Zscaler (NASDAQ:ZS) Price Target Cut to $200.00 by Analysts at Morgan Stanley

Zscaler (NASDAQ:ZS - Get Free Report) had its price objective dropped by analysts at Morgan Stanley from $205.00 to $200.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's target price would suggest a potential downside of 0.54% from the company's current price.

ZS has been the topic of several other research reports. Robert W. Baird boosted their target price on Zscaler from $240.00 to $250.00 and gave the company an "outperform" rating in a research note on Thursday, March 6th. Bank of America upgraded shares of Zscaler from a "neutral" rating to a "buy" rating and increased their target price for the stock from $215.00 to $240.00 in a report on Friday, March 7th. BTIG Research set a $252.00 price target on shares of Zscaler and gave the company a "buy" rating in a research note on Thursday, March 6th. Cantor Fitzgerald raised shares of Zscaler from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $220.00 to $250.00 in a research report on Thursday, April 3rd. Finally, Needham & Company LLC restated a "buy" rating and issued a $240.00 price objective on shares of Zscaler in a report on Wednesday, March 5th. Eight investment 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. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $234.77.

Zscaler Stock Performance

ZS stock traded down $1.78 during midday trading on Wednesday, hitting $201.09. 1,785,102 shares of the company's stock were exchanged, compared to its average volume of 1,980,127. Zscaler has a one year low of $153.45 and a one year high of $217.84. The stock's fifty day moving average price is $200.34 and its 200-day moving average price is $196.23. The company has a market cap of $31.11 billion, a PE ratio of -804.36 and a beta of 1.12.

Insider Transactions at Zscaler

In related news, major shareholder Ajay Mangal sold 190,480 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $200.69, for a total transaction of $38,227,431.20. Following the completion of the transaction, the insider now owns 2,580,210 shares in the company, valued at approximately $517,822,344.90. This represents a 6.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew William Fraser Brown sold 10,000 shares of the business's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $206.00, for a total transaction of $2,060,000.00. Following the completion of the transaction, the director now owns 27,216 shares in the company, valued at approximately $5,606,496. The trade was a 26.87 % 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 three months. Corporate insiders own 18.10% of the company's stock.

Institutional Trading of Zscaler

Hedge funds and other institutional investors have recently modified their holdings of the business. Shepherd Financial Partners LLC boosted its stake in Zscaler by 2.8% in the 1st quarter. Shepherd Financial Partners LLC now owns 4,123 shares of the company's stock worth $818,000 after purchasing an additional 111 shares during the period. GSB Wealth Management LLC boosted its position in shares of Zscaler by 3.5% in the first quarter. GSB Wealth Management LLC now owns 2,395 shares of the company's stock valued at $475,000 after acquiring an additional 80 shares during the period. QRG Capital Management Inc. purchased a new position in Zscaler during the first quarter valued at approximately $264,000. BDF Gestion bought a new stake in Zscaler during the 1st quarter worth approximately $2,480,000. Finally, Mission Wealth Management LP purchased a new stake in Zscaler in the 1st quarter worth approximately $1,228,000. Institutional investors own 46.45% of the company's stock.

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.