Zscaler (NASDAQ:ZS) Price Target Raised to $238.00

Zscaler (NASDAQ:ZS) had its target price hoisted by BTIG Research from $205.00 to $238.00 in a research note released on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also weighed in on ZS. KeyCorp raised their price objective on Zscaler from $220.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Needham & Company LLC dropped their price target on shares of Zscaler from $290.00 to $235.00 and set a “strong-buy” rating for the company in a research note on Wednesday, September 4th. Robert W. Baird reduced their price objective on shares of Zscaler from $260.00 to $225.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. JPMorgan Chase & Co. dropped their target price on shares of Zscaler from $230.00 to $220.00 and set an “overweight” rating for the company in a research report on Wednesday, September 4th. Finally, Citigroup reduced their price target on shares of Zscaler from $240.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Ten 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 company. Based on data from MarketBeat.com, Zscaler currently has a consensus rating of “Moderate Buy” and a consensus price target of $220.29.

Zscaler Trading Down 2.5 %

NASDAQ ZS opened at $204.96 on Wednesday. The stock has a market cap of $31.45 billion, a P/E ratio of -512.39 and a beta of 0.82. The company’s fifty day simple moving average is $188.06 and its 200-day simple moving average is $184.21. Zscaler has a 52 week low of $153.45 and a 52 week high of $259.61.

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

Insiders Place Their Bets

In related news, insider Robert Schlossman sold 4,947 shares of Zscaler stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $170.22, for a total transaction of $842,078.34. Following the transaction, the insider now directly owns 107,241 shares of the company’s stock, valued at $18,254,563.02. The trade was a 4.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew William Fraser Brown sold 8,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $174.10, for a total transaction of $1,392,800.00. Following the completion of the sale, the director now directly owns 25,907 shares of the company’s stock, valued at $4,510,408.70. The trade was a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,502 shares of company stock worth $5,256,651. 19.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC purchased a new position in Zscaler in the 2nd quarter worth about $28,000. Prestige Wealth Management Group LLC purchased a new stake in Zscaler during the third quarter valued at about $31,000. True Wealth Design LLC boosted its holdings in shares of Zscaler by 18,500.0% in the third quarter. True Wealth Design LLC now owns 186 shares of the company’s stock worth $32,000 after buying an additional 185 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Zscaler in the third quarter worth about $38,000. Finally, Asset Dedication LLC increased its position in shares of Zscaler by 436.8% in the second quarter. Asset Dedication LLC now owns 204 shares of the company’s stock worth $39,000 after acquiring an additional 166 shares in the last quarter. Institutional investors and hedge funds own 46.45% of the company’s stock.

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.