Westpac Banking Corp Acquires 4,230 Shares of Zscaler, Inc. (NASDAQ:ZS)

Westpac Banking Corp raised its stake in Zscaler, Inc. (NASDAQ:ZS) by 763.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,784 shares of the company’s stock after acquiring an additional 4,230 shares during the quarter. Westpac Banking Corp’s holdings in Zscaler were worth $863,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ZS. Global X Japan Co. Ltd. grew its position in Zscaler by 127.4% during the 4th quarter. Global X Japan Co. Ltd. now owns 141 shares of the company’s stock worth $25,000 after acquiring an additional 79 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Zscaler during the fourth quarter worth about $27,000. Stonebridge Financial Group LLC bought a new stake in shares of Zscaler during the fourth quarter worth about $29,000. Prestige Wealth Management Group LLC acquired a new position in shares of Zscaler in the third quarter valued at approximately $31,000. Finally, Versant Capital Management Inc boosted its position in Zscaler by 136.8% during the 4th quarter. Versant Capital Management Inc now owns 180 shares of the company’s stock worth $32,000 after buying an additional 104 shares during the period. 46.45% of the stock is currently owned by institutional investors and hedge funds.

Zscaler Trading Down 9.1 %

Zscaler stock opened at $174.67 on Friday. The firm has a market capitalization of $27.03 billion, a price-to-earnings ratio of -698.68 and a beta of 1.12. The firm’s fifty day moving average price is $202.38 and its two-hundred day moving average price is $194.43. Zscaler, Inc. has a 1-year low of $153.45 and a 1-year high of $217.84.

Analysts Set New Price Targets

Several equities analysts have issued reports on ZS shares. Robert W. Baird upped their price target on shares of Zscaler from $240.00 to $250.00 and gave the company an “outperform” rating in a research report on Thursday, March 6th. Cantor Fitzgerald raised Zscaler from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $220.00 to $250.00 in a research report on Thursday. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $244.00 target price on shares of Zscaler in a report on Thursday, March 6th. Morgan Stanley initiated coverage on Zscaler in a research note on Tuesday, March 18th. They issued an “equal weight” rating for the company. Finally, The Goldman Sachs Group set a $207.00 price objective on Zscaler and gave the stock a “neutral” rating in a research note on Thursday, March 6th. Eight research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Zscaler has an average rating of “Moderate Buy” and an average target price of $234.94.

Insider Activity at Zscaler

In other news, major shareholder Ajay Mangal sold 190,480 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $200.69, for a total value of $38,227,431.20. Following the completion of the sale, the insider now owns 2,580,210 shares in the company, valued at $517,822,344.90. This represents a 6.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total transaction of $429,168.25. Following the transaction, the chief executive officer now directly owns 356,414 shares in the company, valued at $70,979,848.10. The trade was a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 209,234 shares of company stock valued at $42,030,790. 18.10% of the stock is owned by corporate insiders.

Zscaler 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.