Zscaler (NASDAQ:ZS) Stock Rating Upgraded by Bank of America

Zscaler (NASDAQ:ZS) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a report released on Friday, Marketbeat reports. The brokerage presently has a $240.00 target price on the stock, up from their prior target price of $215.00. Bank of America‘s price objective indicates a potential upside of 14.96% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Company increased their target price on shares of Zscaler from $190.00 to $210.00 and gave the stock an “equal weight” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft increased their target price on shares of Zscaler from $200.00 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Wedbush raised their price target on shares of Zscaler from $230.00 to $240.00 and gave the company an “outperform” rating in a report on Thursday. Oppenheimer raised their price target on shares of Zscaler from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, KeyCorp raised their price target on shares of Zscaler from $245.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Eight analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, Zscaler presently has an average rating of “Moderate Buy” and an average target price of $234.29.

Zscaler Price Performance

Shares of Zscaler stock opened at $208.76 on Friday. Zscaler has a 1 year low of $153.45 and a 1 year high of $217.84. The firm’s 50-day moving average is $196.78 and its two-hundred day moving average is $191.70. The stock has a market cap of $32.03 billion, a price-to-earnings ratio of -835.04 and a beta of 0.89.

Insider Buying and Selling at Zscaler

In related news, CEO Jagtar Singh Chaudhry sold 2,863 shares of the business’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 $573,516.16. Following the completion of the transaction, the chief executive officer now directly owns 358,569 shares in the company, valued at $71,828,542.08. The trade was a 0.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Remo Canessa sold 3,703 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $200.32, for a total transaction of $741,784.96. Following the completion of the transaction, the chief financial officer now owns 220,635 shares of the company’s stock, valued at approximately $44,197,603.20. This represents a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,248 shares of company stock worth $2,052,879. Company insiders own 18.10% of the company’s stock.

Hedge Funds Weigh In On Zscaler

Large investors have recently made changes to their positions in the company. Global X Japan Co. Ltd. lifted its stake in shares of Zscaler by 127.4% in the 4th 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 period. Summit Securities Group LLC acquired a new position in shares of Zscaler in the 4th quarter valued at $27,000. Colonial Trust Co SC acquired a new position in shares of Zscaler in the 4th quarter valued at $28,000. Stonebridge Financial Group LLC acquired a new position in shares of Zscaler in the 4th quarter valued at $29,000. Finally, Elequin Capital LP acquired a new position in shares of Zscaler in the 4th quarter valued at $30,000. 46.45% of the stock is currently owned by institutional investors and hedge funds.

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.