Prudential PLC Cuts Stock Position in Zscaler, Inc. (NASDAQ:ZS)

Prudential PLC lessened its holdings in Zscaler, Inc. (NASDAQ:ZS) by 15.5% in the 2nd quarter, Holdings Channel.com reports. The fund owned 3,506 shares of the company’s stock after selling 644 shares during the period. Prudential PLC’s holdings in Zscaler were worth $674,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. 1832 Asset Management L.P. acquired a new stake in shares of Zscaler during the fourth quarter worth about $217,683,000. Norges Bank acquired a new position in Zscaler in the fourth quarter valued at approximately $117,599,000. Quadrature Capital Ltd acquired a new position in Zscaler in the first quarter valued at approximately $47,217,000. Vanguard Group Inc. increased its position in shares of Zscaler by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 8,843,772 shares of the company’s stock valued at $1,959,426,000 after buying an additional 206,908 shares in the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new stake in shares of Zscaler in the first quarter valued at approximately $27,954,000. Institutional investors and hedge funds own 46.45% of the company’s stock.

Analysts Set New Price Targets

ZS has been the subject of a number of recent analyst reports. Bank of America cut Zscaler from a “buy” rating to a “neutral” rating and cut their price objective for the company from $265.00 to $195.00 in a research report on Wednesday, September 4th. Morgan Stanley upped their target price on Zscaler from $202.00 to $215.00 and gave the company an “equal weight” rating in a report on Monday, August 26th. Canaccord Genuity Group decreased their price target on Zscaler from $260.00 to $220.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Barclays decreased their price target on Zscaler from $230.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 4th. Finally, Oppenheimer decreased their target price on Zscaler from $260.00 to $230.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Zscaler presently has a consensus rating of “Moderate Buy” and a consensus price target of $218.39.

Insiders Place Their Bets

In other news, CFO Remo Canessa sold 7,981 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $177.21, for a total value of $1,414,313.01. Following the completion of the sale, the chief financial officer now directly owns 243,486 shares of the company’s stock, valued at approximately $43,148,154.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 19.20% of the stock is owned by insiders.

Zscaler Trading Up 3.1 %

NASDAQ:ZS opened at $166.71 on Friday. The stock’s 50 day moving average price is $184.68 and its 200 day moving average price is $185.70. The company has a market capitalization of $25.20 billion, a PE ratio of -326.88 and a beta of 0.82. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 1.04. Zscaler, Inc. has a 52-week low of $146.59 and a 52-week high of $259.61.

Zscaler (NASDAQ:ZS) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.18. Zscaler had a negative return on equity of 3.75% and a negative net margin of 2.66%. The company had revenue of $592.90 million during the quarter, compared to analysts’ expectations of $567.46 million. During the same period last year, the firm earned ($0.17) EPS. The firm’s revenue for the quarter was up 30.3% on a year-over-year basis. On average, research analysts anticipate that Zscaler, Inc. will post -0.92 EPS for the current year.

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.