Alliancebernstein L.P. Grows Position in Zscaler, Inc. (NASDAQ:ZS)

Alliancebernstein L.P. increased its stake in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 23.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,735 shares of the company's stock after buying an additional 13,597 shares during the quarter. Alliancebernstein L.P.'s holdings in Zscaler were worth $12,942,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ZS. Zweig DiMenna Associates LLC raised its position in Zscaler by 29.8% during the 4th quarter. Zweig DiMenna Associates LLC now owns 77,941 shares of the company's stock worth $14,061,000 after buying an additional 17,900 shares during the last quarter. Baader Bank Aktiengesellschaft increased its stake in shares of Zscaler by 30.3% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 8,400 shares of the company's stock worth $1,515,000 after acquiring an additional 1,952 shares during the period. Everence Capital Management Inc. purchased a new position in shares of Zscaler during the fourth quarter worth $565,000. SYM FINANCIAL Corp acquired a new position in Zscaler during the fourth quarter valued at $303,000. Finally, Merit Financial Group LLC purchased a new stake in Zscaler in the fourth quarter valued at $787,000. 46.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Mizuho lifted their price objective on Zscaler from $210.00 to $225.00 and gave the company a "neutral" rating in a research note on Wednesday, February 12th. UBS Group boosted their price target on Zscaler from $250.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Stephens began coverage on Zscaler in a research report on Tuesday, April 1st. They issued an "overweight" rating and a $255.00 price objective on the stock. BMO Capital Markets lifted their target price on shares of Zscaler from $222.00 to $233.00 and gave the company an "outperform" rating in a report on Thursday, March 6th. Finally, BTIG Research set a $252.00 price target on shares of Zscaler and gave the stock a "buy" rating in a report on Thursday, March 6th. Eight analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $234.94.

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Insiders Place Their Bets

In related news, insider Robert Schlossman sold 2,878 shares of the business's stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total value of $573,153.70. Following the sale, the insider now owns 107,587 shares in the company, valued at approximately $21,425,951.05. The trade was a 2.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of Zscaler stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $429,168.25. Following the completion of the transaction, the chief executive officer now directly owns 356,414 shares of the company's stock, valued at approximately $70,979,848.10. This represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 209,234 shares of company stock valued at $42,030,790 over the last 90 days. 18.10% of the stock is owned by company insiders.

Zscaler Price Performance

Shares of NASDAQ:ZS traded up $2.72 during midday trading on Friday, reaching $198.08. 2,313,728 shares of the company's stock were exchanged, compared to its average volume of 1,976,077. The stock has a market cap of $30.65 billion, a price-to-earnings ratio of -792.32 and a beta of 1.12. Zscaler, Inc. has a fifty-two week low of $153.45 and a fifty-two week high of $217.84. The firm's 50 day simple moving average is $200.88 and its two-hundred day simple moving average is $195.31.

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.