler (NASDAQ:ZS - Get Free Report) last announced its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.08. The business had revenue of $678.03 million during the quarter, compared to the consensus estimate of $667.13 million. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The business's revenue for the quarter was up 22.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 earnings per share. As a group, sell-side analysts predict that Zscaler will post -0.1 EPS for the current fiscal year.

Insider Activity at Zscaler

In other Zscaler news, insider Robert Schlossman sold 2,878 shares of the firm's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $573,153.70. Following the completion of the transaction, the insider now owns 107,587 shares of the company's stock, valued at $21,425,951.05. This trade represents a 2.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Syam Nair sold 28,947 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $250.00, for a total transaction of $7,236,750.00. Following the sale, the insider now directly owns 110,566 shares of the company's stock, valued at approximately $27,641,500. This trade represents a 20.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 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 Investors Weigh In On Zscaler

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Zscaler by 3.1% during the first quarter. Vanguard Group Inc. now owns 9,890,506 shares of the company's stock valued at $1,962,474,000 after acquiring an additional 294,034 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Zscaler by 23.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,048,238 shares of the company's stock worth $604,831,000 after purchasing an additional 578,883 shares during the period. T. Rowe Price Investment Management Inc. acquired a new stake in Zscaler during the first quarter worth about $516,622,000. Geode Capital Management LLC increased its stake in Zscaler by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 1,658,406 shares of the company's stock valued at $298,710,000 after purchasing an additional 32,545 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its holdings in shares of Zscaler by 25.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,618,176 shares of the company's stock valued at $291,935,000 after purchasing an additional 332,307 shares in the last quarter. 46.45% of the stock is owned by institutional investors.

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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