Sumitomo Mitsui Trust Group Inc. Grows Position in Zscaler, Inc. (NASDAQ:ZS)

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Zscaler, Inc. (NASDAQ:ZS - Free Report) by 2.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 218,116 shares of the company's stock after purchasing an additional 4,330 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.14% of Zscaler worth $37,285,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ZS. Avantax Advisory Services Inc. grew its position in shares of Zscaler by 2.9% in the 1st quarter. Avantax Advisory Services Inc. now owns 4,462 shares of the company's stock worth $859,000 after buying an additional 124 shares during the period. M&G Plc purchased a new stake in shares of Zscaler in the 1st quarter worth about $7,786,000. Vanguard Group Inc. grew its position in shares of Zscaler by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 8,961,774 shares of the company's stock worth $1,726,307,000 after buying an additional 118,002 shares during the period. Cynosure Group LLC purchased a new stake in shares of Zscaler in the 1st quarter worth about $299,000. Finally, O Shaughnessy Asset Management LLC grew its position in Zscaler by 3.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 4,104 shares of the company's stock valued at $790,000 after purchasing an additional 149 shares during the last quarter. 46.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Michael J. Rich sold 4,813 shares of the company's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $171.28, for a total transaction of $824,370.64. Following the transaction, the insider now owns 103,259 shares in the company, valued at $17,686,201.52. This represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Andrew William Fraser Brown sold 8,000 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $174.10, for a total transaction of $1,392,800.00. Following the transaction, the director now owns 25,907 shares in the company, valued at approximately $4,510,408.70. This trade represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,502 shares of company stock worth $5,256,651 over the last 90 days. 19.20% of the stock is currently owned by corporate insiders.

Zscaler Stock Down 3.4 %

NASDAQ:ZS traded down $7.03 during mid-day trading on Friday, reaching $201.47. The company's stock had a trading volume of 1,347,373 shares, compared to its average volume of 1,349,250. Zscaler, Inc. has a 1 year low of $153.45 and a 1 year high of $259.61. The stock has a fifty day moving average of $182.23 and a 200-day moving average of $182.66. The firm has a market capitalization of $30.72 billion, a PE ratio of -503.66 and a beta of 0.82.

Zscaler (NASDAQ:ZS - Get Free Report) last released its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.14) by $0.09. The company had revenue of $592.90 million during the quarter, compared to analyst estimates of $567.46 million. Zscaler had a negative net margin of 2.66% and a negative return on equity of 3.46%. The firm's revenue for the quarter was up 30.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.17) earnings per share. On average, analysts expect that Zscaler, Inc. will post -0.97 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on ZS shares. BMO Capital Markets cut their price objective on shares of Zscaler from $208.00 to $197.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 4th. Raymond James started coverage on shares of Zscaler in a research report on Tuesday, July 23rd. They set a "market perform" rating on the stock. Cantor Fitzgerald cut their price objective on shares of Zscaler from $200.00 to $170.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 4th. Loop Capital lowered their target price on shares of Zscaler from $180.00 to $165.00 and set a "hold" rating on the stock in a research note on Wednesday, September 4th. Finally, Rosenblatt Securities restated a "neutral" rating and set a $190.00 target price on shares of Zscaler in a research note on Wednesday, September 4th. Ten analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $217.18.

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.