Oppenheimer Trims Zscaler (NASDAQ:ZS) Target Price to $230.00

Zscaler (NASDAQ:ZS) had its price target reduced by Oppenheimer from $260.00 to $230.00 in a report published on Wednesday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

ZS has been the topic of several other reports. Morgan Stanley raised their target price on shares of Zscaler from $202.00 to $215.00 and gave the stock an equal weight rating in a report on Monday, August 26th. Raymond James initiated coverage on shares of Zscaler in a research report on Tuesday, July 23rd. They issued a market perform rating on the stock. Mizuho lowered shares of Zscaler from an outperform rating to a neutral rating and set a $220.00 target price for the company. in a research note on Tuesday, July 16th. Sanford C. Bernstein dropped their price target on Zscaler from $280.00 to $270.00 and set an outperform rating on the stock in a research note on Friday, May 31st. Finally, BTIG Research cut their price target on Zscaler from $220.00 to $205.00 and set a buy rating on the stock in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Zscaler presently has an average rating of Moderate Buy and a consensus price target of $218.39.

Zscaler Price Performance

ZS opened at $156.78 on Wednesday. The stock has a market cap of $23.70 billion, a P/E ratio of -307.41 and a beta of 0.82. Zscaler has a 12 month low of $146.59 and a 12 month high of $259.61. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 1.04. The company has a fifty day simple moving average of $187.65 and a 200 day simple moving average of $187.23.

Zscaler (NASDAQ:ZS) last posted its earnings results on Tuesday, September 3rd. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.18. The firm had revenue of $592.90 million during the quarter, compared to analysts’ expectations of $567.46 million. Zscaler had a negative return on equity of 3.75% and a negative net margin of 2.66%. The company’s revenue was up 30.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.17) earnings per share. On average, research analysts expect that Zscaler will post -0.38 EPS for the current year.

Insider Transactions at Zscaler

In related news, CFO Remo Canessa sold 4,689 shares of Zscaler stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $180.93, for a total transaction of $848,380.77. Following the completion of the sale, the chief financial officer now directly owns 251,467 shares of the company’s stock, valued at approximately $45,497,924.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 19.20% of the company’s stock.

Institutional Investors Weigh In On Zscaler

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new position in Zscaler during the second quarter worth about $1,328,000. Truist Financial Corp grew its position in shares of Zscaler by 137.3% during the 2nd quarter. Truist Financial Corp now owns 2,572 shares of the company’s stock worth $494,000 after purchasing an additional 1,488 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in shares of Zscaler by 166.2% during the second quarter. B. Riley Wealth Advisors Inc. now owns 10,012 shares of the company’s stock worth $1,924,000 after purchasing an additional 6,251 shares during the period. Quarry LP raised its position in shares of Zscaler by 613.0% in the second quarter. Quarry LP now owns 385 shares of the company’s stock valued at $74,000 after buying an additional 331 shares in the last quarter. Finally, Capital Impact Advisors LLC bought a new stake in shares of Zscaler in the second quarter valued at approximately $866,000. Institutional investors and hedge funds own 46.45% of the company’s stock.

Zscaler Company 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.