Zscaler (NASDAQ:ZS) Price Target Raised to $345.00

Zscaler (NASDAQ:ZS) had its target price upped by Oppenheimer from $290.00 to $345.00 in a research report report published on Friday,Benzinga reports. They currently have an outperform rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Stephens restated an “overweight” rating and set a $255.00 price target on shares of Zscaler in a research note on Tuesday, May 27th. 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. Susquehanna upped their price target on Zscaler from $245.00 to $320.00 and gave the stock a “positive” rating in a research note on Friday, May 30th. JPMorgan Chase & Co. upped their price target on Zscaler from $275.00 to $292.00 and gave the stock an “overweight” rating in a research note on Friday, May 30th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $260.00 price objective (up previously from $235.00) on shares of Zscaler in a report on Friday, May 30th. Nine investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $283.85.

Zscaler Stock Up 0.7%

ZS stock opened at $303.03 on Friday. The business has a 50 day moving average price of $229.85 and a 200 day moving average price of $209.61. The stock has a market cap of $47.18 billion, a price-to-earnings ratio of -1,212.12 and a beta of 1.09. Zscaler has a fifty-two week low of $153.45 and a fifty-two week high of $306.78.

Zscaler (NASDAQ:ZS) last issued its quarterly earnings data on Thursday, May 29th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.08. Zscaler had a negative return on equity of 0.75% and a negative net margin of 1.58%. The company had revenue of $678.03 million during the quarter, compared to analysts’ expectations of $667.13 million. During the same quarter in the previous year, the business earned $0.88 earnings per share. The firm’s revenue for the quarter was up 22.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Zscaler will post -0.1 EPS for the current year.

Insider Activity

In related news, major shareholder Ajay Mangal sold 190,480 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 2,580,210 shares in the company, valued at approximately $517,822,344.90. This represents a 6.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the 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 transaction, the chief executive officer now owns 356,414 shares in the company, valued at $70,979,848.10. This trade represents a 0.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 266,722 shares of company stock worth $57,583,648 over the last three months. 18.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Zscaler

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Zscaler by 3.1% during the first quarter. Vanguard Group Inc. now owns 9,890,506 shares of the company’s stock worth $1,962,474,000 after buying an additional 294,034 shares during the period. Goldman Sachs Group Inc. lifted its position in Zscaler by 23.4% during the first quarter. Goldman Sachs Group Inc. now owns 3,048,238 shares of the company’s stock worth $604,831,000 after buying an additional 578,883 shares during the period. T. Rowe Price Investment Management Inc. purchased a new position in Zscaler during the first quarter worth about $516,622,000. Geode Capital Management LLC lifted its position in Zscaler by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 1,658,406 shares of the company’s stock worth $298,710,000 after buying an additional 32,545 shares during the period. Finally, Pictet Asset Management Holding SA lifted its position in Zscaler by 25.8% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,618,176 shares of the company’s stock worth $291,935,000 after buying an additional 332,307 shares during the period. 46.45% of the stock is currently 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.