Stephens Begins Coverage on Zscaler (NASDAQ:ZS)

Stephens assumed coverage on shares of Zscaler (NASDAQ:ZS - Free Report) in a research note issued to investors on Tuesday morning, MarketBeat.com reports. The brokerage issued an overweight rating and a $255.00 target price on the stock.

Several other brokerages also recently weighed in on ZS. Bank of America raised shares of Zscaler from a "neutral" rating to a "buy" rating and raised their price target for the company from $215.00 to $240.00 in a research report on Friday, March 7th. Needham & Company LLC reissued a "buy" rating and issued a $240.00 target price on shares of Zscaler in a report on Wednesday, March 5th. Guggenheim reaffirmed a "neutral" rating on shares of Zscaler in a research report on Tuesday, December 3rd. Morgan Stanley started coverage on Zscaler in a research report on Tuesday, March 18th. They issued an "equal weight" rating for the company. Finally, Piper Sandler raised their price target on shares of Zscaler from $215.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, December 3rd. Eight equities research 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $234.94.

Zscaler Price Performance

Zscaler stock traded down $14.83 during mid-day trading on Tuesday, reaching $192.21. The stock had a trading volume of 3,897,122 shares, compared to its average volume of 1,913,879. The company has a market capitalization of $29.74 billion, a price-to-earnings ratio of -768.84 and a beta of 1.12. Zscaler has a one year low of $153.45 and a one year high of $217.84. The company has a 50-day moving average price of $202.77 and a two-hundred day moving average price of $194.42.

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Insider Buying and Selling

In other news, insider Robert Schlossman sold 2,878 shares of Zscaler stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total value of $573,153.70. Following the sale, the insider now directly owns 107,587 shares of the company's stock, valued at approximately $21,425,951.05. The trade was a 2.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ajay Mangal sold 190,480 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $200.69, for a total value of $38,227,431.20. Following the transaction, the insider now directly owns 2,580,210 shares of the company's stock, valued at approximately $517,822,344.90. The trade was a 6.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 199,234 shares of company stock valued at $39,970,790. Corporate insiders own 18.10% of the company's stock.

Institutional Investors Weigh In On Zscaler

Several large investors have recently bought and sold shares of ZS. Corebridge Financial Inc. increased its holdings in shares of Zscaler by 0.5% in the 4th quarter. Corebridge Financial Inc. now owns 11,695 shares of the company's stock worth $2,110,000 after buying an additional 54 shares during the last quarter. Erste Asset Management GmbH raised its position in Zscaler by 0.6% during the fourth quarter. Erste Asset Management GmbH now owns 9,780 shares of the company's stock valued at $1,805,000 after purchasing an additional 56 shares during the period. KRS Capital Management LLC lifted its stake in shares of Zscaler by 1.9% in the 4th quarter. KRS Capital Management LLC now owns 3,261 shares of the company's stock valued at $588,000 after purchasing an additional 60 shares during the last quarter. Ironwood Investment Management LLC boosted its holdings in shares of 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 during the period. Finally, Smartleaf Asset Management LLC increased its position in shares of Zscaler by 16.7% during 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 last quarter. Institutional investors own 46.45% of the company's stock.

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.