Scotiabank Raises Zscaler (NASDAQ:ZS) Price Target to $225.00

Zscaler (NASDAQ:ZS) had its target price increased by Scotiabank from $205.00 to $225.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price target would indicate a potential upside of 16.62% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Citigroup upped their price objective on shares of Zscaler from $230.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Guggenheim restated a “neutral” rating on shares of Zscaler in a research note on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft upped their price objective on Zscaler from $200.00 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Jefferies Financial Group upped their price target on shares of Zscaler from $225.00 to $245.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Oppenheimer raised their target price on shares of Zscaler from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Eleven equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $225.47.

Zscaler Stock Performance

Shares of ZS stock opened at $192.93 on Tuesday. Zscaler has a 52 week low of $153.45 and a 52 week high of $259.61. The stock has a market capitalization of $29.60 billion, a PE ratio of -771.72 and a beta of 0.87. The stock’s fifty day moving average is $195.52 and its 200-day moving average is $187.88.

Zscaler (NASDAQ:ZS) last announced its quarterly earnings data on Monday, December 2nd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.14. Zscaler had a negative return on equity of 0.75% and a negative net margin of 1.58%. The firm had revenue of $628.00 million for the quarter, compared to analyst estimates of $605.51 million. During the same period last year, the company earned ($0.18) EPS. The business’s quarterly revenue was up 26.4% compared to the same quarter last year. As a group, analysts forecast that Zscaler will post -0.16 earnings per share for the current fiscal year.

Insider Transactions at Zscaler

In related news, CEO Jagtar Singh Chaudhry sold 2,863 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $200.32, for a total value of $573,516.16. Following the sale, the chief executive officer now directly owns 358,569 shares in the company, valued at $71,828,542.08. This trade represents a 0.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Remo Canessa sold 3,703 shares of Zscaler stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $200.32, for a total value of $741,784.96. Following the transaction, the chief financial officer now 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. Insiders have sold 10,248 shares of company stock worth $2,052,879 over the last quarter. 18.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Zscaler

Several large investors have recently made changes to their positions in ZS. Dimensional Fund Advisors LP lifted its position in shares of Zscaler by 13.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 160,828 shares of the company’s stock worth $30,908,000 after buying an additional 18,758 shares during the period. Intech Investment Management LLC boosted its stake in shares of Zscaler by 69.0% in the 2nd quarter. Intech Investment Management LLC now owns 7,910 shares of the company’s stock valued at $1,520,000 after purchasing an additional 3,230 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Zscaler by 13.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,750 shares of the company’s stock valued at $529,000 after acquiring an additional 334 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Zscaler by 57.7% during the second quarter. Canada Pension Plan Investment Board now owns 15,436 shares of the company’s stock worth $2,967,000 after purchasing an additional 5,645 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of Zscaler by 8.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 832 shares of the company’s stock valued at $149,000 after acquiring an additional 66 shares during the period. Institutional investors own 46.45% of the company’s stock.

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.