Truist Financial Corp Boosts Position in Zscaler, Inc. (NASDAQ:ZS)

Truist Financial Corp raised its stake in shares of Zscaler, Inc. (NASDAQ:ZS) by 43.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,874 shares of the company’s stock after buying an additional 2,091 shares during the quarter. Truist Financial Corp’s holdings in Zscaler were worth $1,240,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Fred Alger Management LLC grew its holdings in Zscaler by 1,151.0% during the 3rd quarter. Fred Alger Management LLC now owns 10,371 shares of the company’s stock valued at $1,773,000 after buying an additional 9,542 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Zscaler by 11.0% in the third quarter. Nomura Asset Management Co. Ltd. now owns 380,463 shares of the company’s stock worth $65,036,000 after purchasing an additional 37,801 shares during the last quarter. Zweig DiMenna Associates LLC increased its position in shares of Zscaler by 29.8% in the fourth quarter. Zweig DiMenna Associates LLC now owns 77,941 shares of the company’s stock worth $14,061,000 after purchasing an additional 17,900 shares during the last quarter. Baader Bank Aktiengesellschaft increased its position in shares of Zscaler by 30.3% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 8,400 shares of the company’s stock worth $1,515,000 after purchasing an additional 1,952 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Zscaler by 1,786.5% in the third quarter. Van ECK Associates Corp now owns 15,073 shares of the company’s stock worth $2,728,000 after purchasing an additional 14,274 shares during the last quarter. Hedge funds and other institutional investors own 46.45% of the company’s stock.

Insiders Place Their Bets

In other news, insider Syam Nair sold 3,682 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $200.32, for a total transaction of $737,578.24. Following the completion of the transaction, the insider now directly owns 142,866 shares in the company, valued at $28,618,917.12. This trade represents a 2.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Remo Canessa sold 3,703 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $200.32, for a total value of $741,784.96. Following the transaction, the chief financial officer now owns 220,635 shares of the company’s stock, valued at $44,197,603.20. The trade was a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,248 shares of company stock worth $2,052,879. 18.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ZS has been the topic of several research analyst reports. Morgan Stanley decreased their price objective on shares of Zscaler from $215.00 to $205.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 3rd. Mizuho upped their price objective on shares of Zscaler from $210.00 to $225.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. KeyCorp upped their price objective on shares of Zscaler from $245.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Barclays upped their price objective on shares of Zscaler from $220.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Finally, BMO Capital Markets upped their target price on Zscaler from $197.00 to $222.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Eleven investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $226.56.

Zscaler Stock Up 2.2 %

Shares of ZS stock opened at $196.23 on Friday. The stock has a fifty day moving average of $195.64 and a 200 day moving average of $191.40. Zscaler, Inc. has a 52 week low of $153.45 and a 52 week high of $243.94. The firm has a market capitalization of $30.11 billion, a price-to-earnings ratio of -784.92 and a beta of 0.89.

Zscaler (NASDAQ:ZS) last posted its quarterly earnings data on Monday, December 2nd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.14. The business had revenue of $628.00 million during the quarter, compared to the consensus estimate of $605.51 million. Zscaler had a negative return on equity of 0.75% and a negative net margin of 1.58%. The firm’s quarterly revenue was up 26.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.18) earnings per share. Equities research analysts anticipate that Zscaler, Inc. will post -0.1 earnings per share for the current year.

Zscaler 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.