Royal Bank of Canada Forecasts Strong Price Appreciation for Zscaler (NASDAQ:ZS) Stock

Zscaler (NASDAQ:ZS) had its price objective hoisted by equities research analysts at Royal Bank of Canada from $230.00 to $250.00 in a report released on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 19.75% from the company’s current price.

Other research analysts have also issued research reports about the stock. Loop Capital lowered their target price on shares of Zscaler from $200.00 to $195.00 and set a “hold” rating for the company in a research note on Tuesday, December 3rd. Oppenheimer increased 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 Tuesday, December 3rd. Rosenblatt Securities raised shares of Zscaler from a “neutral” rating to a “buy” rating and increased their target price for the stock from $190.00 to $235.00 in a research note on Thursday. Citigroup reaffirmed a “buy” rating and set a $240.00 target price (up previously from $235.00) on shares of Zscaler in a research note on Wednesday. Finally, Piper Sandler increased their target price on shares of Zscaler from $215.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Eight analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $234.29.

Zscaler Trading Up 3.3 %

Shares of ZS opened at $208.76 on Thursday. Zscaler has a 12-month low of $153.45 and a 12-month high of $217.84. The firm has a 50-day moving average price of $196.30 and a 200 day moving average price of $191.65. The firm has a market capitalization of $32.03 billion, a P/E ratio of -835.04 and a beta of 0.89.

Insider Buying and Selling at Zscaler

In other news, CEO Jagtar Singh Chaudhry sold 2,863 shares of the company’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 $573,516.16. Following the transaction, the chief executive officer now directly owns 358,569 shares of the company’s stock, valued at $71,828,542.08. This represents a 0.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Remo Canessa sold 3,703 shares of the company’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 $741,784.96. Following the transaction, the chief financial officer now directly owns 220,635 shares in the company, valued at approximately $44,197,603.20. This trade represents a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,248 shares of company stock valued at $2,052,879. 18.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Zscaler

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Global X Japan Co. Ltd. grew its stake in 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 acquiring an additional 79 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Zscaler in the 4th quarter valued at about $27,000. Colonial Trust Co SC acquired a new stake in Zscaler in the 4th quarter valued at about $28,000. Stonebridge Financial Group LLC acquired a new stake in Zscaler in the 4th quarter valued at about $29,000. Finally, Elequin Capital LP acquired a new stake in Zscaler in the 4th quarter valued at about $30,000. 46.45% of the stock is 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.