Canaccord Genuity Group Forecasts Strong Price Appreciation for Zscaler (NASDAQ:ZS) Stock

Zscaler (NASDAQ:ZS) had its price objective increased by equities researchers at Canaccord Genuity Group from $220.00 to $230.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 11.46% from the stock’s previous close.

A number of other equities analysts also recently commented on ZS. Wedbush reduced their price objective on Zscaler from $260.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Barclays lifted their target price on Zscaler from $200.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. UBS Group reduced their target price on Zscaler from $270.00 to $250.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. BNP Paribas assumed coverage on Zscaler in a research report on Tuesday, October 8th. They issued a “neutral” rating and a $180.00 target price on the stock. Finally, Susquehanna restated a “positive” rating and issued a $210.00 target price on shares of Zscaler in a research report on Thursday, September 5th. Eleven investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, Zscaler currently has an average rating of “Moderate Buy” and a consensus price target of $224.84.

Zscaler Stock Performance

Shares of Zscaler stock opened at $206.36 on Tuesday. Zscaler has a one year low of $153.45 and a one year high of $259.61. The company has a market cap of $31.66 billion, a price-to-earnings ratio of -834.32 and a beta of 0.82. The business’s 50 day moving average price is $191.28 and its 200 day moving average price is $185.15.

Zscaler (NASDAQ:ZS) last announced its quarterly earnings data on Monday, December 2nd. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.14. Zscaler had a negative return on equity of 0.80% and a negative net margin of 1.58%. The firm had revenue of $628.00 million for the quarter, compared to the consensus estimate of $605.51 million. During the same quarter last year, the business posted ($0.18) earnings per share. The firm’s revenue was up 26.4% compared to the same quarter last year. On average, analysts predict that Zscaler will post -0.95 EPS for the current fiscal year.

Insider Transactions at Zscaler

In other news, insider Michael J. Rich sold 4,813 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $171.28, for a total value of $824,370.64. Following the completion of the sale, the insider now directly owns 103,259 shares of the company’s stock, valued at approximately $17,686,201.52. The trade was a 4.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andrew William Fraser Brown sold 8,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $174.10, for a total value of $1,392,800.00. Following the completion of the sale, the director now directly owns 25,907 shares of the company’s stock, valued at $4,510,408.70. The trade was a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,502 shares of company stock valued at $5,256,651. 18.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Zscaler

Several institutional investors and hedge funds have recently made changes to their positions in ZS. Champlain Investment Partners LLC lifted its holdings in shares of Zscaler by 28.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,289,350 shares of the company’s stock valued at $220,401,000 after purchasing an additional 283,540 shares during the last quarter. International Assets Investment Management LLC raised its stake in Zscaler by 13,498.6% during the 3rd quarter. International Assets Investment Management LLC now owns 285,299 shares of the company’s stock valued at $48,769,000 after acquiring an additional 283,201 shares during the last quarter. GuoLine Advisory Pte Ltd purchased a new stake in Zscaler during the 3rd quarter valued at approximately $32,660,000. Massachusetts Financial Services Co. MA purchased a new stake in Zscaler during the 2nd quarter valued at approximately $25,287,000. Finally, Westfield Capital Management Co. LP raised its stake in Zscaler by 33.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 399,516 shares of the company’s stock valued at $68,293,000 after acquiring an additional 100,814 shares during the last quarter. 46.45% of the stock is 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.