Zscaler (NASDAQ:ZS) Trading 6.2% Higher – Here’s What Happened

Zscaler, Inc. (NASDAQ:ZS) shares traded up 6.2% on Tuesday . The company traded as high as $199.85 and last traded at $203.06. 312,857 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 1,361,460 shares. The stock had previously closed at $191.24.

Analysts Set New Price Targets

A number of research firms recently weighed in on ZS. Jefferies Financial Group increased their price target on Zscaler from $225.00 to $245.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Scotiabank raised their target price on shares of Zscaler from $205.00 to $225.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, January 21st. Citigroup lifted their target price on shares of Zscaler from $230.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Royal Bank of Canada restated an “outperform” rating and set a $230.00 price objective on shares of Zscaler in a research report on Tuesday, December 3rd. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Zscaler in a research report on Tuesday, December 3rd. Eleven equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $225.47.

Zscaler Stock Performance

The company has a 50 day moving average price of $194.83 and a 200 day moving average price of $187.81. The company has a market capitalization of $31.12 billion, a price-to-earnings ratio of -811.32 and a beta of 0.87.

Zscaler (NASDAQ:ZS) last released its quarterly earnings results on Monday, December 2nd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.14. The business had revenue of $628.00 million during the quarter, compared to analyst estimates of $605.51 million. Zscaler had a negative return on equity of 0.75% and a negative net margin of 1.58%. Zscaler’s quarterly revenue was up 26.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.18) EPS. Research analysts forecast that Zscaler, Inc. will post -0.16 EPS for the current year.

Insider Transactions at Zscaler

In other Zscaler news, CFO Remo Canessa sold 3,703 shares of the business’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $200.32, for a total transaction of $741,784.96. Following the completion of the sale, the chief financial officer now directly owns 220,635 shares in the company, valued at $44,197,603.20. The trade was a 1.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Syam Nair sold 3,682 shares of Zscaler stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $200.32, for a total value of $737,578.24. Following the transaction, the insider now directly owns 142,866 shares in the company, valued at approximately $28,618,917.12. The trade was a 2.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,248 shares of company stock valued at $2,052,879 in the last quarter. Insiders own 18.10% of the company’s stock.

Hedge Funds Weigh In On Zscaler

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ZS. Geode Capital Management LLC boosted its stake in shares of Zscaler by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,625,861 shares of the company’s stock worth $277,327,000 after purchasing an additional 60,414 shares during the period. Champlain Investment Partners LLC boosted its holdings in Zscaler by 28.2% in the third quarter. Champlain Investment Partners LLC now owns 1,289,350 shares of the company’s stock valued at $220,401,000 after purchasing an additional 283,540 shares during the last quarter. Westfield Capital Management Co. LP grew its holdings in Zscaler by 33.8% in the third quarter. Westfield Capital Management Co. LP now owns 399,516 shares of the company’s stock valued at $68,293,000 after purchasing an additional 100,814 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in Zscaler by 11.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 380,463 shares of the company’s stock valued at $65,036,000 after acquiring an additional 37,801 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Zscaler by 4.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 355,070 shares of the company’s stock valued at $60,696,000 after buying an additional 16,634 shares during the period. 46.45% of the stock is owned by 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.