Jefferies Financial Group Forecasts Strong Price Appreciation for Zscaler (NASDAQ:ZS) Stock

Zscaler (NASDAQ:ZS) had its price target raised by equities researchers at Jefferies Financial Group from $225.00 to $245.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group’s price objective would indicate a potential upside of 19.54% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. BMO Capital Markets cut their price target on Zscaler from $208.00 to $197.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Citigroup dropped their target price on Zscaler from $240.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Piper Sandler decreased their price target on Zscaler from $255.00 to $215.00 and set an “overweight” rating for the company in a report on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $230.00 price objective on shares of Zscaler in a research note on Wednesday, September 4th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $190.00 target price on shares of Zscaler in a report on Wednesday, September 4th. Ten investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Zscaler has a consensus rating of “Moderate Buy” and a consensus price target of $220.29.

Zscaler Stock Performance

Shares of ZS opened at $204.96 on Tuesday. The stock has a market capitalization of $31.45 billion, a PE ratio of -508.49 and a beta of 0.82. Zscaler has a fifty-two week low of $153.45 and a fifty-two week high of $259.61. The company has a 50 day moving average price of $188.06 and a 200-day moving average price of $184.21.

Zscaler (NASDAQ:ZS) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.09. The business had revenue of $592.90 million for the quarter, compared to the consensus estimate of $567.46 million. Zscaler had a negative return on equity of 3.46% and a negative net margin of 2.66%. The business’s quarterly revenue was up 30.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.17) earnings per share. Equities research analysts forecast that Zscaler will post -0.95 EPS for the current year.

Insider Activity at Zscaler

In other Zscaler news, Director Andrew William Fraser Brown sold 8,000 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $174.10, for a total value of $1,392,800.00. Following the sale, the director now owns 25,907 shares of the company’s stock, valued at $4,510,408.70. This trade represents a 23.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Remo Canessa sold 8,455 shares of Zscaler stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $171.28, for a total transaction of $1,448,172.40. Following the completion of the transaction, the chief financial officer now owns 231,793 shares of the company’s stock, valued at $39,701,505.04. This represents a 3.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,502 shares of company stock worth $5,256,651. 19.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Zscaler

Several hedge funds have recently added to or reduced their stakes in ZS. Quest Partners LLC purchased a new stake in Zscaler in the second quarter valued at approximately $28,000. Prestige Wealth Management Group LLC purchased a new stake in Zscaler in the 3rd quarter valued at $31,000. True Wealth Design LLC boosted its stake in Zscaler by 18,500.0% during the 3rd quarter. True Wealth Design LLC now owns 186 shares of the company’s stock worth $32,000 after purchasing an additional 185 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Zscaler during the 3rd quarter worth $38,000. Finally, Asset Dedication LLC grew its position in Zscaler by 436.8% during the 2nd quarter. Asset Dedication LLC now owns 204 shares of the company’s stock worth $39,000 after purchasing an additional 166 shares during the last quarter. 46.45% of the stock is currently owned by hedge funds and other institutional investors.

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.