Zscaler (NASDAQ:ZS) Price Target Raised to $310.00 at Scotiabank

Zscaler (NASDAQ:ZS) had its price target lifted by Scotiabank from $242.00 to $310.00 in a report published on Friday,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

A number of other brokerages also recently weighed in on ZS. Jefferies Financial Group reduced their target price on Zscaler from $245.00 to $240.00 and set a “buy” rating on the stock in a report on Monday, March 31st. KeyCorp raised their price objective on Zscaler from $290.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday. Guggenheim reissued a “neutral” rating on shares of Zscaler in a research note on Friday. JPMorgan Chase & Co. raised their price target on shares of Zscaler from $250.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, May 23rd. Finally, BTIG Research set a $252.00 price objective on shares of Zscaler and gave the stock a “buy” rating in a research report on Thursday, March 6th. Ten research analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $275.12.

Zscaler Stock Up 9.1%

ZS opened at $274.03 on Friday. Zscaler has a twelve month low of $153.45 and a twelve month high of $276.49. The stock has a market capitalization of $42.40 billion, a price-to-earnings ratio of -1,096.12 and a beta of 1.14. The company has a 50-day simple moving average of $220.62 and a 200 day simple moving average of $206.31.

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

Insiders Place Their Bets

In other news, major shareholder Ajay Mangal sold 190,480 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $200.69, for a total value of $38,227,431.20. Following the completion of the sale, the insider now directly 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 filing with the SEC, which is available at this link. Also, insider Robert Schlossman sold 2,878 shares of the company’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total value of $573,153.70. Following the transaction, the insider now directly owns 107,587 shares in the company, valued at approximately $21,425,951.05. This trade represents a 2.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 241,771 shares of company stock worth $50,165,040. 18.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Zscaler

A number of large investors have recently modified their holdings of the company. SYM FINANCIAL Corp bought a new position in Zscaler in the 4th quarter valued at about $303,000. Mediolanum International Funds Ltd lifted its holdings in shares of Zscaler by 17.2% in the fourth quarter. Mediolanum International Funds Ltd now owns 53,646 shares of the company’s stock valued at $9,800,000 after purchasing an additional 7,892 shares in the last quarter. Choreo LLC boosted its position in shares of Zscaler by 2.6% during the fourth quarter. Choreo LLC now owns 2,833 shares of the company’s stock valued at $517,000 after buying an additional 73 shares during the last quarter. Arlington Capital Management Inc. bought a new stake in Zscaler during the fourth quarter worth $2,107,000. Finally, DnB Asset Management AS raised its position in Zscaler by 66.8% in the 4th quarter. DnB Asset Management AS now owns 667,383 shares of the company’s stock valued at $120,403,000 after buying an additional 267,162 shares during the last quarter. 46.45% of the stock is currently owned by 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.