Zscaler (NASDAQ:ZS) Shares Up 1.8% – Here’s What Happened

Zscaler, Inc. (NASDAQ:ZS)’s stock price shot up 1.8% during mid-day trading on Friday . The company traded as high as $316.45 and last traded at $314.75. 1,367,890 shares traded hands during trading, a decline of 34% from the average session volume of 2,066,640 shares. The stock had previously closed at $309.33.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ZS. Scotiabank increased their target price on Zscaler from $310.00 to $360.00 and gave the company a “sector outperform” rating in a research report on Friday, June 6th. UBS Group raised their target price on Zscaler from $315.00 to $365.00 and gave the stock a “buy” rating in a research note on Friday, June 27th. Cantor Fitzgerald raised their target price on Zscaler from $290.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 11th. JPMorgan Chase & Co. raised their target price on Zscaler from $292.00 to $348.00 and gave the stock an “overweight” rating in a research note on Monday, June 16th. Finally, Wells Fargo & Company upgraded Zscaler from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $260.00 to $385.00 in a report on Friday, June 13th. Eight analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $296.82.

Zscaler Trading Up 1.8%

The business has a fifty day moving average of $274.17 and a 200 day moving average of $223.83. The company has a market capitalization of $49.00 billion, a PE ratio of -1,210.56 and a beta of 1.11.

Zscaler (NASDAQ:ZS) last announced its quarterly earnings data on Thursday, May 29th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.08. The business had revenue of $678.03 million during the quarter, compared to the consensus estimate of $667.13 million. Zscaler had a negative return on equity of 0.59% and a negative net margin of 1.52%. The business’s revenue for the quarter was up 22.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 earnings per share. Equities analysts forecast that Zscaler, Inc. will post -0.1 EPS for the current fiscal year.

Insider Activity at Zscaler

In other Zscaler news, insider Robert Schlossman sold 4,618 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $300.00, for a total transaction of $1,385,400.00. Following the completion of the transaction, the insider owned 95,612 shares in the company, valued at $28,683,600. The trade was a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Syam Nair sold 28,947 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $250.00, for a total transaction of $7,236,750.00. Following the transaction, the insider owned 110,566 shares of the company’s stock, valued at $27,641,500. This trade represents a 20.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 200,793 shares of company stock worth $58,752,794 over the last ninety days. 18.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. ORG Partners LLC lifted its position in shares of Zscaler by 284.8% during the 1st quarter. ORG Partners LLC now owns 127 shares of the company’s stock worth $26,000 after buying an additional 94 shares during the last quarter. SVB Wealth LLC purchased a new stake in shares of Zscaler during the 1st quarter worth approximately $26,000. Summit Securities Group LLC purchased a new stake in shares of Zscaler during the 4th quarter worth approximately $27,000. Colonial Trust Co SC purchased a new stake in shares of Zscaler during the 4th quarter worth approximately $28,000. Finally, Goodman Advisory Group LLC purchased a new stake in shares of Zscaler during the 1st quarter worth approximately $29,000. 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.