JPMorgan Chase & Co. Raises Zscaler (NASDAQ:ZS) Price Target to $240.00

Zscaler (NASDAQ:ZS) had its price target upped by JPMorgan Chase & Co. from $220.00 to $240.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 17.10% from the company’s current price.

ZS has been the subject of several other reports. Scotiabank reduced their price target on Zscaler from $210.00 to $195.00 and set a “sector outperform” rating for the company in a report on Wednesday, September 4th. Wells Fargo & Company reduced their price target on Zscaler from $182.00 to $180.00 and set an “equal weight” rating for the company in a report on Wednesday, September 4th. BTIG Research raised their price target on Zscaler from $205.00 to $238.00 and gave the company a “buy” rating in a report on Wednesday. Susquehanna reiterated a “positive” rating and issued a $210.00 price objective on shares of Zscaler in a report on Thursday, September 5th. Finally, Citigroup reduced their price objective on Zscaler from $240.00 to $230.00 and set a “buy” rating for the company in a report on Friday, October 4th. Ten analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Zscaler has a consensus rating of “Moderate Buy” and an average target price of $221.13.

Zscaler Stock Performance

ZS stock traded down $5.34 on Friday, reaching $204.96. The company’s stock had a trading volume of 1,559,086 shares, compared to its average volume of 1,531,932. The business has a fifty day simple moving average of $188.79 and a two-hundred day simple moving average of $184.36. The firm has a market cap of $31.45 billion, a PE ratio of -512.39 and a beta of 0.82. Zscaler has a 12-month low of $153.45 and a 12-month high of $259.61.

Zscaler (NASDAQ:ZS) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.09. The business had revenue of $592.90 million during the quarter, compared to the consensus estimate of $567.46 million. Zscaler had a negative return on equity of 3.46% and a negative net margin of 2.66%. The firm’s quarterly revenue was up 30.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.17) earnings per share. As a group, research analysts anticipate that Zscaler will post -0.95 earnings per share for the current fiscal year.

Insider Transactions at Zscaler

In other news, Director Andrew William Fraser Brown sold 8,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $174.10, for a total transaction of $1,392,800.00. Following the completion of the transaction, the director now directly owns 25,907 shares of the company’s stock, valued at approximately $4,510,408.70. This represents a 23.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael J. Rich sold 4,813 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $171.28, for a total value of $824,370.64. Following the completion of the transaction, the insider now directly owns 103,259 shares of the company’s stock, valued at $17,686,201.52. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,502 shares of company stock valued at $5,256,651. 19.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Zscaler

Several hedge funds have recently bought and sold shares of the company. Quest Partners LLC acquired a new stake in Zscaler during the 2nd quarter valued at $28,000. Prestige Wealth Management Group LLC acquired a new stake in Zscaler during the 3rd quarter valued at $31,000. True Wealth Design LLC grew its holdings in Zscaler by 18,500.0% during the 3rd quarter. True Wealth Design LLC now owns 186 shares of the company’s stock valued at $32,000 after buying an additional 185 shares during the last quarter. Asset Dedication LLC boosted its holdings in shares of Zscaler by 436.8% during the second quarter. Asset Dedication LLC now owns 204 shares of the company’s stock worth $39,000 after purchasing an additional 166 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Zscaler during the third quarter worth $38,000. 46.45% of the stock is owned by hedge funds and other institutional investors.

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.