Zscaler (NASDAQ:ZS) Reaches New 1-Year High After Analyst Upgrade

Zscaler, Inc. (NASDAQ:ZS - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday after Loop Capital raised their price target on the stock from $250.00 to $260.00. Loop Capital currently has a hold rating on the stock. Zscaler traded as high as $259.40 and last traded at $257.30, with a volume of 1758544 shares traded. The stock had previously closed at $254.10.

ZS has been the topic of several other research reports. Robert W. Baird upped their price objective on Zscaler from $295.00 to $315.00 and gave the company an "outperform" rating in a research note on Friday. Sanford C. Bernstein restated an "outperform" rating and issued a $244.00 price objective on shares of Zscaler in a research note on Thursday, March 6th. Mizuho upped their price objective on Zscaler from $220.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. BTIG Research set a $252.00 price objective on Zscaler and gave the company a "buy" rating in a research note on Thursday, March 6th. Finally, Rosenblatt Securities upped their price objective on Zscaler from $235.00 to $315.00 and gave the company a "buy" rating in a research note on Friday. Nine analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $275.12.

Insiders Place Their Bets

In other news, CEO Jagtar Singh Chaudhry sold 2,155 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 $429,168.25. Following the sale, the chief executive officer now directly owns 356,414 shares in the company, valued at approximately $70,979,848.10. This trade represents a 0.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Schlossman sold 3,590 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $250.00, for a total transaction of $897,500.00. Following the completion of the sale, the insider now owns 100,230 shares in the company, valued at approximately $25,057,500. The trade was a 3.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,771 shares of company stock worth $50,165,040 over the last ninety days. Corporate insiders own 18.10% of the company's stock.

Institutional Investors Weigh In On Zscaler

A number of hedge funds have recently made changes to their positions in the stock. Anderson Financial Strategies LLC acquired a new stake in shares of Zscaler in the 1st quarter valued at approximately $238,000. Geneos Wealth Management Inc. raised its holdings in Zscaler by 26.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,170 shares of the company's stock valued at $1,224,000 after buying an additional 1,299 shares during the last quarter. Belpointe Asset Management LLC raised its holdings in Zscaler by 10.8% in the 1st quarter. Belpointe Asset Management LLC now owns 1,166 shares of the company's stock valued at $231,000 after buying an additional 114 shares during the last quarter. Jupiter Wealth Management LLC bought a new position in Zscaler in the 1st quarter valued at approximately $298,000. Finally, Focus Partners Wealth raised its holdings in Zscaler by 2.5% in the 1st quarter. Focus Partners Wealth now owns 62,083 shares of the company's stock valued at $12,319,000 after buying an additional 1,517 shares during the last quarter. 46.45% of the stock is currently owned by institutional investors and hedge funds.

Zscaler Stock Performance

The business's fifty day moving average is $219.46 and its 200-day moving average is $205.90. The firm has a market cap of $42.45 billion, a P/E ratio of -1,098.24 and a beta of 1.14.

Zscaler (NASDAQ:ZS - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) 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 analyst estimates of $667.13 million. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The firm's quarterly revenue was up 22.6% on a year-over-year basis. During the same quarter last year, the business earned $0.88 EPS. Analysts predict that Zscaler, Inc. will post -0.1 EPS for the current fiscal year.

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.