Zscaler (NASDAQ:ZS) Raised to “Overweight” at Cantor Fitzgerald

Zscaler (NASDAQ:ZS) was upgraded by stock analysts at Cantor Fitzgerald from a “neutral” rating to an “overweight” rating in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage currently has a $250.00 price objective on the stock, up from their previous price objective of $220.00. Cantor Fitzgerald’s price target indicates a potential upside of 43.13% from the company’s current price.

Other research analysts have also recently issued research reports about the company. The Goldman Sachs Group set a $207.00 target price on Zscaler and gave the company a “neutral” rating in a research report on Thursday, March 6th. Rosenblatt Securities upgraded shares of Zscaler from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $190.00 to $235.00 in a research report on Thursday, March 6th. Bank of America raised shares of Zscaler from a “neutral” rating to a “buy” rating and increased their price objective for the company from $215.00 to $240.00 in a research note on Friday, March 7th. Royal Bank of Canada boosted their target price on shares of Zscaler from $230.00 to $250.00 and gave the stock an “outperform” rating in a research note on Thursday, March 6th. Finally, Morgan Stanley started coverage on Zscaler in a research note on Tuesday, March 18th. They issued an “equal weight” rating for the company. Eight research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Zscaler presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.94.

Zscaler Trading Down 9.1 %

Shares of NASDAQ:ZS opened at $174.67 on Thursday. The firm has a 50 day moving average of $202.38 and a 200-day moving average of $194.43. Zscaler has a 12 month low of $153.45 and a 12 month high of $217.84. The stock has a market capitalization of $27.03 billion, a PE ratio of -698.68 and a beta of 1.12.

Insiders Place Their Bets

In related news, major shareholder Ajay Mangal sold 190,480 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $200.69, for a total value of $38,227,431.20. Following the sale, the insider now owns 2,580,210 shares in the company, valued at $517,822,344.90. This represents a 6.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total value of $429,168.25. Following the sale, the chief executive officer now directly owns 356,414 shares of the company’s stock, valued at $70,979,848.10. This represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 209,234 shares of company stock worth $42,030,790. Corporate insiders own 18.10% of the company’s stock.

Hedge Funds Weigh In On Zscaler

Several hedge funds have recently modified their holdings of ZS. Geode Capital Management LLC boosted its holdings in shares of Zscaler by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 1,658,406 shares of the company’s stock worth $298,710,000 after buying an additional 32,545 shares during the last quarter. Pictet Asset Management Holding SA raised its position in Zscaler by 25.8% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,618,176 shares of the company’s stock worth $291,935,000 after acquiring an additional 332,307 shares during the period. AQR Capital Management LLC boosted its stake in Zscaler by 120.1% in the fourth quarter. AQR Capital Management LLC now owns 964,031 shares of the company’s stock valued at $173,921,000 after acquiring an additional 525,956 shares during the last quarter. Artisan Partners Limited Partnership grew its position in shares of Zscaler by 30.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 868,795 shares of the company’s stock valued at $156,739,000 after acquiring an additional 204,996 shares during the period. Finally, DnB Asset Management AS increased its stake in shares of Zscaler by 66.8% during the 4th quarter. DnB Asset Management AS now owns 667,383 shares of the company’s stock worth $120,403,000 after purchasing an additional 267,162 shares during the last quarter. 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.