Wedbush Initiates Coverage on Zscaler (ZS)

Wedbush initiated coverage on shares of Zscaler (NASDAQ:ZS) in a report issued on Thursday morning, Marketbeat.com reports. The firm issued an outperform rating and a $48.00 target price on the stock.

Other research analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Zscaler from a hold rating to a buy rating and set a $46.00 price target for the company in a report on Thursday, June 21st. Morgan Stanley raised their price target on shares of Zscaler from $31.00 to $41.00 and gave the stock an equal weight rating in a report on Thursday, September 6th. BTIG Research lowered shares of Zscaler from a buy rating to a neutral rating and set a $33.00 price target for the company. in a report on Monday, September 10th. They noted that the move was a valuation call. Credit Suisse Group raised their price target on shares of Zscaler from $38.00 to $46.00 and gave the stock an outperform rating in a report on Thursday, September 6th. Finally, Robert W. Baird restated an outperform rating on shares of Zscaler in a report on Thursday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $37.58.

Zscaler stock traded down $0.91 during mid-day trading on Thursday, hitting $35.87. 22,196 shares of the stock were exchanged, compared to its average volume of 1,481,087. Zscaler has a 12 month low of $24.76 and a 12 month high of $48.24. The firm has a market cap of $4.54 billion and a price-to-earnings ratio of -120.78.

Zscaler (NASDAQ:ZS) last released its quarterly earnings results on Wednesday, September 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.04. The firm had revenue of $56.20 million for the quarter, compared to the consensus estimate of $50.72 million. During the same quarter in the previous year, the business posted ($0.07) EPS. The firm’s revenue for the quarter was up 53.8% compared to the same quarter last year. Equities research analysts expect that Zscaler will post -0.27 EPS for the current fiscal year.

In other news, insider Manoj Apte sold 107,544 shares of Zscaler stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $41.88, for a total value of $4,503,942.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Amit Sinha sold 4,807 shares of Zscaler stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $42.12, for a total transaction of $202,470.84. The disclosure for this sale can be found here. Insiders sold a total of 206,579 shares of company stock valued at $8,529,025 in the last quarter.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Zscaler in the 1st quarter valued at $114,000. Atlantic Trust Group LLC acquired a new stake in Zscaler in the 1st quarter valued at $136,000. Optimum Investment Advisors grew its position in Zscaler by 240.0% in the 3rd quarter. Optimum Investment Advisors now owns 3,400 shares of the company’s stock valued at $139,000 after purchasing an additional 2,400 shares during the period. Stevens Capital Management LP acquired a new stake in Zscaler in the 2nd quarter valued at $211,000. Finally, New York State Common Retirement Fund acquired a new stake in Zscaler in the 1st quarter valued at $238,000. Institutional investors own 23.02% of the company’s stock.

About Zscaler

Zscaler, Inc operates as a cloud security company worldwide. The company's flagship services include Zscaler Internet Access solution that connect users to externally managed applications, including software-as-a-service applications and Internet destinations; and Zscaler Private Access solution, which is designed to provide access to internally managed applications, either hosted internally in data centers, and private or public clouds.

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