Zscaler (NASDAQ:ZS - Get Free Report) was upgraded by analysts at Cantor Fitzgerald from a "neutral" rating to an "overweight" rating in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage currently has a $250.00 target price on the stock, up from their previous target price of $220.00. Cantor Fitzgerald's price objective points to a potential upside of 43.13% from the company's current price.
A number of other research analysts have also recently issued reports on ZS. Morgan Stanley began coverage on shares of Zscaler in a research note on Tuesday, March 18th. They issued an "equal weight" rating for the company. Citigroup reissued a "buy" rating and issued a $240.00 price objective (up previously from $235.00) on shares of Zscaler in a research note on Wednesday, March 5th. Wells Fargo & Company raised their target price on Zscaler from $190.00 to $210.00 and gave the company an "equal weight" rating in a research note on Thursday, March 6th. Barclays reaffirmed an "overweight" rating on shares of Zscaler in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Zscaler from $240.00 to $250.00 and gave the stock an "overweight" rating in a report on Thursday, March 6th. Eight equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $234.94.
View Our Latest Analysis on ZS
Zscaler Stock Performance
Shares of NASDAQ ZS traded down $17.54 during midday trading on Thursday, reaching $174.67. 5,709,239 shares of the company traded hands, compared to its average volume of 1,928,348. The stock's 50-day simple moving average is $202.38 and its 200-day simple moving average is $194.60. Zscaler has a 12 month low of $153.45 and a 12 month high of $217.84. The firm has a market cap of $27.03 billion, a PE ratio of -698.68 and a beta of 1.12.
Insider Activity
In other Zscaler news, major shareholder Ajay Mangal sold 190,480 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $200.69, for a total transaction of $38,227,431.20. Following the completion of the transaction, the insider now owns 2,580,210 shares in the company, valued at approximately $517,822,344.90. This represents a 6.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of Zscaler stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $429,168.25. Following the completion of the sale, the chief executive officer now directly owns 356,414 shares in the company, valued at $70,979,848.10. This represents a 0.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 209,234 shares of company stock worth $42,030,790 in the last 90 days. Corporate insiders own 18.10% of the company's stock.
Institutional Investors Weigh In On Zscaler
Institutional investors have recently bought and sold shares of the company. Global X Japan Co. Ltd. raised its holdings in shares of Zscaler by 127.4% in the fourth quarter. Global X Japan Co. Ltd. now owns 141 shares of the company's stock valued at $25,000 after purchasing an additional 79 shares during the last quarter. Summit Securities Group LLC bought a new position in Zscaler in the fourth quarter valued at $27,000. Colonial Trust Co SC acquired a new stake in Zscaler in the 4th quarter valued at $28,000. Stonebridge Financial Group LLC bought a new stake in Zscaler during the 4th quarter worth about $29,000. Finally, Elequin Capital LP acquired a new position in shares of Zscaler during the 4th quarter worth about $30,000. Institutional investors own 46.45% of the company's stock.
About Zscaler
(
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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.
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