CIBC Private Wealth Group LLC Cuts Position in Zscaler, Inc. (NASDAQ:ZS)

CIBC Private Wealth Group LLC lowered its position in Zscaler, Inc. (NASDAQ:ZS) by 2.9% in the fourth quarter, Holdings Channel reports. The fund owned 218,402 shares of the company’s stock after selling 6,439 shares during the period. CIBC Private Wealth Group LLC’s holdings in Zscaler were worth $40,902,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ZS. Pictet Asset Management Holding SA boosted its position in shares of Zscaler by 25.8% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,618,176 shares of the company’s stock worth $291,935,000 after acquiring an additional 332,307 shares in the last quarter. DnB Asset Management AS boosted its holdings in Zscaler by 66.8% in the fourth quarter. DnB Asset Management AS now owns 667,383 shares of the company’s stock valued at $120,403,000 after purchasing an additional 267,162 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in Zscaler by 30.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 868,795 shares of the company’s stock valued at $156,739,000 after purchasing an additional 204,996 shares during the last quarter. Norges Bank acquired a new stake in Zscaler during the fourth quarter worth approximately $32,158,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Zscaler during the 4th quarter worth approximately $28,072,000. Institutional investors and hedge funds own 46.45% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Ajay Mangal sold 190,480 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $200.69, for a total value of $38,227,431.20. Following the completion of the transaction, the insider now directly owns 2,580,210 shares of the company’s stock, valued at $517,822,344.90. This trade represents a 6.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert Schlossman sold 2,878 shares of the company’s stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $573,153.70. Following the completion of the sale, the insider now directly owns 107,587 shares in the company, valued at $21,425,951.05. This trade represents a 2.61 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 199,234 shares of company stock worth $39,970,790. Corporate insiders own 18.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Morgan Stanley assumed coverage on shares of Zscaler in a research report on Tuesday, March 18th. They issued an “equal weight” rating on the stock. Wells Fargo & Company raised their price objective on Zscaler from $190.00 to $210.00 and gave the stock an “equal weight” rating in a report on Thursday, March 6th. The Goldman Sachs Group set a $207.00 target price on Zscaler and gave the company a “neutral” rating in a report on Thursday, March 6th. Citigroup restated a “buy” rating and set a $240.00 price target (up previously from $235.00) on shares of Zscaler in a research note on Wednesday, March 5th. Finally, Bank of America upgraded Zscaler from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $215.00 to $240.00 in a research note on Friday, March 7th. Nine investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $232.68.

Zscaler Price Performance

Shares of ZS stock opened at $207.14 on Monday. The business’s fifty day moving average price is $202.08 and its 200 day moving average price is $193.89. The firm has a market capitalization of $32.05 billion, a PE ratio of -828.56 and a beta of 0.88. Zscaler, Inc. has a 1-year low of $153.45 and a 1-year high of $217.84.

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.