Zscaler (NASDAQ:ZS) Price Target Raised to $348.00

Zscaler (NASDAQ:ZS) had its price target lifted by JPMorgan Chase & Co. from $292.00 to $348.00 in a report released on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research firms also recently commented on ZS. BTIG Research boosted their price objective on Zscaler from $298.00 to $329.00 and gave the company a “buy” rating in a report on Wednesday, June 4th. Scotiabank lifted their target price on Zscaler from $310.00 to $360.00 and gave the company a “sector outperform” rating in a research report on Friday, June 6th. Evercore ISI lifted their target price on Zscaler from $245.00 to $290.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. BNP Paribas raised Zscaler from a “neutral” rating to an “outperform” rating and set a $260.00 target price on the stock in a research report on Monday, April 28th. Finally, Susquehanna lifted their target price on Zscaler from $245.00 to $320.00 and gave the company a “positive” rating in a research report on Friday, May 30th. Eight investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $294.03.

Zscaler Stock Performance

Shares of ZS stock opened at $305.41 on Monday. The company has a market cap of $47.55 billion, a P/E ratio of -1,174.65 and a beta of 1.09. The stock has a 50 day simple moving average of $247.98 and a two-hundred day simple moving average of $214.79. Zscaler has a fifty-two week low of $153.45 and a fifty-two week high of $309.19.

Zscaler (NASDAQ:ZS) last issued its earnings results on Thursday, May 29th. The company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.08. The business had revenue of $678.03 million during the quarter, compared to the consensus estimate of $667.13 million. Zscaler had a negative return on equity of 0.59% and a negative net margin of 1.52%. The firm’s revenue for the quarter was up 22.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 earnings per share. On average, research analysts predict that Zscaler will post -0.1 earnings per share for the current year.

Insider Transactions at Zscaler

In other Zscaler news, insider Syam Nair sold 28,947 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $250.00, for a total value of $7,236,750.00. Following the completion of the sale, the insider now owns 110,566 shares in the company, valued at approximately $27,641,500. This trade represents a 20.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Ajay Mangal sold 120,000 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $300.89, for a total value of $36,106,800.00. Following the completion of the sale, the insider now owns 2,550,210 shares of the company’s stock, valued at approximately $767,332,686.90. This trade represents a 4.49% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 210,793 shares of company stock worth $60,812,794. 18.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Zscaler

Several institutional investors and hedge funds have recently bought and sold shares of ZS. ORG Partners LLC raised its position in shares of Zscaler by 284.8% in the 1st quarter. ORG Partners LLC now owns 127 shares of the company’s stock worth $26,000 after acquiring an additional 94 shares in the last quarter. SVB Wealth LLC bought a new position in shares of Zscaler in the 1st quarter worth approximately $26,000. Summit Securities Group LLC bought a new position in shares of Zscaler in the 4th quarter worth approximately $27,000. Colonial Trust Co SC bought a new position in shares of Zscaler in the 4th quarter worth approximately $28,000. Finally, Goodman Advisory Group LLC bought a new position in shares of Zscaler in the 1st quarter worth approximately $29,000. Hedge funds and other 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.