1,280 Shares in Zscaler, Inc. (NASDAQ:ZS) Bought by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC purchased a new stake in Zscaler, Inc. (NASDAQ:ZS) in the first quarter, HoldingsChannel reports. The institutional investor purchased 1,280 shares of the company’s stock, valued at approximately $254,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. ORG Partners LLC grew its stake in Zscaler by 284.8% in the 1st quarter. ORG Partners LLC now owns 127 shares of the company’s stock valued at $26,000 after buying an additional 94 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Zscaler during the fourth quarter worth approximately $27,000. Colonial Trust Co SC acquired a new position in shares of Zscaler in the fourth quarter valued at approximately $28,000. Elequin Capital LP bought a new position in shares of Zscaler during the fourth quarter worth approximately $30,000. Finally, CVA Family Office LLC increased its stake in shares of Zscaler by 120.3% during the first quarter. CVA Family Office LLC now owns 152 shares of the company’s stock worth $30,000 after purchasing an additional 83 shares during the period. Institutional investors own 46.45% of the company’s stock.

Wall Street Analysts Forecast Growth

ZS has been the topic of several recent research reports. FBN Securities upgraded Zscaler to a “strong-buy” rating in a research report on Friday, May 30th. Truist Financial reaffirmed a “buy” rating and set a $300.00 price target (up from $260.00) on shares of Zscaler in a research report on Friday, May 30th. Wall Street Zen upgraded shares of Zscaler from a “hold” rating to a “buy” rating in a research note on Sunday, June 8th. Stifel Nicolaus increased their target price on shares of Zscaler from $270.00 to $295.00 and gave the stock a “buy” rating in a research report on Friday, May 30th. Finally, UBS Group reiterated a “buy” rating and issued a $315.00 price target (up from $260.00) on shares of Zscaler in a research report on Friday, May 30th. Eight investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Zscaler currently has a consensus rating of “Moderate Buy” and a consensus target price of $294.03.

Insider Activity at Zscaler

In related news, insider Robert Schlossman sold 3,174 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $305.07, for a total value of $968,292.18. Following the sale, the insider now directly owns 88,970 shares in the company, valued at $27,142,077.90. This represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jagtar Singh Chaudhry sold 2,849 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $303.70, for a total transaction of $865,241.30. Following the sale, the chief executive officer now directly owns 353,565 shares of the company’s stock, valued at $107,377,690.50. This represents a 0.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 210,793 shares of company stock worth $60,812,794 in the last quarter. 18.10% of the stock is owned by insiders.

Zscaler Stock Up 2.5%

NASDAQ ZS opened at $310.46 on Tuesday. The company has a market cap of $48.34 billion, a price-to-earnings ratio of -1,194.08 and a beta of 1.09. Zscaler, Inc. has a twelve month low of $153.45 and a twelve month high of $312.75. The business’s fifty day moving average is $254.50 and its 200 day moving average is $217.01.

Zscaler (NASDAQ:ZS) last posted its earnings results on Thursday, May 29th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.76 by $0.08. The firm had revenue of $678.03 million during the quarter, compared to the consensus estimate of $667.13 million. Zscaler had a negative return on equity of 0.59% and a negative net margin of 1.52%. The business’s quarterly revenue was up 22.6% on a year-over-year basis. During the same period last year, the company earned $0.88 earnings per share. On average, research analysts anticipate that Zscaler, Inc. will post -0.1 earnings per share for the current fiscal year.

Zscaler 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.