Wedbush Forecasts Strong Price Appreciation for Zscaler (NASDAQ:ZS) Stock

Zscaler (NASDAQ:ZS - Free Report) had its price objective upped by Wedbush from $240.00 to $300.00 in a research report sent to investors on Friday morning,Benzinga reports. Wedbush currently has an outperform rating on the stock.

ZS has been the topic of a number of other research reports. Needham & Company LLC raised their price objective on Zscaler from $240.00 to $310.00 and gave the company a "buy" rating in a research report on Friday. Bank of America raised Zscaler from a "neutral" rating to a "buy" rating and raised their price objective for the company from $215.00 to $240.00 in a research report on Friday, March 7th. Jefferies Financial Group dropped their price objective on Zscaler from $245.00 to $240.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Morgan Stanley dropped their price objective on Zscaler from $205.00 to $200.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Finally, The Goldman Sachs Group set a $207.00 price objective on Zscaler and gave the company a "neutral" rating in a research report on Thursday, March 6th. Ten analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $275.12.

Zscaler Stock Performance

ZS stock traded up $22.92 during midday trading on Friday, reaching $274.03. The company's stock had a trading volume of 9,940,403 shares, compared to its average volume of 2,045,319. The stock has a fifty day simple moving average of $220.62 and a two-hundred day simple moving average of $206.33. Zscaler has a 1 year low of $153.45 and a 1 year high of $276.49. The firm has a market capitalization of $42.40 billion, a price-to-earnings ratio of -1,096.12 and a beta of 1.14.

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

Insider Buying and Selling

In related news, insider Syam Nair sold 28,947 shares of Zscaler stock in a transaction that occurred on Friday, May 16th. The stock was 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 approximately $27,641,500. This trade represents a 20.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert Schlossman sold 3,590 shares of Zscaler stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $250.00, for a total value of $897,500.00. Following the transaction, the insider now owns 100,230 shares of the company's stock, valued at approximately $25,057,500. This represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 241,771 shares of company stock valued at $50,165,040 over the last quarter. 18.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ZS. Quintet Private Bank Europe S.A. raised its stake in shares of Zscaler by 4.7% during the 1st quarter. Quintet Private Bank Europe S.A. now owns 1,120 shares of the company's stock worth $222,000 after buying an additional 50 shares during the period. Corebridge Financial Inc. raised its stake in shares of Zscaler by 0.5% during the 4th quarter. Corebridge Financial Inc. now owns 11,695 shares of the company's stock worth $2,110,000 after buying an additional 54 shares during the period. Erste Asset Management GmbH raised its stake in shares of Zscaler by 0.6% during the 4th quarter. Erste Asset Management GmbH now owns 9,780 shares of the company's stock worth $1,805,000 after buying an additional 56 shares during the period. Ironwood Investment Management LLC raised its stake in shares of Zscaler by 1.0% during the 4th quarter. Ironwood Investment Management LLC now owns 6,249 shares of the company's stock worth $1,127,000 after buying an additional 64 shares during the period. Finally, Cerity Partners LLC raised its stake in shares of Zscaler by 0.3% during the 1st quarter. Cerity Partners LLC now owns 22,928 shares of the company's stock worth $4,549,000 after buying an additional 68 shares during the period. 46.45% of the stock is currently owned by hedge funds and other 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.