Zscaler (NASDAQ:ZS) Stock Rating Upgraded by 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 report released on Friday, Marketbeat reports. The firm currently has $385.00 price target on the stock, up from their prior price target of $260.00.

A number of other research firms have also weighed in on ZS. BMO Capital Markets increased their price objective on Zscaler from $233.00 to $295.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Jefferies Financial Group dropped their price objective on Zscaler from $245.00 to $240.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Oppenheimer increased their price objective on Zscaler from $290.00 to $345.00 and gave the company an "outperform" rating in a research note on Friday, June 6th. Stifel Nicolaus raised their price target on Zscaler from $270.00 to $295.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Finally, Canaccord Genuity Group set a $305.00 price target on Zscaler and gave the stock a "buy" rating in a research note on Monday, June 2nd. Eight equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $292.38.

Zscaler Stock Performance

ZS traded up $0.52 during midday trading on Friday, hitting $301.95. The stock had a trading volume of 2,065,800 shares, compared to its average volume of 2,053,438. The company has a market cap of $47.01 billion, a P/E ratio of -1,207.80 and a beta of 1.09. The business has a fifty day moving average of $241.25 and a 200 day moving average of $212.72. Zscaler has a 1 year low of $153.45 and a 1 year high of $306.78.

Zscaler (NASDAQ:ZS - Get Free Report) last issued its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.08. The business had revenue of $678.03 million during 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%. Zscaler's revenue for the quarter was up 22.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.88 earnings per share. On average, equities research analysts anticipate that Zscaler will post -0.1 earnings per share for the current year.

Insider Activity

In related news, major shareholder Ajay Mangal sold 190,480 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $200.69, for a total transaction of $38,227,431.20. Following the sale, the insider now directly owns 2,580,210 shares of the company's stock, valued at $517,822,344.90. This trade represents a 6.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the firm's stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total value of $429,168.25. Following the completion of the transaction, the chief executive officer now directly owns 356,414 shares in the company, valued at $70,979,848.10. The trade was a 0.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 386,722 shares of company stock worth $93,690,448 over the last three months. 18.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. ORG Partners LLC lifted its position in shares of 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 buying an additional 94 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of Zscaler during the 1st quarter valued at about $26,000. Summit Securities Group LLC purchased a new position in shares of Zscaler during the 4th quarter valued at about $27,000. Colonial Trust Co SC purchased a new position in shares of Zscaler during the 4th quarter valued at about $28,000. Finally, Stonebridge Financial Group LLC purchased a new position in shares of Zscaler during the 4th quarter valued at about $29,000. 46.45% of the stock is owned by hedge funds and other institutional investors.

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.