Zscaler (NASDAQ:ZS) Sets New 12-Month High on Analyst Upgrade

Zscaler, Inc. (NASDAQ:ZS - Get Free Report) reached a new 52-week high during trading on Monday after Canaccord Genuity Group raised their price target on the stock from $230.00 to $305.00. Canaccord Genuity Group currently has a buy rating on the stock. Zscaler traded as high as $288.92 and last traded at $287.60, with a volume of 1844035 shares traded. The stock had previously closed at $275.70.

ZS has been the topic of a number of other research reports. Susquehanna increased their price target on Zscaler from $245.00 to $320.00 and gave the company a "positive" rating in a research note on Friday. Stephens reaffirmed an "overweight" rating and set a $255.00 price objective on shares of Zscaler in a research note on Tuesday, May 27th. Loop Capital lifted their price target on Zscaler from $250.00 to $260.00 and gave the company a "hold" rating in a research note on Friday. Mizuho lifted their price target on Zscaler from $220.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. Finally, Stifel Nicolaus raised their price objective on Zscaler from $270.00 to $295.00 and gave the company a "buy" rating in a report on Friday. Ten research analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $277.32.

Insider Activity

In other Zscaler news, insider Syam Nair sold 28,947 shares of the business'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 $7,236,750.00. Following the completion of the transaction, the insider now directly owns 110,566 shares in the company, valued at $27,641,500. The trade was a 20.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ajay Mangal sold 190,480 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $200.69, for a total transaction of $38,227,431.20. Following the transaction, the insider now owns 2,580,210 shares of the company's stock, valued at approximately $517,822,344.90. This represents a 6.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 241,771 shares of company stock worth $50,165,040. Corporate insiders own 18.10% of the company's stock.

Institutional Trading of Zscaler

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quintet Private Bank Europe S.A. grew its stake in shares of Zscaler by 4.7% in the first quarter. Quintet Private Bank Europe S.A. now owns 1,120 shares of the company's stock worth $222,000 after purchasing an additional 50 shares during the last quarter. Corebridge Financial Inc. boosted its position in Zscaler by 0.5% during the fourth quarter. Corebridge Financial Inc. now owns 11,695 shares of the company's stock valued at $2,110,000 after acquiring an additional 54 shares during the last quarter. Erste Asset Management GmbH boosted its position in Zscaler by 0.6% during the fourth quarter. Erste Asset Management GmbH now owns 9,780 shares of the company's stock valued at $1,805,000 after acquiring an additional 56 shares during the last quarter. Ironwood Investment Management LLC boosted its position in Zscaler by 1.0% during the fourth quarter. Ironwood Investment Management LLC now owns 6,249 shares of the company's stock valued at $1,127,000 after acquiring an additional 64 shares during the last quarter. Finally, Cerity Partners LLC boosted its position in Zscaler by 0.3% during the first quarter. Cerity Partners LLC now owns 22,928 shares of the company's stock valued at $4,549,000 after acquiring an additional 68 shares during the last quarter. Institutional investors own 46.45% of the company's stock.

Zscaler Price Performance

The firm's fifty day moving average price is $222.26 and its two-hundred day moving average price is $206.95. The stock has a market cap of $45.65 billion, a price-to-earnings ratio of -1,180.12 and a beta of 1.14.

Zscaler (NASDAQ:ZS - Get Free Report) last posted its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share 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 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 revenue was up 22.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.88 EPS. On average, equities research analysts anticipate that Zscaler, Inc. will post -0.1 earnings per share for the current year.

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.