Needham & Company LLC Reiterates Buy Rating for Zscaler (NASDAQ:ZS)

Needham & Company LLC reiterated their buy rating on shares of Zscaler (NASDAQ:ZS) in a research report report published on Friday,Benzinga reports. They currently have a $240.00 price target on the stock.

A number of other brokerages have also weighed in on ZS. Wells Fargo & Company boosted their price target on Zscaler from $180.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group boosted their price target on Zscaler from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Susquehanna boosted their price target on Zscaler from $210.00 to $225.00 and gave the stock a “positive” rating in a research note on Tuesday, December 3rd. Piper Sandler boosted their price target on Zscaler from $215.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Finally, Citigroup boosted their price target on Zscaler from $230.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Eleven analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $224.84.

Zscaler Price Performance

ZS opened at $189.98 on Friday. The business’s 50-day moving average is $196.86 and its two-hundred day moving average is $188.26. Zscaler has a 1 year low of $153.45 and a 1 year high of $259.61. The firm has a market capitalization of $29.15 billion, a PE ratio of -759.92 and a beta of 0.87.

Zscaler (NASDAQ:ZS) last posted its earnings results on Monday, December 2nd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.14. Zscaler had a negative return on equity of 0.75% and a negative net margin of 1.58%. The company had revenue of $628.00 million for the quarter, compared to analyst estimates of $605.51 million. During the same quarter in the previous year, the firm earned ($0.18) earnings per share. The firm’s quarterly revenue was up 26.4% compared to the same quarter last year. As a group, sell-side analysts expect that Zscaler will post -0.24 EPS for the current year.

Insider Transactions at Zscaler

In related news, insider Syam Nair sold 3,682 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $200.32, for a total transaction of $737,578.24. Following the completion of the sale, the insider now directly owns 142,866 shares in the company, valued at approximately $28,618,917.12. The trade was a 2.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jagtar Singh Chaudhry sold 2,863 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $200.32, for a total value of $573,516.16. Following the sale, the chief executive officer now owns 358,569 shares of the company’s stock, valued at $71,828,542.08. The trade was a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,248 shares of company stock valued at $2,052,879 in the last three months. 18.10% of the stock is currently owned by company insiders.

Institutional Trading of Zscaler

Large investors have recently added to or reduced their stakes in the stock. Quest Partners LLC acquired a new position in Zscaler during the 2nd quarter worth about $28,000. Prestige Wealth Management Group LLC acquired a new position in Zscaler during the 3rd quarter worth about $31,000. True Wealth Design LLC lifted its stake in Zscaler by 18,500.0% during the 3rd quarter. True Wealth Design LLC now owns 186 shares of the company’s stock worth $32,000 after acquiring an additional 185 shares in the last quarter. Versant Capital Management Inc lifted its stake in Zscaler by 136.8% during the 4th quarter. Versant Capital Management Inc now owns 180 shares of the company’s stock worth $32,000 after acquiring an additional 104 shares in the last quarter. Finally, Modus Advisors LLC acquired a new position in Zscaler during the 4th quarter worth about $36,000. 46.45% of the stock is currently owned by hedge funds and other institutional investors.

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.