Zscaler (NASDAQ:ZS) Price Target Raised to $310.00 at Needham & Company LLC

Zscaler (NASDAQ:ZS) had its price objective hoisted by Needham & Company LLC from $240.00 to $310.00 in a report issued on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently issued reports on ZS. BNP Paribas upgraded shares of Zscaler from a “neutral” rating to an “outperform” rating and set a $260.00 target price for the company in a research report on Monday, April 28th. Stephens restated an “overweight” rating and set a $255.00 target price on shares of Zscaler in a research report on Tuesday. Stifel Nicolaus boosted their target price on shares of Zscaler from $235.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, May 16th. Scotiabank restated a “sector outperform” rating and set a $242.00 target price (up from $225.00) on shares of Zscaler in a research report on Wednesday, March 5th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $244.00 target price on shares of Zscaler in a research report on Thursday, March 6th. Nine research analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $275.12.

Zscaler Trading Up 9.1%

NASDAQ:ZS opened at $274.03 on Friday. Zscaler has a 12 month low of $153.45 and a 12 month high of $276.49. The firm has a fifty day simple moving average of $220.62 and a 200-day simple moving average of $206.35. The company has a market capitalization of $42.40 billion, a P/E ratio of -1,096.12 and a beta of 1.14.

Zscaler (NASDAQ:ZS) last posted its quarterly earnings data on Thursday, May 29th. The company reported $0.84 EPS for the quarter, topping 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 business had revenue of $678.03 million during the quarter, compared to the consensus estimate of $667.13 million. During the same period in the previous year, the firm posted $0.88 earnings per share. The business’s revenue for the quarter was up 22.6% compared to the same quarter last year. Equities analysts forecast that Zscaler will post -0.1 EPS for the current year.

Insider Buying and Selling

In other news, insider Robert Schlossman sold 3,590 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $250.00, for a total value of $897,500.00. Following the completion of the sale, the insider now owns 100,230 shares of the company’s stock, valued at $25,057,500. This represents a 3.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total transaction of $429,168.25. Following the completion of the sale, the chief executive officer now directly owns 356,414 shares of the company’s stock, valued at approximately $70,979,848.10. This trade represents a 0.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 241,771 shares of company stock worth $50,165,040 in the last 90 days. Insiders own 18.10% of the company’s stock.

Institutional Trading of Zscaler

Institutional investors have recently added to or reduced their stakes in the stock. SYM FINANCIAL Corp acquired a new stake in Zscaler in the 4th quarter valued at approximately $303,000. Mediolanum International Funds Ltd increased its holdings in Zscaler by 17.2% in the 4th quarter. Mediolanum International Funds Ltd now owns 53,646 shares of the company’s stock valued at $9,800,000 after purchasing an additional 7,892 shares during the last quarter. Choreo LLC increased its holdings in Zscaler by 2.6% in the 4th quarter. Choreo LLC now owns 2,833 shares of the company’s stock valued at $517,000 after purchasing an additional 73 shares during the last quarter. Arlington Capital Management Inc. purchased a new position in Zscaler in the 4th quarter valued at approximately $2,107,000. Finally, DnB Asset Management AS boosted its position in Zscaler by 66.8% in the 4th quarter. DnB Asset Management AS now owns 667,383 shares of the company’s stock valued at $120,403,000 after buying an additional 267,162 shares during the period. 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.