Zscaler (NASDAQ:ZS) Shares Up 1.1% After Analyst Upgrade

Shares of Zscaler, Inc. (NASDAQ:ZS - Get Free Report) were up 1.1% during trading on Wednesday after JMP Securities raised their price target on the stock from $310.00 to $355.00. JMP Securities currently has a market outperform rating on the stock. Zscaler traded as high as $312.45 and last traded at $310.83. Approximately 533,849 shares changed hands during trading, a decline of 74% from the average daily volume of 2,059,037 shares. The stock had previously closed at $307.32.

ZS has been the subject of a number of other reports. FBN Securities upgraded shares of Zscaler to a "strong-buy" rating in a report on Friday, May 30th. Wall Street Zen upgraded Zscaler from a "hold" rating to a "buy" rating in a research note on Sunday, June 8th. Robert W. Baird lifted their price objective on Zscaler from $295.00 to $315.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Needham & Company LLC upped their target price on shares of Zscaler from $240.00 to $310.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $260.00 price target (up from $235.00) on shares of Zscaler in a research note on Friday, May 30th. Eight investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Zscaler presently has an average rating of "Moderate Buy" and an average price target of $296.82.

Insiders Place Their Bets

In related news, major shareholder Ajay Mangal sold 120,000 shares of the firm's stock in a transaction on 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 directly owned 2,550,210 shares of the company's stock, valued at approximately $767,332,686.90. This trade represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Adam Geller sold 3,662 shares of the business's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $306.72, for a total transaction of $1,123,208.64. Following the completion of the sale, the insider owned 46,813 shares in the company, valued at approximately $14,358,483.36. The trade was a 7.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 200,793 shares of company stock worth $58,752,794 over the last ninety days. 18.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ZS. LaFleur & Godfrey LLC lifted its position in Zscaler by 0.6% during the fourth quarter. LaFleur & Godfrey LLC now owns 61,985 shares of the company's stock valued at $11,183,000 after purchasing an additional 399 shares during the last quarter. IFP Advisors Inc raised its position in shares of Zscaler by 13.8% during the 4th quarter. IFP Advisors Inc now owns 1,007 shares of the company's stock valued at $182,000 after buying an additional 122 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Zscaler in the 4th quarter valued at about $5,305,000. Fisher Asset Management LLC grew its position in Zscaler by 137.2% in the fourth quarter. Fisher Asset Management LLC now owns 56,300 shares of the company's stock worth $10,157,000 after acquiring an additional 32,567 shares in the last quarter. Finally, Metis Global Partners LLC purchased a new position in Zscaler in the fourth quarter worth about $229,000. Hedge funds and other institutional investors own 46.45% of the company's stock.

Zscaler Stock Up 0.7%

The company has a 50 day simple moving average of $267.92 and a two-hundred day simple moving average of $221.41. The company has a market capitalization of $48.16 billion, a P/E ratio of -1,189.73 and a beta of 1.11.

Zscaler (NASDAQ:ZS - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share for the quarter, beating 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 revenue for the quarter was up 22.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 EPS. As a group, research 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.