Renaissance Technologies LLC Reduces Stock Holdings in Zscaler, Inc. (NASDAQ:ZS)

Renaissance Technologies LLC lessened its holdings in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 62.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 483,682 shares of the company's stock after selling 806,100 shares during the quarter. Renaissance Technologies LLC owned about 0.32% of Zscaler worth $92,959,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in ZS. 1832 Asset Management L.P. purchased a new stake in shares of Zscaler during the fourth quarter worth approximately $217,683,000. Norges Bank purchased a new stake in shares of Zscaler during the fourth quarter worth approximately $117,599,000. Quadrature Capital Ltd purchased a new stake in shares of Zscaler during the first quarter worth approximately $47,217,000. Vanguard Group Inc. increased its stake in shares of Zscaler by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 8,843,772 shares of the company's stock worth $1,959,426,000 after buying an additional 206,908 shares during the period. Finally, Jupiter Asset Management Ltd. purchased a new stake in shares of Zscaler during the first quarter worth approximately $27,954,000. Institutional investors and hedge funds own 46.45% of the company's stock.

Insider Buying and Selling at Zscaler

In other news, CFO Remo Canessa sold 7,981 shares of the firm's stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $177.21, for a total value of $1,414,313.01. Following the completion of the transaction, the chief financial officer now owns 243,486 shares in the company, valued at $43,148,154.06. The sale was disclosed in a document filed with the SEC, which is available at this link. 19.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on ZS. Citigroup cut their target price on shares of Zscaler from $270.00 to $240.00 and set a "buy" rating on the stock in a research note on Wednesday, June 5th. JMP Securities reiterated a "market outperform" rating and issued a $270.00 price target on shares of Zscaler in a research note on Wednesday, September 4th. BTIG Research dropped their price target on shares of Zscaler from $220.00 to $205.00 and set a "buy" rating on the stock in a research note on Wednesday, September 4th. Raymond James started coverage on shares of Zscaler in a research note on Tuesday, July 23rd. They issued a "market perform" rating on the stock. Finally, JPMorgan Chase & Co. dropped their price target on shares of Zscaler from $230.00 to $220.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 4th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $218.39.

Zscaler Price Performance

Zscaler stock traded down $1.46 during midday trading on Tuesday, reaching $170.32. The company's stock had a trading volume of 1,691,894 shares, compared to its average volume of 2,159,971. Zscaler, Inc. has a fifty-two week low of $146.59 and a fifty-two week high of $259.61. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.75 and a current ratio of 1.75. The stock's 50 day simple moving average is $183.45 and its 200 day simple moving average is $183.94. The firm has a market capitalization of $25.74 billion, a PE ratio of -333.96 and a beta of 0.82.

Zscaler (NASDAQ:ZS - Get Free Report) last released its earnings results on Tuesday, September 3rd. The company reported $0.88 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.18. Zscaler had a negative return on equity of 3.75% and a negative net margin of 2.66%. The company had revenue of $592.90 million during the quarter, compared to the consensus estimate of $567.46 million. During the same quarter last year, the company earned ($0.17) earnings per share. Zscaler's quarterly revenue was up 30.3% compared to the same quarter last year. On average, equities research analysts forecast that Zscaler, Inc. will post -0.92 earnings per share for the current year.

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.