Zscaler (NASDAQ:ZS) Price Target Cut to $200.00 by Analysts at Morgan Stanley

Zscaler (NASDAQ:ZS) had its price objective reduced by investment analysts at Morgan Stanley from $205.00 to $200.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential downside of 1.00% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Wedbush increased their price target on shares of Zscaler from $230.00 to $240.00 and gave the company an “outperform” rating in a research report on Thursday, March 6th. Bank of America upgraded shares of Zscaler from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $215.00 to $240.00 in a research report on Friday, March 7th. BTIG Research set a $252.00 price target on shares of Zscaler and gave the company a “buy” rating in a research report on Thursday, March 6th. Mizuho lifted their price objective on Zscaler from $210.00 to $225.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Finally, JPMorgan Chase & Co. increased their target price on Zscaler from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, March 6th. Eight analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $234.77.

Zscaler Trading Down 1.3 %

Shares of ZS traded down $2.62 during midday trading on Wednesday, reaching $202.02. The stock had a trading volume of 881,708 shares, compared to its average volume of 1,972,091. The company has a market capitalization of $31.26 billion, a price-to-earnings ratio of -808.08 and a beta of 1.12. The company’s 50-day moving average is $200.78 and its 200 day moving average is $195.74. Zscaler has a 12-month low of $153.45 and a 12-month high of $217.84.

Insider Activity

In related news, CEO Jagtar Singh Chaudhry sold 2,155 shares of the stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total transaction of $429,168.25. Following the completion of the transaction, the chief executive officer now directly owns 356,414 shares of the company’s stock, valued at approximately $70,979,848.10. This represents a 0.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Ajay Mangal sold 190,480 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $200.69, for a total value of $38,227,431.20. Following the sale, the insider now directly owns 2,580,210 shares in the company, valued at $517,822,344.90. This trade represents a 6.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 209,234 shares of company stock worth $42,030,790 in the last three months. Company insiders own 18.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quintet Private Bank Europe S.A. lifted its stake in shares of Zscaler by 4.7% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 1,120 shares of the company’s stock valued at $222,000 after purchasing an additional 50 shares during the last quarter. NorthCrest Asset Manangement LLC bought a new stake in Zscaler in the first quarter worth $341,000. Capital Advisory Group Advisory Services LLC bought a new stake in Zscaler in the first quarter worth $213,000. Assenagon Asset Management S.A. increased its position in Zscaler by 148.7% during the first quarter. Assenagon Asset Management S.A. now owns 474,431 shares of the company’s stock valued at $94,137,000 after acquiring an additional 283,637 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Zscaler by 324.0% in the first quarter. SG Americas Securities LLC now owns 53,902 shares of the company’s stock valued at $10,695,000 after acquiring an additional 41,190 shares during the period. 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.