PNC Financial Services Group Inc. Has $1.18 Million Holdings in Zscaler, Inc. (NASDAQ:ZS)

PNC Financial Services Group Inc. cut its stake in Zscaler, Inc. (NASDAQ:ZS) by 8.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,565 shares of the company’s stock after selling 619 shares during the period. PNC Financial Services Group Inc.’s holdings in Zscaler were worth $1,184,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ZS. Champlain Investment Partners LLC raised its holdings in shares of Zscaler by 28.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,289,350 shares of the company’s stock worth $220,401,000 after buying an additional 283,540 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Zscaler during the 4th quarter valued at $28,072,000. Westfield Capital Management Co. LP increased its holdings in Zscaler by 33.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 399,516 shares of the company’s stock valued at $68,293,000 after purchasing an additional 100,814 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Zscaler by 59.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 190,794 shares of the company’s stock valued at $34,421,000 after purchasing an additional 71,297 shares in the last quarter. Finally, Thematics Asset Management increased its holdings in Zscaler by 88.5% during the 3rd quarter. Thematics Asset Management now owns 147,000 shares of the company’s stock valued at $25,128,000 after purchasing an additional 69,000 shares in the last quarter. 46.45% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on ZS. BTIG Research set a $252.00 price target on Zscaler and gave the company a “buy” rating in a report on Thursday, March 6th. KeyCorp raised their price target on Zscaler from $245.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Cantor Fitzgerald raised Zscaler to a “hold” rating in a report on Monday, November 18th. Canaccord Genuity Group raised their price target on Zscaler from $220.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Oppenheimer increased their price objective on Zscaler from $230.00 to $250.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Nine research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, Zscaler has an average rating of “Moderate Buy” and an average target price of $233.88.

Insider Buying and Selling

In other news, insider Syam Nair sold 3,682 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $200.32, for a total transaction of $737,578.24. Following the completion of the transaction, the insider now directly owns 142,866 shares of the company’s stock, valued at $28,618,917.12. This trade represents a 2.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Remo Canessa sold 3,703 shares of the firm’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 $741,784.96. Following the transaction, the chief financial officer now directly owns 220,635 shares of the company’s stock, valued at $44,197,603.20. This represents a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 10,248 shares of company stock valued at $2,052,879. 18.10% of the stock is owned by corporate insiders.

Zscaler Stock Performance

NASDAQ ZS opened at $197.81 on Monday. The business has a 50 day simple moving average of $198.14 and a 200 day simple moving average of $191.59. Zscaler, Inc. has a 52-week low of $153.45 and a 52-week high of $217.84. The stock has a market cap of $30.61 billion, a price-to-earnings ratio of -791.24 and a beta of 0.88.

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.