Pinnacle Associates Ltd. Decreases Stock Position in Zscaler, Inc. (NASDAQ:ZS)

Pinnacle Associates Ltd. lowered its stake in Zscaler, Inc. (NASDAQ:ZS) by 55.7% during the 3rd quarter, Holdings Channel reports. The firm owned 14,490 shares of the company’s stock after selling 18,207 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Zscaler were worth $2,477,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. State Board of Administration of Florida Retirement System raised its position in shares of Zscaler by 6.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 103,937 shares of the company’s stock valued at $20,021,000 after buying an additional 6,683 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Zscaler by 9.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 116,691 shares of the company’s stock valued at $22,478,000 after buying an additional 9,689 shares in the last quarter. Norden Group LLC purchased a new stake in shares of Zscaler during the 1st quarter valued at about $846,000. Central Pacific Bank Trust Division purchased a new stake in shares of Zscaler during the 1st quarter valued at about $809,000. Finally, DekaBank Deutsche Girozentrale raised its position in shares of Zscaler by 7.1% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 221,212 shares of the company’s stock valued at $37,495,000 after buying an additional 14,701 shares in the last quarter. Hedge funds and other institutional investors own 46.45% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ZS. BNP Paribas began coverage on shares of Zscaler in a research report on Tuesday, October 8th. They set a “neutral” rating and a $180.00 target price on the stock. Cantor Fitzgerald decreased their target price on shares of Zscaler from $200.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Susquehanna reiterated a “positive” rating and set a $210.00 price target on shares of Zscaler in a report on Thursday, September 5th. Mizuho downgraded shares of Zscaler from an “outperform” rating to a “neutral” rating and set a $220.00 price target on the stock. in a report on Tuesday, July 16th. Finally, Oppenheimer cut their price target on shares of Zscaler from $260.00 to $230.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. Ten analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $216.73.

Insider Activity at Zscaler

In related news, insider Robert Schlossman sold 1,435 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $181.70, for a total transaction of $260,739.50. Following the completion of the sale, the insider now owns 105,806 shares of the company’s stock, valued at $19,224,950.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Zscaler news, Director Andrew William Fraser Brown sold 8,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $174.10, for a total value of $1,392,800.00. Following the completion of the transaction, the director now owns 25,907 shares of the company’s stock, valued at approximately $4,510,408.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Robert Schlossman sold 1,435 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $181.70, for a total transaction of $260,739.50. Following the completion of the transaction, the insider now directly owns 105,806 shares of the company’s stock, valued at approximately $19,224,950.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,502 shares of company stock valued at $5,256,651 over the last 90 days. Insiders own 19.20% of the company’s stock.

Zscaler Stock Performance

NASDAQ ZS opened at $182.59 on Friday. The firm’s 50 day moving average price is $179.63 and its 200-day moving average price is $180.85. Zscaler, Inc. has a 52-week low of $153.45 and a 52-week high of $259.61. The company has a market cap of $27.84 billion, a PE ratio of -456.48 and a beta of 0.82.

Zscaler (NASDAQ:ZS) last posted its earnings results on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.09. Zscaler had a negative net margin of 2.66% and a negative return on equity of 3.46%. The company had revenue of $592.90 million during the quarter, compared to analysts’ expectations of $567.46 million. During the same quarter in the prior year, the company posted ($0.17) earnings per share. Zscaler’s revenue for the quarter was up 30.3% compared to the same quarter last year. On average, analysts forecast that Zscaler, Inc. will post -0.95 earnings per share for the current fiscal year.

Zscaler 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.