Zscaler (ZS) Trading 15.5% Higher Following Analyst Upgrade

Zscaler Inc (NASDAQ:ZS)’s share price traded up 15.5% during trading on Thursday after Morgan Stanley raised their price target on the stock from $40.00 to $41.00. Morgan Stanley currently has an equal weight rating on the stock. Zscaler traded as high as $43.06 and last traded at $42.98. 5,615,988 shares traded hands during trading, an increase of 299% from the average session volume of 1,406,850 shares. The stock had previously closed at $37.21.

A number of other brokerages have also recently issued reports on ZS. BTIG Research cut Zscaler from a “buy” rating to a “neutral” rating and set a $33.00 target price for the company. in a report on Monday, September 10th. They noted that the move was a valuation call. Needham & Company LLC upped their target price on Zscaler from $45.00 to $47.50 and gave the stock a “strong-buy” rating in a report on Thursday, September 6th. Zacks Investment Research raised Zscaler from a “sell” rating to a “hold” rating in a report on Wednesday, September 12th. Credit Suisse Group upped their target price on Zscaler from $38.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, September 6th. Finally, Wedbush assumed coverage on Zscaler in a report on Thursday, October 18th. They issued an “outperform” rating and a $48.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $37.58.

In related news, insider Robert Schlossman sold 45,000 shares of the company’s stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $38.73, for a total transaction of $1,742,850.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Amit Sinha sold 4,807 shares of the company’s stock in a transaction dated Thursday, December 6th. The shares were sold at an average price of $40.12, for a total value of $192,856.84. The disclosure for this sale can be found here. Insiders sold a total of 290,035 shares of company stock worth $11,728,464 in the last quarter. Corporate insiders own 27.40% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. FMR LLC raised its stake in Zscaler by 17.5% during the 3rd quarter. FMR LLC now owns 6,179,451 shares of the company’s stock worth $251,998,000 after buying an additional 919,305 shares during the period. TIAA CREF Investment Management LLC raised its stake in Zscaler by 366.5% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 3,363,453 shares of the company’s stock worth $137,162,000 after buying an additional 2,642,516 shares during the period. JPMorgan Chase & Co. raised its stake in Zscaler by 16.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,649,765 shares of the company’s stock worth $67,277,000 after buying an additional 231,351 shares during the period. BlackRock Inc. raised its stake in Zscaler by 33.8% during the 3rd quarter. BlackRock Inc. now owns 1,268,626 shares of the company’s stock worth $51,735,000 after buying an additional 320,565 shares during the period. Finally, Allianz Asset Management GmbH raised its stake in Zscaler by 5,565.6% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,176,346 shares of the company’s stock worth $47,971,000 after buying an additional 1,155,583 shares during the period. 24.46% of the stock is currently owned by institutional investors and hedge funds.

The company has a market capitalization of $4.54 billion and a price-to-earnings ratio of -130.29.

Zscaler (NASDAQ:ZS) last posted its quarterly earnings results on Tuesday, December 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $63.30 million during the quarter, compared to analyst estimates of $58.66 million. The business’s quarterly revenue was up 58.6% compared to the same quarter last year. As a group, analysts forecast that Zscaler Inc will post -0.33 EPS for the current fiscal year.

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About Zscaler (NASDAQ:ZS)

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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