Zscaler (NASDAQ:ZS) Stock Price Expected to Rise, Scotiabank Analyst Says

Zscaler (NASDAQ:ZS) had its target price upped by analysts at Scotiabank from $205.00 to $225.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price target suggests a potential upside of 17.79% from the stock’s previous close.

Several other brokerages also recently issued reports on ZS. Deutsche Bank Aktiengesellschaft lifted their target price on Zscaler from $200.00 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. KeyCorp boosted their price objective on Zscaler from $245.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Jefferies Financial Group increased their price objective on shares of Zscaler from $225.00 to $245.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Oppenheimer increased their price target on shares of Zscaler from $230.00 to $250.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Barclays increased their target price on shares of Zscaler from $200.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Eleven investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, Zscaler currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.47.

Zscaler Stock Performance

Shares of Zscaler stock traded up $3.44 during midday trading on Tuesday, hitting $191.02. The company had a trading volume of 582,563 shares, compared to its average volume of 1,431,133. The company has a 50 day moving average of $196.20 and a 200 day moving average of $187.91. The stock has a market capitalization of $29.31 billion, a P/E ratio of -764.69 and a beta of 0.87. Zscaler has a 52-week low of $153.45 and a 52-week high of $259.61.

Zscaler (NASDAQ:ZS) last issued its earnings results on Monday, December 2nd. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.14. The business had revenue of $628.00 million during the quarter, compared to analysts’ expectations of $605.51 million. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The business’s revenue for the quarter was up 26.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.18) earnings per share. Equities research analysts forecast that Zscaler will post -0.16 EPS for the current year.

Insider Activity

In other news, insider Syam Nair sold 3,682 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $200.32, for a total transaction of $737,578.24. Following the completion of the transaction, the insider now directly owns 142,866 shares in the company, valued at approximately $28,618,917.12. This represents a 2.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Remo Canessa sold 3,703 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $200.32, for a total value of $741,784.96. Following the completion of the sale, the chief financial officer now directly owns 220,635 shares of the company’s stock, valued at approximately $44,197,603.20. This represents a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,248 shares of company stock valued at $2,052,879. Company insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Zscaler

Several large investors have recently made changes to their positions in the company. Champlain Investment Partners LLC increased its position in shares of Zscaler by 28.2% during the 3rd 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 period. International Assets Investment Management LLC grew its holdings in Zscaler by 13,498.6% during the third quarter. International Assets Investment Management LLC now owns 285,299 shares of the company’s stock worth $48,769,000 after acquiring an additional 283,201 shares during the period. GuoLine Advisory Pte Ltd acquired a new stake in Zscaler in the 3rd quarter valued at about $32,660,000. Westfield Capital Management Co. LP boosted its position in shares of Zscaler by 33.8% during the 3rd 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 in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Zscaler by 59.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 190,794 shares of the company’s stock worth $34,421,000 after purchasing an additional 71,297 shares during 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.