Zscaler (NASDAQ:ZS) Price Target Cut to $220.00

Zscaler (NASDAQ:ZS) had its price target cut by investment analysts at Wedbush from $260.00 to $220.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price target would suggest a potential upside of 35.59% from the stock’s previous close.

Several other equities analysts also recently weighed in on ZS. JMP Securities reaffirmed a “market outperform” rating and issued a $270.00 price objective on shares of Zscaler in a research note on Monday, June 17th. Canaccord Genuity Group decreased their price objective on Zscaler from $260.00 to $220.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Rosenblatt Securities reiterated a “neutral” rating and issued a $190.00 target price on shares of Zscaler in a report on Tuesday, May 28th. BMO Capital Markets cut their price objective on Zscaler from $208.00 to $197.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, JPMorgan Chase & Co. raised Zscaler from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $205.00 to $230.00 in a research report on Friday, June 14th. Nine analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $217.41.

Zscaler Price Performance

ZS stock opened at $162.25 on Wednesday. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $24.52 billion, a PE ratio of -318.14 and a beta of 0.85. Zscaler has a 12-month low of $146.59 and a 12-month high of $259.61. The business’s fifty day moving average price is $188.36 and its 200 day moving average price is $188.32.

Zscaler (NASDAQ:ZS) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.18. The business had revenue of $592.90 million during the quarter, compared to analysts’ expectations of $567.46 million. Zscaler had a negative return on equity of 5.84% and a negative net margin of 3.62%. The business’s quarterly revenue was up 30.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.17) EPS. On average, sell-side analysts anticipate that Zscaler will post -0.32 EPS for the current year.

Insider Activity

In other news, CFO Remo Canessa sold 7,981 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $177.21, for a total transaction of $1,414,313.01. Following the completion of the sale, the chief financial officer now directly owns 243,486 shares in the company, valued at $43,148,154.06. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 19.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ZS. Vanguard Group Inc. increased its stake in shares of Zscaler by 1.3% in the first quarter. Vanguard Group Inc. now owns 8,961,774 shares of the company’s stock worth $1,726,307,000 after purchasing an additional 118,002 shares in the last quarter. 1832 Asset Management L.P. purchased a new position in Zscaler during the fourth quarter valued at approximately $217,683,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Zscaler by 19.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 619,293 shares of the company’s stock worth $119,294,000 after buying an additional 102,616 shares in the last quarter. Norges Bank purchased a new position in Zscaler in the 4th quarter worth approximately $117,599,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Zscaler by 5.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 496,047 shares of the company’s stock worth $95,335,000 after acquiring an additional 25,181 shares during the last quarter. 46.45% of the stock is owned by institutional investors.

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.