Rosenblatt Securities Reiterates "Buy" Rating for Zscaler (NASDAQ:ZS)

Zscaler (NASDAQ:ZS - Get Free Report)'s stock had its "buy" rating restated by Rosenblatt Securities in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $235.00 price objective on the stock. Rosenblatt Securities' price target suggests a potential upside of 16.86% from the stock's current price.

A number of other research analysts also recently commented on the stock. UBS Group increased their price target on shares of Zscaler from $250.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Royal Bank of Canada lifted their price objective on Zscaler from $230.00 to $250.00 and gave the company an "outperform" rating in a report on Thursday, March 6th. Barclays reiterated an "overweight" rating on shares of Zscaler in a report on Wednesday, March 5th. Bank of America upgraded shares of Zscaler from a "neutral" rating to a "buy" rating and raised their target price for the company from $215.00 to $240.00 in a research note on Friday, March 7th. Finally, Scotiabank reaffirmed a "sector outperform" rating and issued a $242.00 price objective (up from $225.00) on shares of Zscaler in a research report on Wednesday, March 5th. Eight analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $234.77.

Zscaler Trading Down 0.9 %

Shares of ZS stock traded down $1.78 on Tuesday, reaching $201.09. The company's stock had a trading volume of 1,785,102 shares, compared to its average volume of 1,978,900. The company has a market capitalization of $31.11 billion, a price-to-earnings ratio of -804.36 and a beta of 1.12. The stock's fifty day simple moving average is $200.34 and its 200-day simple moving average is $196.41. Zscaler has a 1 year low of $153.45 and a 1 year high of $217.84.

Insiders Place Their Bets

In other news, CEO Jagtar Singh Chaudhry sold 2,155 shares of the company's stock in a transaction on Tuesday, March 18th. The shares were 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 approximately $70,979,848.10. This represents a 0.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Ajay Mangal sold 190,480 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $200.69, for a total transaction of $38,227,431.20. Following the completion of the transaction, the insider now directly owns 2,580,210 shares of the company's stock, valued at approximately $517,822,344.90. The trade was a 6.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 209,234 shares of company stock worth $42,030,790 over the last ninety days. 18.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Global X Japan Co. Ltd. lifted its position in shares of Zscaler by 127.4% during the fourth quarter. Global X Japan Co. Ltd. now owns 141 shares of the company's stock worth $25,000 after purchasing an additional 79 shares during the last quarter. Summit Securities Group LLC acquired a new position in shares of Zscaler in the 4th quarter worth approximately $27,000. Colonial Trust Co SC acquired a new stake in shares of Zscaler during the 4th quarter valued at approximately $28,000. Stonebridge Financial Group LLC acquired a new position in Zscaler in the fourth quarter worth $29,000. Finally, Elequin Capital LP acquired a new stake in shares of Zscaler during the fourth quarter worth $30,000. Institutional investors and hedge funds own 46.45% of the company's stock.

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.