Zscaler (NASDAQ:ZS) Hits New 1-Year High – Here’s Why

Zscaler, Inc. (NASDAQ:ZS) shares reached a new 52-week high on Monday . The company traded as high as $310.88 and last traded at $310.83, with a volume of 1190423 shares traded. The stock had previously closed at $302.94.

Analyst Ratings Changes

ZS has been the topic of a number of analyst reports. KeyCorp boosted their price objective on shares of Zscaler from $290.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, May 30th. Stephens restated an “overweight” rating and set a $255.00 target price on shares of Zscaler in a report on Tuesday, May 27th. Canaccord Genuity Group set a $305.00 price objective on shares of Zscaler and gave the stock a “buy” rating in a research report on Monday, June 2nd. Stifel Nicolaus raised their price target on Zscaler from $270.00 to $295.00 and gave the stock a “buy” rating in a report on Friday, May 30th. Finally, Royal Bank Of Canada raised their price objective on Zscaler from $288.00 to $304.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. Eight investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $294.03.

Zscaler Stock Up 2.5%

The company has a market capitalization of $48.35 billion, a P/E ratio of -1,194.40 and a beta of 1.09. The company’s 50-day simple moving average is $252.28 and its 200 day simple moving average is $216.32.

Zscaler (NASDAQ:ZS) last issued its quarterly 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. Zscaler had a negative return on equity of 0.59% and a negative net margin of 1.52%. The company had revenue of $678.03 million for the quarter, compared to the consensus estimate of $667.13 million. During the same period last year, the business posted $0.88 earnings per share. The firm’s revenue was up 22.6% compared to the same quarter last year. As a group, equities research analysts forecast that Zscaler, Inc. will post -0.1 earnings per share for the current year.

Insider Buying and Selling

In other Zscaler news, Director Andrew William Fraser Brown sold 10,000 shares of the stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $206.00, for a total value of $2,060,000.00. Following the transaction, the director now owns 27,216 shares of the company’s stock, valued at approximately $5,606,496. This represents a 26.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Syam Nair sold 28,947 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $250.00, for a total value of $7,236,750.00. Following the sale, the insider now directly owns 110,566 shares in the company, valued at approximately $27,641,500. This represents a 20.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 210,793 shares of company stock worth $60,812,794 in the last 90 days. Corporate insiders own 18.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ZS. Quintet Private Bank Europe S.A. boosted its holdings in shares of Zscaler by 4.7% during the first quarter. Quintet Private Bank Europe S.A. now owns 1,120 shares of the company’s stock worth $222,000 after acquiring an additional 50 shares during the period. Corebridge Financial Inc. lifted its holdings in Zscaler by 0.5% during the 4th quarter. Corebridge Financial Inc. now owns 11,695 shares of the company’s stock worth $2,110,000 after purchasing an additional 54 shares during the last quarter. Erste Asset Management GmbH grew its holdings in Zscaler by 0.6% in the 4th quarter. Erste Asset Management GmbH now owns 9,780 shares of the company’s stock valued at $1,805,000 after buying an additional 56 shares in the last quarter. Ironwood Investment Management LLC increased its position in Zscaler by 1.0% during the 4th quarter. Ironwood Investment Management LLC now owns 6,249 shares of the company’s stock worth $1,127,000 after buying an additional 64 shares during the period. Finally, Cerity Partners LLC lifted its holdings in shares of Zscaler by 0.3% during the first quarter. Cerity Partners LLC now owns 22,928 shares of the company’s stock worth $4,549,000 after buying an additional 68 shares in the last quarter. Institutional investors own 46.45% of the company’s stock.

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.