Zscaler (NASDAQ:ZS) Sets New 52-Week High Following Analyst Upgrade

Zscaler, Inc. (NASDAQ:ZS) shares hit a new 52-week high during trading on Monday after Stifel Nicolaus raised their price target on the stock from $235.00 to $270.00. Stifel Nicolaus currently has a buy rating on the stock. Zscaler traded as high as $253.72 and last traded at $252.63, with a volume of 1042737 shares changing hands. The stock had previously closed at $251.50.

ZS has been the topic of several other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $240.00 price target on shares of Zscaler in a report on Wednesday, March 5th. The Goldman Sachs Group set a $207.00 price objective on shares of Zscaler and gave the company a “neutral” rating in a report on Thursday, March 6th. Bank of America upgraded shares of Zscaler from a “neutral” rating to a “buy” rating and boosted their target price for the company from $215.00 to $240.00 in a research report on Friday, March 7th. UBS Group upped their price objective on Zscaler from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, Mizuho raised their target price on Zscaler from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday. Eight investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $238.53.

Insider Activity

In other Zscaler news, major shareholder Ajay Mangal sold 190,480 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the insider now owns 2,580,210 shares in the company, valued at $517,822,344.90. This trade represents a 6.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $429,168.25. Following the sale, the chief executive officer now 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 have sold 209,234 shares of company stock worth $42,030,790 over the last three months. 18.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ZS. Global X Japan Co. Ltd. lifted its holdings in shares of Zscaler by 127.4% in the 4th quarter. Global X Japan Co. Ltd. now owns 141 shares of the company’s stock worth $25,000 after purchasing an additional 79 shares during the last quarter. ORG Partners LLC lifted its holdings in shares of Zscaler by 284.8% in the 1st quarter. ORG Partners LLC now owns 127 shares of the company’s stock worth $26,000 after purchasing an additional 94 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of Zscaler in the 1st quarter worth approximately $26,000. Summit Securities Group LLC bought a new stake in shares of Zscaler in the 4th quarter worth approximately $27,000. Finally, Colonial Trust Co SC bought a new stake in shares of Zscaler in the 4th quarter worth approximately $28,000. Institutional investors own 46.45% of the company’s stock.

Zscaler Stock Performance

The firm has a market cap of $39.11 billion, a P/E ratio of -1,011.04 and a beta of 1.14. The firm has a fifty day moving average of $210.17 and a 200-day moving average of $202.23.

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.