Zscaler (NASDAQ:ZS) Sets New 1-Year High on Analyst Upgrade

Zscaler, Inc. (NASDAQ:ZS - Get Free Report)'s share price reached a new 52-week high during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $292.00 to $348.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Zscaler traded as high as $307.46 and last traded at $306.14, with a volume of 292599 shares changing hands. The stock had previously closed at $301.95.

A number of other analysts have also recently weighed in on ZS. Barclays boosted their price target on Zscaler from $275.00 to $290.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Morgan Stanley boosted their price target on shares of Zscaler from $200.00 to $280.00 and gave the company an "equal weight" rating in a report on Friday, May 30th. JMP Securities lifted their price objective on Zscaler from $240.00 to $310.00 and gave the company a "market outperform" rating in a report on Friday, May 30th. KeyCorp boosted their price target on shares of Zscaler from $290.00 to $310.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. Finally, Sanford C. Bernstein reiterated an "outperform" rating and issued a $244.00 target price on shares of Zscaler in a research note on Thursday, March 6th. Eight equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Zscaler presently has an average rating of "Moderate Buy" and a consensus price target of $294.03.

Insider Buying and Selling

In other Zscaler news, CEO Jagtar Singh Chaudhry sold 2,155 shares of Zscaler stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total transaction of $429,168.25. Following the completion of the transaction, the chief executive officer now directly owns 356,414 shares of the company's stock, valued at $70,979,848.10. The trade was a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Ajay Mangal sold 120,000 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $300.89, for a total transaction 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 $767,332,686.90. The trade was a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 196,242 shares of company stock worth $55,463,017. Corporate insiders own 18.10% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. acquired a new stake in Zscaler in the 1st quarter worth about $516,622,000. Nuveen LLC acquired a new position in Zscaler in the 1st quarter valued at $153,340,000. Goldman Sachs Group Inc. lifted its position in shares of Zscaler by 23.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,048,238 shares of the company's stock valued at $604,831,000 after acquiring an additional 578,883 shares during the period. AQR Capital Management LLC increased its position in shares of Zscaler by 120.1% in the fourth quarter. AQR Capital Management LLC now owns 964,031 shares of the company's stock worth $173,921,000 after purchasing an additional 525,956 shares during the period. Finally, Natixis acquired a new position in Zscaler in the fourth quarter valued at about $87,775,000. Institutional investors and hedge funds own 46.45% of the company's stock.

Zscaler Price Performance

The firm has a market cap of $47.49 billion, a P/E ratio of -1,220.08 and a beta of 1.09. The company's 50-day moving average is $241.25 and its two-hundred day moving average is $212.83.

Zscaler (NASDAQ:ZS - Get Free Report) last issued its quarterly 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 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 firm's quarterly revenue was up 22.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.88 EPS. On average, analysts expect that Zscaler, Inc. will post -0.1 EPS for the current fiscal 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.