Zscaler (NASDAQ:ZS) Hits New 52-Week High Following Analyst Upgrade

Zscaler, Inc. (NASDAQ:ZS) shares hit a new 52-week high during trading on Tuesday after Cantor Fitzgerald raised their price target on the stock from $250.00 to $275.00. Cantor Fitzgerald currently has an overweight rating on the stock. Zscaler traded as high as $259.40 and last traded at $257.30, with a volume of 1758544 shares. The stock had previously closed at $254.10.

A number of other research firms have also issued reports on ZS. Stephens restated an “overweight” rating and issued a $255.00 price target on shares of Zscaler in a research report on Tuesday. Stifel Nicolaus increased their price objective on Zscaler from $235.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. Mizuho upped their price objective on shares of Zscaler from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, May 15th. Wells Fargo & Company raised their price target on Zscaler from $190.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 6th. Finally, UBS Group increased their price objective on Zscaler from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Eight analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $240.09.

Insider Buying and Selling

In related news, insider Robert Schlossman sold 2,878 shares of the stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total value of $573,153.70. Following the completion of the sale, the insider now directly owns 107,587 shares in the company, valued at approximately $21,425,951.05. This represents a 2.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 shares were sold at an average price of $199.15, for a total value of $429,168.25. Following the sale, the chief executive officer now owns 356,414 shares of the company’s stock, valued at $70,979,848.10. This represents a 0.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 241,771 shares of company stock valued at $50,165,040. 18.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Zscaler

A number of large investors have recently bought and sold shares of ZS. Geneos Wealth Management Inc. raised its stake in shares of Zscaler by 26.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,170 shares of the company’s stock worth $1,224,000 after buying an additional 1,299 shares in the last quarter. Belpointe Asset Management LLC grew its holdings in shares of Zscaler by 10.8% during the 1st quarter. Belpointe Asset Management LLC now owns 1,166 shares of the company’s stock valued at $231,000 after acquiring an additional 114 shares in the last quarter. Jupiter Wealth Management LLC purchased a new position in shares of Zscaler during the 1st quarter valued at $298,000. Focus Partners Wealth grew its holdings in shares of Zscaler by 2.5% during the 1st quarter. Focus Partners Wealth now owns 62,083 shares of the company’s stock valued at $12,319,000 after acquiring an additional 1,517 shares in the last quarter. Finally, Bayforest Capital Ltd bought a new stake in Zscaler in the first quarter worth $34,000. Institutional investors own 46.45% of the company’s stock.

Zscaler Price Performance

The stock has a market capitalization of $39.81 billion, a P/E ratio of -1,029.20 and a beta of 1.14. The stock’s fifty day moving average is $217.66 and its 200-day moving average is $205.21.

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.