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

Zscaler, Inc. (NASDAQ:ZS) reached a new 52-week high during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $292.00 to $348.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Zscaler traded as high as $307.46 and last traded at $306.14, with a volume of 292599 shares traded. The stock had previously closed at $301.95.

Several other equities research analysts have also issued reports on the stock. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $244.00 price target on shares of Zscaler in a report on Thursday, March 6th. Piper Sandler reaffirmed a “neutral” rating and set a $260.00 target price (up previously from $235.00) on shares of Zscaler in a research note on Friday, May 30th. Needham & Company LLC increased their price target on Zscaler from $240.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Barclays boosted their price objective on Zscaler from $275.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, May 30th. Finally, Oppenheimer increased their target price on Zscaler from $290.00 to $345.00 and gave the company an “outperform” rating in a research report on Friday, June 6th. Eight analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $294.03.

Insider Transactions at Zscaler

In other Zscaler news, major shareholder Ajay Mangal sold 120,000 shares of the business’s stock in a transaction on Monday, June 9th. The stock was sold at an average price of $300.89, for a total value of $36,106,800.00. Following the sale, the insider now directly owns 2,550,210 shares in the company, valued at $767,332,686.90. The trade was a 4.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robert Schlossman sold 4,618 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $300.00, for a total value of $1,385,400.00. Following the transaction, the insider now owns 95,612 shares of the company’s stock, valued at $28,683,600. The trade was a 4.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 196,242 shares of company stock worth $55,463,017 in the last ninety days. Company insiders own 18.10% of the company’s stock.

Hedge Funds Weigh In On Zscaler

Several large investors have recently modified their holdings of the business. ORG Partners LLC lifted its holdings in shares of Zscaler by 284.8% in the first quarter. ORG Partners LLC now owns 127 shares of the company’s stock worth $26,000 after buying an additional 94 shares in the last quarter. SVB Wealth LLC purchased a new stake in Zscaler in the 1st quarter worth approximately $26,000. Goodman Advisory Group LLC bought a new position in Zscaler in the 1st quarter valued at $29,000. N.E.W. Advisory Services LLC purchased a new position in shares of Zscaler during the 1st quarter valued at $29,000. Finally, Summit Securities Group LLC bought a new position in shares of Zscaler in the fourth quarter worth $27,000. Hedge funds and other institutional investors own 46.45% of the company’s stock.

Zscaler Stock Up 1.6%

The company has a market cap of $47.76 billion, a PE ratio of -1,225.00 and a beta of 1.09. The stock has a 50-day moving average of $241.25 and a 200-day moving average of $212.83.

Zscaler (NASDAQ:ZS) last announced its 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 business 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 company’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. Research analysts expect 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.