Wells Fargo & Company Forecasts Strong Price Appreciation for Zscaler (NASDAQ:ZS) Stock

Zscaler (NASDAQ:ZS) had its price target upped by Wells Fargo & Company from $180.00 to $190.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other equities research analysts have also recently issued reports on the company. Barclays raised their target price on Zscaler from $200.00 to $220.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Deutsche Bank Aktiengesellschaft raised their price target on Zscaler from $200.00 to $225.00 and gave the company a “buy” rating in a report on Tuesday. 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. JMP Securities reissued a “market outperform” rating and set a $240.00 price target (down from $270.00) on shares of Zscaler in a report on Tuesday. Finally, Piper Sandler raised their price target on Zscaler from $215.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday. Eleven research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $224.84.

Zscaler Price Performance

Shares of ZS opened at $211.99 on Wednesday. The business’s fifty day moving average price is $192.67 and its 200 day moving average price is $185.44. Zscaler has a 12-month low of $153.45 and a 12-month high of $259.61. The stock has a market capitalization of $32.53 billion, a PE ratio of -822.44 and a beta of 0.82.

Zscaler (NASDAQ:ZS) last announced its quarterly earnings data on Monday, December 2nd. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.14. Zscaler had a negative return on equity of 0.80% and a negative net margin of 1.58%. The firm had revenue of $628.00 million for the quarter, compared to analysts’ expectations of $605.51 million. During the same period last year, the business posted ($0.18) earnings per share. The firm’s revenue for the quarter was up 26.4% on a year-over-year basis. As a group, research analysts anticipate that Zscaler will post -0.95 earnings per share for the current fiscal year.

Insider Activity

In other Zscaler news, Director Andrew William Fraser Brown sold 8,000 shares of Zscaler stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $174.10, for a total value of $1,392,800.00. Following the transaction, the director now directly owns 25,907 shares of the company’s stock, valued at $4,510,408.70. The trade was a 23.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jagtar Singh Chaudhry sold 2,852 shares of Zscaler stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $171.28, for a total value of $488,490.56. Following the completion of the transaction, the chief executive officer now directly owns 361,432 shares in the company, valued at approximately $61,906,072.96. This represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,502 shares of company stock worth $5,256,651 in the last three months. 18.10% of the stock is owned by insiders.

Institutional Trading of Zscaler

A number of institutional investors and hedge funds have recently modified their holdings of ZS. Fred Alger Management LLC raised its position in shares of Zscaler by 1,151.0% during the third quarter. Fred Alger Management LLC now owns 10,371 shares of the company’s stock worth $1,773,000 after acquiring an additional 9,542 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Zscaler by 7.1% during the third quarter. DekaBank Deutsche Girozentrale now owns 221,212 shares of the company’s stock worth $37,495,000 after acquiring an additional 14,701 shares during the last quarter. Creative Planning increased its holdings in Zscaler by 7.6% in the third quarter. Creative Planning now owns 148,534 shares of the company’s stock valued at $25,390,000 after purchasing an additional 10,551 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Zscaler in the second quarter valued at about $25,287,000. Finally, Strategic Advisors LLC increased its holdings in Zscaler by 470.0% in the third quarter. Strategic Advisors LLC now owns 8,140 shares of the company’s stock valued at $1,391,000 after purchasing an additional 6,712 shares during the last quarter. 46.45% of the stock is currently owned by 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.