Price T Rowe Associates Inc. MD Reduces Position in Zscaler, Inc. (NASDAQ:ZS)

Price T Rowe Associates Inc. MD cut its holdings in shares of Zscaler, Inc. (NASDAQ:ZS) by 39.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 873,693 shares of the company’s stock after selling 576,452 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Zscaler were worth $168,301,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in ZS. 1832 Asset Management L.P. purchased a new stake in shares of Zscaler in the fourth quarter worth about $217,683,000. Norges Bank purchased a new stake in Zscaler in the fourth quarter valued at approximately $117,599,000. Trivest Advisors Ltd purchased a new stake in Zscaler in the fourth quarter valued at approximately $72,051,000. Quadrature Capital Ltd purchased a new stake in Zscaler in the first quarter valued at approximately $47,217,000. Finally, International Assets Investment Management LLC raised its stake in Zscaler by 19,012.4% in the fourth quarter. International Assets Investment Management LLC now owns 223,997 shares of the company’s stock valued at $49,629,000 after purchasing an additional 222,825 shares in the last quarter. 46.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ZS shares. Truist Financial reaffirmed a “buy” rating and issued a $260.00 target price on shares of Zscaler in a research note on Monday, April 1st. KeyCorp upgraded shares of Zscaler from a “sector weight” rating to an “overweight” rating and set a $220.00 price target on the stock in a research report on Thursday, April 18th. BTIG Research reduced their price target on shares of Zscaler from $258.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. JMP Securities reiterated a “market outperform” rating and set a $270.00 price target on shares of Zscaler in a research report on Monday, June 17th. Finally, Oppenheimer restated an “outperform” rating and issued a $260.00 target price (down previously from $290.00) on shares of Zscaler in a report on Friday, May 31st. Eight investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $225.21.

Zscaler Price Performance

Shares of ZS traded down $0.36 during trading hours on Monday, hitting $181.00. The company had a trading volume of 377,588 shares, compared to its average volume of 2,189,655. The firm has a fifty day moving average price of $184.39 and a 200-day moving average price of $199.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.75 and a quick ratio of 1.75. Zscaler, Inc. has a 52-week low of $131.59 and a 52-week high of $259.61.

Zscaler (NASDAQ:ZS) last posted its quarterly earnings results on Thursday, May 30th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.39. Zscaler had a negative return on equity of 5.84% and a negative net margin of 3.62%. The firm had revenue of $553.20 million during the quarter, compared to analyst estimates of $535.55 million. On average, research analysts forecast that Zscaler, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Zscaler news, CFO Remo Canessa sold 7,981 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $177.21, for a total transaction of $1,414,313.01. Following the completion of the sale, the chief financial officer now directly owns 243,486 shares in the company, valued at approximately $43,148,154.06. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 19.20% of the stock is owned by corporate insiders.

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.