Zscaler (NASDAQ:ZS) Raised to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Zscaler (NASDAQ:ZS) from an equal weight rating to an overweight rating in a research report released on Friday, Marketbeat.com reports. Wells Fargo & Company currently has $385.00 price target on the stock, up from their prior price target of $260.00.

ZS has been the topic of several other research reports. BMO Capital Markets increased their target price on Zscaler from $233.00 to $295.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $244.00 target price on shares of Zscaler in a research report on Thursday, March 6th. Mizuho increased their target price on Zscaler from $275.00 to $290.00 and gave the company a “neutral” rating in a research report on Wednesday, June 4th. Susquehanna increased their target price on Zscaler from $245.00 to $320.00 and gave the company a “positive” rating in a research report on Friday, May 30th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $260.00 target price (up previously from $235.00) on shares of Zscaler in a research report on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $292.38.

Zscaler Stock Up 0.2%

ZS opened at $301.95 on Friday. The stock’s fifty day moving average is $241.25 and its two-hundred day moving average is $212.72. The company has a market capitalization of $47.01 billion, a P/E ratio of -1,207.80 and a beta of 1.09. Zscaler has a 52 week low of $153.45 and a 52 week high of $306.78.

Zscaler (NASDAQ:ZS) last released its quarterly earnings data on Thursday, May 29th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.76 by $0.08. The company had revenue of $678.03 million for the quarter, compared to the consensus estimate of $667.13 million. Zscaler had a negative return on equity of 0.75% and a negative net margin of 1.58%. Zscaler’s quarterly revenue was up 22.6% on a year-over-year basis. During the same period last year, the business posted $0.88 EPS. Equities analysts anticipate that Zscaler will post -0.1 earnings per share for the current year.

Insider Buying and Selling

In other Zscaler 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 transaction of $573,153.70. Following the completion of 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Ajay Mangal sold 120,000 shares of Zscaler stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $300.89, for a total value of $36,106,800.00. Following the transaction, the insider now owns 2,550,210 shares of the company’s stock, valued at $767,332,686.90. The trade was a 4.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 386,722 shares of company stock worth $93,690,448 in the last 90 days. Insiders own 18.10% of the company’s stock.

Hedge Funds Weigh In On Zscaler

A number of institutional investors have recently modified their holdings of ZS. ORG Partners LLC raised its stake in shares of Zscaler by 284.8% during the 1st quarter. ORG Partners LLC now owns 127 shares of the company’s stock valued at $26,000 after buying an additional 94 shares during the last quarter. SVB Wealth LLC purchased a new position in shares of Zscaler in the 1st quarter valued at about $26,000. Summit Securities Group LLC purchased a new position in shares of Zscaler in the 4th quarter valued at about $27,000. Colonial Trust Co SC purchased a new position in shares of Zscaler in the 4th quarter valued at about $28,000. Finally, Stonebridge Financial Group LLC purchased a new position in shares of Zscaler in the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 46.45% of the company’s stock.

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.