JPMorgan Chase & Co. Has $123.64 Million Stock Holdings in Zscaler, Inc. $ZS

JPMorgan Chase & Co. lifted its stake in shares of Zscaler, Inc. (NASDAQ:ZS) by 42.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 412,578 shares of the company’s stock after acquiring an additional 122,015 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.26% of Zscaler worth $123,636,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in ZS. Integrated Wealth Concepts LLC lifted its position in shares of Zscaler by 19.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,439 shares of the company’s stock worth $285,000 after purchasing an additional 239 shares during the period. NewEdge Advisors LLC lifted its holdings in Zscaler by 8.2% in the first quarter. NewEdge Advisors LLC now owns 4,899 shares of the company’s stock valued at $972,000 after buying an additional 370 shares during the period. Empowered Funds LLC lifted its holdings in Zscaler by 9.2% in the first quarter. Empowered Funds LLC now owns 2,811 shares of the company’s stock valued at $558,000 after buying an additional 238 shares during the period. Sivia Capital Partners LLC bought a new stake in Zscaler during the second quarter valued at $252,000. Finally, Cullen Frost Bankers Inc. grew its holdings in Zscaler by 526.9% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 163 shares of the company’s stock worth $51,000 after acquiring an additional 137 shares during the period. 46.45% of the stock is currently owned by institutional investors.

Zscaler Stock Down 5.5%

Zscaler stock opened at $159.75 on Monday. The firm has a market capitalization of $25.48 billion, a price-to-earnings ratio of -614.40, a price-to-earnings-growth ratio of 325.66 and a beta of 1.02. The firm’s fifty day moving average price is $206.73 and its two-hundred day moving average price is $259.15. Zscaler, Inc. has a 1-year low of $159.66 and a 1-year high of $336.99. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.86.

Zscaler (NASDAQ:ZS) last posted its earnings results on Tuesday, November 25th. The company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.11. Zscaler had a negative net margin of 1.45% and a negative return on equity of 0.12%. The company had revenue of $788.11 million for the quarter, compared to analyst estimates of $773.86 million. During the same quarter in the prior year, the business posted $0.77 EPS. The firm’s revenue was up 25.5% compared to the same quarter last year. Zscaler has set its FY 2026 guidance at 3.780-3.820 EPS and its Q2 2026 guidance at 0.890-0.900 EPS. On average, equities research analysts predict that Zscaler, Inc. will post -0.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ZS has been the topic of a number of recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Zscaler in a research note on Monday, February 9th. UBS Group dropped their price target on Zscaler from $350.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. Berenberg Bank cut their price target on Zscaler from $400.00 to $390.00 and set a “buy” rating on the stock in a report on Friday, November 28th. Rosenblatt Securities reiterated a “buy” rating and issued a $365.00 price objective on shares of Zscaler in a research note on Wednesday, November 26th. Finally, Scotiabank cut their target price on shares of Zscaler from $334.00 to $320.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, November 26th. One research analyst has rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Zscaler currently has an average rating of “Moderate Buy” and a consensus target price of $304.78.

Insider Buying and Selling

In other Zscaler news, CFO Kevin Rubin sold 3,303 shares of Zscaler stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $230.82, for a total transaction of $762,398.46. Following the transaction, the chief financial officer directly owned 48,161 shares of the company’s stock, valued at $11,116,522.02. The trade was a 6.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Raj Judge sold 3,438 shares of the company’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $230.82, for a total transaction of $793,559.16. Following the completion of the sale, the executive vice president owned 70,394 shares of the company’s stock, valued at approximately $16,248,343.08. The trade was a 4.66% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 19,350 shares of company stock valued at $4,471,509. 17.20% of the stock is currently owned by company insiders.

Zscaler News Roundup

Here are the key news stories impacting Zscaler this week:

• Positive Sentiment: Zscaler and Bharti Airtel launched an AI & Cyber Threat Research Center in India, expanding ZS’s local presence, channel engagement and potential enterprise/government pipeline in a fast-growing market. Article Title
• Positive Sentiment: Zscaler’s Z‑Flex bookings jumped ~70% sequentially to $175M in Q1 FY26 — a sign of larger, multi‑year deals that could boost revenue visibility and margin leverage over time. Article Title
• Positive Sentiment: Management is pushing an AI security suite to address rising enterprise AI risks — product innovation that supports upsell opportunities and differentiates ZS’s platform approach. Article Title
• Neutral Sentiment: India is debating new cyber rules amid growing AI-driven threats; regulatory change could increase enterprise security spending but also introduce compliance complexity. This is a macro/regulatory factor to monitor for regional demand. Article Title
• Neutral Sentiment: JPMorgan cut its price target for ZS from $354 to $267 but kept an Overweight rating — a sizable PT reduction that tempers upside expectations while still signaling conviction in the name. Article Title
• Neutral Sentiment: Comparisons with peers (e.g., Qualys) highlight valuation and execution tradeoffs: ZS’s faster growth vs. some peers’ steadier margins and cheaper multiples — useful context for relative positioning. Article Title
• Negative Sentiment: Analyst note (Seeking Alpha summary) warns Cloudflare is taking share on RPO growth and net retention, and that Palo Alto’s M&A momentum intensifies competition — heightening investor fear of share loss and margin pressure. Article Title
• Negative Sentiment: Truist lowered expectations for Zscaler, adding to a string of cautious analyst notes that have pressured sentiment despite recent beat-and-raise results. Article Title

Zscaler Company Profile

Zscaler is a cloud security company that delivers a cloud-native platform to protect users, applications and data as organizations move away from traditional, network-centric security architectures. The company focuses on a zero trust approach that assumes no implicit trust for users or devices, providing secure access to the internet, SaaS applications and private applications regardless of where users are located. Zscaler positions its services as an alternative to legacy appliances and site-centric VPNs, aiming to simplify security while enabling modern, distributed workforces.

Key offerings are built around the Zscaler Zero Trust Exchange, a multi-tenant cloud platform that enforces security and access policies in-line.