Sterling Capital Management LLC Reduces Stake in Zscaler, Inc. (NASDAQ:ZS)

Sterling Capital Management LLC reduced its holdings in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 93.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,668 shares of the company's stock after selling 25,820 shares during the quarter. Sterling Capital Management LLC's holdings in Zscaler were worth $301,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of ZS. Corebridge Financial Inc. grew its holdings in Zscaler by 0.5% in the 4th quarter. Corebridge Financial Inc. now owns 11,695 shares of the company's stock valued at $2,110,000 after buying an additional 54 shares in the last quarter. Erste Asset Management GmbH grew its stake in shares of Zscaler by 0.6% in the fourth quarter. Erste Asset Management GmbH now owns 9,780 shares of the company's stock valued at $1,805,000 after acquiring an additional 56 shares in the last quarter. KRS Capital Management LLC increased its position in Zscaler by 1.9% during the fourth quarter. KRS Capital Management LLC now owns 3,261 shares of the company's stock worth $588,000 after acquiring an additional 60 shares during the period. Ironwood Investment Management LLC raised its stake in Zscaler by 1.0% in the 4th quarter. Ironwood Investment Management LLC now owns 6,249 shares of the company's stock worth $1,127,000 after purchasing an additional 64 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in Zscaler by 16.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 482 shares of the company's stock valued at $88,000 after purchasing an additional 69 shares during the period. 46.45% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ZS has been the topic of several recent research reports. BTIG Research set a $252.00 target price on shares of Zscaler and gave the stock a "buy" rating in a report on Thursday, March 6th. Bank of America raised Zscaler from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $215.00 to $240.00 in a report on Friday, March 7th. Wedbush raised their price target on Zscaler from $230.00 to $240.00 and gave the stock an "outperform" rating in a research report on Thursday, March 6th. BMO Capital Markets upped their price objective on shares of Zscaler from $222.00 to $233.00 and gave the stock an "outperform" rating in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Zscaler from $240.00 to $250.00 and gave the company an "overweight" rating in a report on Thursday, March 6th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $234.16.

Insiders Place Their Bets

In related news, Director Andrew William Fraser Brown sold 10,000 shares of the company's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $206.00, for a total transaction of $2,060,000.00. Following the transaction, the director now directly owns 27,216 shares of the company's stock, valued at $5,606,496. This represents a 26.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Ajay Mangal sold 190,480 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $200.69, for a total value of $38,227,431.20. Following the completion of the sale, the insider now directly owns 2,580,210 shares of the company's stock, valued at approximately $517,822,344.90. This represents a 6.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 209,234 shares of company stock worth $42,030,790 over the last 90 days. Company insiders own 18.10% of the company's stock.

Zscaler Stock Performance

NASDAQ ZS traded up $4.07 on Wednesday, reaching $200.59. 2,185,621 shares of the stock traded hands, compared to its average volume of 1,978,685. Zscaler, Inc. has a 12 month low of $153.45 and a 12 month high of $217.84. The company has a market cap of $31.04 billion, a price-to-earnings ratio of -802.36 and a beta of 1.12. The company has a fifty day moving average price of $199.62 and a 200-day moving average price of $196.74.

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.