Canaccord Genuity Group Issues Positive Forecast for Zscaler (NASDAQ:ZS) Stock Price

Zscaler (NASDAQ:ZS) had its target price raised by Canaccord Genuity Group from $220.00 to $230.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other analysts have also issued reports on ZS. Jefferies Financial Group raised their price target on shares of Zscaler from $225.00 to $245.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Susquehanna restated a “positive” rating and set a $210.00 price target on shares of Zscaler in a research note on Thursday, September 5th. Morgan Stanley reduced their price objective on Zscaler from $215.00 to $205.00 and set an “equal weight” rating for the company in a research report on Tuesday. Oppenheimer lowered their price objective on Zscaler from $260.00 to $230.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Finally, BTIG Research raised their target price on Zscaler from $205.00 to $238.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Eleven equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $224.38.

Zscaler Stock Down 4.7 %

Shares of NASDAQ:ZS opened at $198.64 on Tuesday. The stock’s 50-day moving average is $190.79 and its 200-day moving average is $185.01. Zscaler has a 52-week low of $153.45 and a 52-week high of $259.61.

Zscaler (NASDAQ:ZS) last released its earnings results on Monday, December 2nd. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.14. Zscaler had a negative return on equity of 0.80% 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 quarter last year, the firm posted ($0.18) EPS. The company’s revenue was up 26.4% on a year-over-year basis. On average, analysts expect that Zscaler will post -0.95 earnings per share for the current year.

Insider Buying and Selling

In other Zscaler news, insider Robert Schlossman sold 1,435 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $181.70, for a total transaction of $260,739.50. Following the completion of the sale, the insider now owns 105,806 shares in the company, valued at approximately $19,224,950.20. The trade was a 1.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Andrew William Fraser Brown sold 8,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $174.10, for a total value of $1,392,800.00. Following the completion of the transaction, the director now owns 25,907 shares in the company, valued at $4,510,408.70. This represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,502 shares of company stock worth $5,256,651 over the last three months. 18.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Zscaler

Several institutional investors and hedge funds have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale boosted its holdings in shares of 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 buying an additional 14,701 shares during the period. Fred Alger Management LLC lifted its position in Zscaler by 1,151.0% in the 3rd quarter. Fred Alger Management LLC now owns 10,371 shares of the company’s stock valued at $1,773,000 after acquiring an additional 9,542 shares in the last quarter. Creative Planning boosted its stake in Zscaler by 7.6% in the 3rd quarter. Creative Planning now owns 148,534 shares of the company’s stock worth $25,390,000 after purchasing an additional 10,551 shares during the period. Massachusetts Financial Services Co. MA bought a new position in Zscaler during the 2nd quarter worth about $25,287,000. Finally, Strategic Advisors LLC raised its stake in shares of Zscaler by 470.0% in the 3rd quarter. Strategic Advisors LLC now owns 8,140 shares of the company’s stock valued at $1,391,000 after purchasing an additional 6,712 shares during the period. Institutional investors and hedge funds 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.