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

Zscaler (NASDAQ:ZS) had its price objective lifted by Canaccord Genuity Group from $220.00 to $230.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 17.83% from the company’s previous close.

Several other equities research analysts have also recently issued reports on ZS. Jefferies Financial Group raised their target price 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. 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. Wedbush cut their price objective on Zscaler from $260.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, September 4th. JMP Securities reaffirmed a “market outperform” rating and set a $270.00 price objective on shares of Zscaler in a research report on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Zscaler from $200.00 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday. Ten analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $222.66.

Zscaler Price Performance

ZS traded down $13.31 on Tuesday, hitting $195.20. The company had a trading volume of 344,244 shares, compared to its average volume of 2,016,214. Zscaler has a 52-week low of $153.45 and a 52-week high of $259.61. The firm has a market capitalization of $29.95 billion, a P/E ratio of -487.99 and a beta of 0.82. The stock has a fifty day simple moving average of $190.12 and a 200-day simple moving average of $184.80.

Zscaler (NASDAQ:ZS) last posted its earnings results 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 net margin of 2.66% and a negative return on equity of 3.46%. The company had revenue of $628.00 million during the quarter, compared to analysts’ expectations of $605.51 million. During the same quarter in the prior year, the company posted ($0.18) earnings per share. Zscaler’s revenue for the quarter was up 26.4% compared to the same quarter last year. Equities research analysts expect that Zscaler will post -0.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael J. Rich sold 4,813 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $171.28, for a total value of $824,370.64. Following the transaction, the insider now directly owns 103,259 shares of the company’s stock, valued at approximately $17,686,201.52. This trade represents a 4.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Robert Schlossman sold 4,947 shares of Zscaler stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $170.22, for a total transaction of $842,078.34. Following the completion of the sale, the insider now owns 107,241 shares of the company’s stock, valued at $18,254,563.02. This trade represents a 4.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,502 shares of company stock worth $5,256,651 in the last ninety days. 18.10% of the stock is currently owned by insiders.

Institutional Trading of Zscaler

A number of large investors have recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale raised its position in shares of Zscaler by 7.1% during the third quarter. DekaBank Deutsche Girozentrale now owns 221,212 shares of the company’s stock worth $37,495,000 after purchasing an additional 14,701 shares during the period. Fred Alger Management LLC lifted its stake in shares of 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 purchasing an additional 9,542 shares during the period. Creative Planning raised its stake 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 bought a new position in Zscaler during the second quarter worth about $25,287,000. Finally, Strategic Advisors LLC boosted its holdings in shares of 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 acquiring 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.