Zscaler (NASDAQ:ZS) Stock Price Down 5% - Here's What Happened

Zscaler, Inc. (NASDAQ:ZS - Get Free Report)'s stock price was down 5% during mid-day trading on Thursday . The stock traded as low as $299.47 and last traded at $300.73. Approximately 795,140 shares traded hands during trading, a decline of 61% from the average daily volume of 2,062,381 shares. The stock had previously closed at $316.50.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ZS shares. Mizuho increased their target price on Zscaler from $275.00 to $290.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. JMP Securities increased their target price on Zscaler from $310.00 to $355.00 and gave the stock a "market outperform" rating in a research report on Tuesday, July 1st. Barclays increased their price objective 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 increased their price objective on Zscaler from $200.00 to $280.00 and gave the stock an "equal weight" rating in a research report on Friday, May 30th. Finally, Loop Capital increased their price objective on Zscaler from $250.00 to $260.00 and gave the stock a "hold" rating in a research report on Friday, May 30th. Eight analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Zscaler has a consensus rating of "Moderate Buy" and an average target price of $296.82.

Zscaler Stock Down 6.4%

The stock has a market cap of $46.12 billion, a PE ratio of -1,139.15 and a beta of 1.11. The company has a fifty day moving average price of $281.04 and a 200 day moving average price of $227.00.

Zscaler (NASDAQ:ZS - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The company reported $0.84 EPS for the quarter, topping the consensus estimate 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 0.59% and a negative net margin of 1.52%. The company's quarterly revenue was up 22.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 earnings per share. As a group, research analysts predict that Zscaler, Inc. will post -0.1 earnings per share for the current year.

Insider Transactions at Zscaler

In related news, Director Andrew William Fraser Brown sold 20,333 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $296.72, for a total value of $6,033,207.76. Following the sale, the director directly owned 27,216 shares of the company's stock, valued at $8,075,531.52. This trade represents a 42.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Syam Nair sold 28,947 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $250.00, for a total value of $7,236,750.00. Following the completion of the sale, the insider directly owned 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 200,793 shares of company stock valued at $58,752,794. 18.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Zscaler

Large investors have recently modified their holdings of the business. ORG Partners LLC boosted its position 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 bought a new stake in Zscaler during the 1st quarter valued at approximately $26,000. Summit Securities Group LLC bought a new stake in Zscaler during the 4th quarter valued at approximately $27,000. Colonial Trust Co SC bought a new stake in Zscaler during the 4th quarter valued at approximately $28,000. Finally, Goodman Advisory Group LLC bought a new stake in Zscaler during the 1st quarter valued at approximately $29,000. 46.45% of the stock is owned by institutional investors.

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.