Pinebridge Investments L.P. Sells 17,448 Shares of Zscaler, Inc. (NASDAQ:ZS)

Pinebridge Investments L.P. reduced its holdings in Zscaler, Inc. (NASDAQ:ZS - Free Report) by 14.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 101,897 shares of the company's stock after selling 17,448 shares during the quarter. Pinebridge Investments L.P. owned approximately 0.07% of Zscaler worth $18,383,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Corebridge Financial Inc. raised its holdings in Zscaler by 0.5% in the fourth 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 during the period. Erste Asset Management GmbH lifted its holdings in shares of Zscaler by 0.6% during the 4th 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 boosted its position in Zscaler by 1.9% during the 4th quarter. KRS Capital Management LLC now owns 3,261 shares of the company's stock worth $588,000 after purchasing an additional 60 shares during the period. Ironwood Investment Management LLC increased its holdings in Zscaler by 1.0% in the 4th quarter. Ironwood Investment Management LLC now owns 6,249 shares of the company's stock valued at $1,127,000 after purchasing an additional 64 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its position in Zscaler by 16.7% in the fourth 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 hedge funds and other institutional investors.

Insider Activity

In related news, CFO Remo Canessa sold 3,721 shares of Zscaler stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $741,037.15. Following the completion of the sale, the chief financial officer now owns 213,702 shares of the company's stock, valued at approximately $42,558,753.30. The trade was a 1.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert Schlossman sold 2,878 shares of the firm's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $573,153.70. Following the transaction, the insider now owns 107,587 shares in the company, valued at approximately $21,425,951.05. This trade represents a 2.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 209,234 shares of company stock worth $42,030,790 over the last 90 days. 18.10% of the stock is owned by company insiders.

Zscaler Stock Up 2.6 %

Shares of NASDAQ ZS traded up $5.44 during mid-day trading on Friday, hitting $215.58. 2,884,983 shares of the company traded hands, compared to its average volume of 1,992,800. Zscaler, Inc. has a 1 year low of $153.45 and a 1 year high of $217.84. The stock has a market capitalization of $33.36 billion, a price-to-earnings ratio of -862.32 and a beta of 1.12. The business has a 50 day moving average of $199.30 and a two-hundred day moving average of $197.37.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Citigroup reissued a "buy" rating and set a $240.00 price target (up from $235.00) on shares of Zscaler in a research report on Wednesday, March 5th. Barclays reissued an "overweight" rating on shares of Zscaler in a research report on Wednesday, March 5th. Bank of America upgraded Zscaler from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $215.00 to $240.00 in a research note on Friday, March 7th. JPMorgan Chase & Co. upped their target price on shares of Zscaler from $240.00 to $250.00 and gave the company an "overweight" rating in a research note on Thursday, March 6th. Finally, Royal Bank of Canada lifted their target price on Zscaler from $230.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, March 6th. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Zscaler has an average rating of "Moderate Buy" and an average target price of $234.16.

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.