PNC Financial Services Group Inc. Boosts Stake in Zscaler, Inc. (NASDAQ:ZS)

PNC Financial Services Group Inc. raised its position in Zscaler, Inc. (NASDAQ:ZS) by 4.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,184 shares of the company’s stock after purchasing an additional 306 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Zscaler were worth $1,228,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale boosted its holdings in Zscaler by 7.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 221,212 shares of the company’s stock valued at $37,495,000 after purchasing an additional 14,701 shares during the period. Creative Planning boosted its position in shares of Zscaler by 7.6% in the 3rd quarter. Creative Planning now owns 148,534 shares of the company’s stock valued at $25,390,000 after purchasing an additional 10,551 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in Zscaler during the 2nd quarter worth approximately $25,287,000. Strategic Advisors LLC increased its position in Zscaler by 470.0% during the third quarter. Strategic Advisors LLC now owns 8,140 shares of the company’s stock worth $1,391,000 after buying an additional 6,712 shares during the period. Finally, Van ECK Associates Corp lifted its stake in Zscaler by 1,786.5% in the third quarter. Van ECK Associates Corp now owns 15,073 shares of the company’s stock valued at $2,728,000 after buying an additional 14,274 shares during the last quarter. Institutional investors and hedge funds own 46.45% of the company’s stock.

Zscaler Stock Performance

Shares of NASDAQ ZS opened at $204.96 on Thursday. Zscaler, Inc. has a 1 year low of $153.45 and a 1 year high of $259.61. The stock’s 50-day simple moving average is $188.06 and its 200-day simple moving average is $184.21. The firm has a market cap of $31.45 billion, a price-to-earnings ratio of -508.49 and a beta of 0.82.

Zscaler (NASDAQ:ZS) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.09. The company had revenue of $592.90 million for the quarter, compared to the consensus estimate of $567.46 million. Zscaler had a negative return on equity of 3.46% and a negative net margin of 2.66%. Zscaler’s revenue for the quarter was up 30.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.17) EPS. As a group, research analysts predict that Zscaler, Inc. will post -0.95 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Scotiabank decreased their target price on shares of Zscaler from $210.00 to $195.00 and set a “sector outperform” rating for the company in a research note on Wednesday, September 4th. Cantor Fitzgerald raised Zscaler to a “hold” rating in a research note on Monday, November 18th. Needham & Company LLC reduced their price target on shares of Zscaler from $290.00 to $235.00 and set a “strong-buy” rating for the company in a research report on Wednesday, September 4th. Piper Sandler lowered their price target on Zscaler from $255.00 to $215.00 and set an “overweight” rating on the stock in a report on Wednesday, September 4th. Finally, BNP Paribas began coverage on shares of Zscaler in a report on Tuesday, October 8th. They issued a “neutral” rating and a $180.00 price target on the stock. Ten equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $220.29.

Insider Activity

In other news, insider Robert Schlossman sold 4,947 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $170.22, for a total transaction of $842,078.34. Following the completion of the transaction, the insider now directly owns 107,241 shares of the company’s stock, valued at approximately $18,254,563.02. This represents a 4.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael J. Rich sold 4,813 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $171.28, for a total value of $824,370.64. Following the sale, the insider now owns 103,259 shares in the company, valued at $17,686,201.52. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,502 shares of company stock worth $5,256,651. 19.20% of the stock is currently owned by corporate insiders.

About Zscaler

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.