JPMorgan Chase & Co. Issues Positive Forecast for Zscaler (NASDAQ:ZS) Stock Price

Zscaler (NASDAQ:ZS) had its price target upped by JPMorgan Chase & Co. from $292.00 to $348.00 in a report issued on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company raised Zscaler from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $260.00 to $385.00 in a report on Friday. BTIG Research raised their price target on Zscaler from $298.00 to $329.00 and gave the stock a “buy” rating in a report on Wednesday, June 4th. Scotiabank raised their price target on Zscaler from $310.00 to $360.00 and gave the stock a “sector outperform” rating in a report on Friday, June 6th. Wedbush raised their price objective on shares of Zscaler from $240.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Finally, Wall Street Zen upgraded shares of Zscaler from a “hold” rating to a “buy” rating in a research report on Sunday, June 8th. Eight investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Zscaler has a consensus rating of “Moderate Buy” and an average price target of $294.03.

Zscaler Price Performance

Zscaler stock opened at $305.02 on Monday. Zscaler has a 1-year low of $153.45 and a 1-year high of $309.19. The stock has a market cap of $47.49 billion, a PE ratio of -1,220.08 and a beta of 1.09. The stock’s fifty day moving average is $243.81 and its two-hundred day moving average is $213.51.

Zscaler (NASDAQ:ZS) last issued its quarterly earnings data on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.08. The company had revenue of $678.03 million for the quarter, compared to analyst estimates of $667.13 million. Zscaler had a negative return on equity of 0.75% and a negative net margin of 1.58%. The business’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.88 earnings per share. On average, research analysts expect that Zscaler will post -0.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Ajay Mangal sold 120,000 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $300.89, for a total value of $36,106,800.00. Following the completion of the transaction, the insider now directly owns 2,550,210 shares in the company, valued at $767,332,686.90. This trade represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrew William Fraser Brown sold 10,000 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $206.00, for a total transaction of $2,060,000.00. Following the sale, the director now directly owns 27,216 shares of the company’s stock, valued at approximately $5,606,496. This represents a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 187,488 shares of company stock worth $53,719,658. Insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Zscaler

Hedge funds have recently made changes to their positions in the company. Anderson Financial Strategies LLC acquired a new position in shares of Zscaler during the 1st quarter worth $238,000. Geneos Wealth Management Inc. grew its stake in Zscaler by 26.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,170 shares of the company’s stock valued at $1,224,000 after buying an additional 1,299 shares during the last quarter. Belpointe Asset Management LLC grew its stake in Zscaler by 10.8% in the 1st quarter. Belpointe Asset Management LLC now owns 1,166 shares of the company’s stock valued at $231,000 after buying an additional 114 shares during the last quarter. Jupiter Wealth Management LLC acquired a new position in Zscaler in the 1st quarter valued at $298,000. Finally, Focus Partners Wealth grew its stake in Zscaler by 2.5% in the 1st quarter. Focus Partners Wealth now owns 62,083 shares of the company’s stock valued at $12,319,000 after buying an additional 1,517 shares during the last quarter. Hedge funds and other institutional investors 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.