KeyCorp Upgrades Zscaler (NASDAQ:ZS) to “Overweight”

Zscaler (NASDAQ:ZS) was upgraded by equities research analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage presently has a $220.00 price target on the stock. KeyCorp’s price target indicates a potential upside of 30.02% from the company’s current price.

Other equities research analysts have also issued reports about the company. Truist Financial reiterated a “buy” rating and issued a $260.00 price objective on shares of Zscaler in a research report on Monday, April 1st. Cantor Fitzgerald reiterated a “neutral” rating and issued a $230.00 price objective on shares of Zscaler in a research report on Wednesday. Robert W. Baird lifted their price target on Zscaler from $255.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. BMO Capital Markets dropped their price target on Zscaler from $268.00 to $255.00 and set an “outperform” rating on the stock in a research report on Friday, March 1st. Finally, Oppenheimer lifted their price target on Zscaler from $245.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, January 3rd. Five research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Zscaler has a consensus rating of “Moderate Buy” and a consensus price target of $230.24.

Zscaler Stock Performance

Shares of NASDAQ ZS opened at $169.21 on Thursday. The stock has a market cap of $25.36 billion, a price-to-earnings ratio of -178.12 and a beta of 0.80. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 1.19. Zscaler has a 1-year low of $84.93 and a 1-year high of $259.61. The stock’s 50-day moving average is $206.08 and its 200 day moving average is $202.66.

Zscaler (NASDAQ:ZS) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.08. The business had revenue of $525.00 million for the quarter, compared to analysts’ expectations of $507.56 million. Zscaler had a negative return on equity of 14.60% and a negative net margin of 7.32%. On average, sell-side analysts anticipate that Zscaler will post -0.81 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Remo Canessa sold 7,707 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $193.15, for a total transaction of $1,488,607.05. Following the transaction, the chief financial officer now directly owns 255,943 shares in the company, valued at approximately $49,435,390.45. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Remo Canessa sold 7,707 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $193.15, for a total transaction of $1,488,607.05. Following the transaction, the chief financial officer now directly owns 255,943 shares in the company, valued at approximately $49,435,390.45. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Karen Blasing sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $236.24, for a total value of $1,653,680.00. Following the transaction, the director now owns 39,539 shares in the company, valued at $9,340,693.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,715 shares of company stock worth $5,865,882. Insiders own 19.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Teamwork Financial Advisors LLC acquired a new position in Zscaler in the first quarter valued at approximately $1,267,000. Kovack Advisors Inc. lifted its holdings in Zscaler by 3.4% in the first quarter. Kovack Advisors Inc. now owns 2,042 shares of the company’s stock valued at $393,000 after acquiring an additional 67 shares during the last quarter. Norden Group LLC acquired a new position in Zscaler in the first quarter valued at approximately $846,000. United Capital Management of KS Inc. lifted its holdings in Zscaler by 8.7% in the first quarter. United Capital Management of KS Inc. now owns 26,528 shares of the company’s stock valued at $5,110,000 after acquiring an additional 2,127 shares during the last quarter. Finally, Lake Street Private Wealth LLC purchased a new stake in Zscaler in the first quarter valued at approximately $777,000. 46.45% of the stock is currently 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.