Allianz Asset Management GmbH Sells 120,672 Shares of Zscaler, Inc. (NASDAQ:ZS)

Allianz Asset Management GmbH decreased its stake in shares of Zscaler, Inc. (NASDAQ:ZS) by 93.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,369 shares of the company’s stock after selling 120,672 shares during the period. Allianz Asset Management GmbH’s holdings in Zscaler were worth $1,664,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Corebridge Financial Inc. boosted its stake in shares of Zscaler by 0.5% in the 4th quarter. Corebridge Financial Inc. now owns 11,695 shares of the company’s stock worth $2,110,000 after buying an additional 54 shares during the last quarter. Norges Bank bought a new stake in Zscaler during the fourth quarter worth $32,158,000. Brown Brothers Harriman & Co. boosted its position in Zscaler by 315.2% in the fourth quarter. Brown Brothers Harriman & Co. now owns 685 shares of the company’s stock worth $124,000 after purchasing an additional 520 shares during the last quarter. Allstate Corp purchased a new position in Zscaler in the fourth quarter worth $480,000. Finally, Alliancebernstein L.P. grew its stake in Zscaler by 23.4% in the 4th quarter. Alliancebernstein L.P. now owns 71,735 shares of the company’s stock valued at $12,942,000 after purchasing an additional 13,597 shares during the period. Institutional investors own 46.45% of the company’s stock.

Insiders Place Their Bets

In other Zscaler news, EVP Raj Judge sold 2,957 shares of the business’s stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $303.70, for a total value of $898,040.90. Following the completion of the transaction, the executive vice president owned 76,289 shares of the company’s stock, valued at $23,168,969.30. The trade was a 3.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Syam Nair sold 4,064 shares of the firm’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $303.70, for a total transaction of $1,234,236.80. Following the sale, the insider owned 106,659 shares in the company, valued at approximately $32,392,338.30. This trade represents a 3.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 200,793 shares of company stock valued at $58,752,794 over the last three months. Corporate insiders own 18.10% of the company’s stock.

Zscaler Stock Performance

Zscaler stock opened at $287.73 on Thursday. Zscaler, Inc. has a fifty-two week low of $153.45 and a fifty-two week high of $318.46. The stock has a market cap of $44.80 billion, a P/E ratio of -1,106.65 and a beta of 1.11. The firm’s fifty day moving average price is $294.03 and its 200-day moving average price is $236.88.

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. Zscaler had a negative return on equity of 0.59% and a negative net margin of 1.52%. The business had revenue of $678.03 million for the quarter, compared to analyst estimates of $667.13 million. During the same period in the prior year, the company earned $0.88 EPS. The company’s quarterly revenue was up 22.6% compared to the same quarter last year. Sell-side analysts predict that Zscaler, Inc. will post -0.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ZS. Piper Sandler reissued a “neutral” rating and issued a $260.00 price target (up from $235.00) on shares of Zscaler in a report on Friday, May 30th. Roth Capital reaffirmed a “neutral” rating on shares of Zscaler in a research report on Wednesday, May 28th. Morgan Stanley boosted their target price on shares of Zscaler from $200.00 to $280.00 and gave the company an “equal weight” rating in a research note on Friday, May 30th. Scotiabank raised their price target on shares of Zscaler from $310.00 to $360.00 and gave the stock a “sector outperform” rating in a research note on Friday, June 6th. Finally, KeyCorp lifted their price target on shares of Zscaler from $290.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, May 30th. Seven 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, Zscaler currently has a consensus rating of “Moderate Buy” and an average price target of $296.82.

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.