Zscaler (NASDAQ:ZS) Upgraded to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Zscaler (NASDAQ:ZS - Free Report) from an equal weight rating to an overweight rating in a research report report published on Friday morning, Marketbeat reports. They currently have $385.00 price target on the stock, up from their prior price target of $260.00.

Several other research analysts have also recently weighed in on the company. Mizuho upped their price objective on Zscaler from $275.00 to $290.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. KeyCorp lifted their price objective on shares of Zscaler from $290.00 to $310.00 and gave the company an "overweight" rating in a report on Friday, May 30th. Oppenheimer increased their target price on shares of Zscaler from $290.00 to $345.00 and gave the stock an "outperform" rating in a report on Friday, June 6th. Bank of America raised their target price on shares of Zscaler from $285.00 to $340.00 and gave the company a "buy" rating in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their price target on shares of Zscaler from $275.00 to $292.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $292.38.

Zscaler Trading Up 0.2%

Shares of NASDAQ:ZS traded up $0.52 during mid-day trading on Friday, reaching $301.95. The stock had a trading volume of 2,065,800 shares, compared to its average volume of 2,053,433. The firm has a 50 day simple moving average of $238.75 and a two-hundred day simple moving average of $212.08. Zscaler has a twelve month low of $153.45 and a twelve month high of $306.78. The firm has a market cap of $47.01 billion, a PE ratio of -1,207.80 and a beta of 1.09.

Zscaler (NASDAQ:ZS - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.08. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The company had revenue of $678.03 million during the quarter, compared to analyst estimates of $667.13 million. During the same quarter in the previous year, the business earned $0.88 EPS. The firm's revenue was up 22.6% on a year-over-year basis. On average, equities analysts anticipate that Zscaler will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling

In other Zscaler news, Director Andrew William Fraser Brown sold 20,333 shares of the firm's stock in a transaction on 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 now owns 27,216 shares of the company's stock, valued at approximately $8,075,531.52. This trade represents a 42.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Ajay Mangal sold 190,480 shares of Zscaler stock in a transaction on Monday, March 17th. The shares were sold at an average price of $200.69, for a total value of $38,227,431.20. Following the completion of the transaction, the insider now owns 2,580,210 shares in the company, valued at approximately $517,822,344.90. The trade was a 6.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 386,722 shares of company stock valued at $93,690,448 over the last 90 days. 18.10% of the stock is owned by corporate insiders.

Institutional Trading of Zscaler

Large investors have recently bought and sold shares of the business. Anderson Financial Strategies LLC bought a new position in shares of Zscaler in the 1st quarter valued at $238,000. Geneos Wealth Management Inc. grew its position in Zscaler by 26.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,170 shares of the company's stock worth $1,224,000 after acquiring an additional 1,299 shares during the last quarter. Belpointe Asset Management LLC increased its holdings in Zscaler by 10.8% in the 1st quarter. Belpointe Asset Management LLC now owns 1,166 shares of the company's stock worth $231,000 after purchasing an additional 114 shares in the last quarter. Jupiter Wealth Management LLC bought a new position in Zscaler in the first quarter valued at about $298,000. Finally, Focus Partners Wealth raised its position in Zscaler by 2.5% in the first quarter. Focus Partners Wealth now owns 62,083 shares of the company's stock valued at $12,319,000 after purchasing an additional 1,517 shares during the last quarter. 46.45% of the stock is owned by institutional investors and hedge funds.

Zscaler Company Profile

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.