Lake Street Private Wealth LLC Sells 460 Shares of Zscaler, Inc. (NASDAQ:ZS)

Lake Street Private Wealth LLC decreased its holdings in Zscaler, Inc. (NASDAQ:ZS) by 15.5% in the first quarter, Holdings Channel reports. The fund owned 2,515 shares of the company’s stock after selling 460 shares during the quarter. Lake Street Private Wealth LLC’s holdings in Zscaler were worth $499,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ZS. Geode Capital Management LLC lifted its position in Zscaler by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 1,658,406 shares of the company’s stock worth $298,710,000 after buying an additional 32,545 shares during the last quarter. Pictet Asset Management Holding SA raised its stake in shares of Zscaler by 25.8% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,618,176 shares of the company’s stock valued at $291,935,000 after acquiring an additional 332,307 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Zscaler by 120.1% in the 4th quarter. AQR Capital Management LLC now owns 964,031 shares of the company’s stock worth $173,921,000 after acquiring an additional 525,956 shares during the last quarter. Artisan Partners Limited Partnership boosted its stake in shares of Zscaler by 30.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 868,795 shares of the company’s stock worth $156,739,000 after purchasing an additional 204,996 shares during the period. Finally, DnB Asset Management AS grew its holdings in Zscaler by 66.8% during the 4th quarter. DnB Asset Management AS now owns 667,383 shares of the company’s stock valued at $120,403,000 after purchasing an additional 267,162 shares during the last quarter. Hedge funds and other institutional investors own 46.45% of the company’s stock.

Wall Street Analyst Weigh In

ZS has been the subject of several analyst reports. Sanford C. Bernstein reissued an “outperform” rating and issued a $244.00 price objective on shares of Zscaler in a research note on Thursday, March 6th. Bank of America raised Zscaler from a “neutral” rating to a “buy” rating and raised their price target for the stock from $215.00 to $240.00 in a research note on Friday, March 7th. Truist Financial restated a “buy” rating and set a $300.00 price objective (up previously from $260.00) on shares of Zscaler in a report on Friday, May 30th. Stephens reiterated an “overweight” rating and issued a $255.00 target price on shares of Zscaler in a research note on Tuesday, May 27th. Finally, Citigroup reiterated a “buy” rating and set a $240.00 target price (up from $235.00) on shares of Zscaler in a research report on Wednesday, March 5th. Ten research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $280.76.

Insider Transactions at Zscaler

In other news, insider Syam Nair sold 28,947 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 110,566 shares in the company, valued at approximately $27,641,500. The trade was a 20.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the company’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total transaction of $429,168.25. Following the transaction, the chief executive officer now owns 356,414 shares in the company, 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 a total of 241,771 shares of company stock valued at $50,165,040 in the last 90 days. Insiders own 18.10% of the company’s stock.

Zscaler Trading Up 1.4%

Shares of NASDAQ:ZS opened at $300.88 on Friday. The company has a market capitalization of $46.55 billion, a PE ratio of -1,203.52 and a beta of 1.14. Zscaler, Inc. has a 12-month low of $153.45 and a 12-month high of $303.73. The business’s fifty day simple moving average is $227.81 and its 200-day simple moving average is $208.86.

Zscaler (NASDAQ:ZS) last posted its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating 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 firm’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 earnings per share. Research analysts predict that Zscaler, Inc. will post -0.1 EPS for the current year.

About Zscaler

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.