Wells Fargo & Company Issues Positive Forecast for Zscaler (NASDAQ:ZS) Stock Price

Zscaler (NASDAQ:ZS) had its price target hoisted by research analysts at Wells Fargo & Company from $190.00 to $210.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 6.90% from the stock’s current price.

Several other research analysts have also recently issued reports on the stock. Wedbush increased their price target on shares of Zscaler from $230.00 to $240.00 and gave the stock an “outperform” rating in a report on Thursday. 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, December 3rd. KeyCorp increased their price target on shares of Zscaler from $245.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Robert W. Baird increased their price target on shares of Zscaler from $240.00 to $250.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Zscaler from $200.00 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Nine investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $231.16.

Zscaler Stock Performance

Shares of ZS opened at $196.45 on Thursday. Zscaler has a fifty-two week low of $153.45 and a fifty-two week high of $217.84. The company has a market capitalization of $30.14 billion, a price-to-earnings ratio of -785.80 and a beta of 0.89. The firm has a 50-day simple moving average of $195.83 and a 200-day simple moving average of $191.54.

Zscaler (NASDAQ:ZS) last announced its earnings results on Monday, December 2nd. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.14. The business had revenue of $628.00 million during the quarter, compared to the consensus estimate of $605.51 million. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. The business’s quarterly revenue was up 26.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.18) earnings per share. Equities research analysts forecast that Zscaler will post -0.1 EPS for the current year.

Insider Buying and Selling

In other Zscaler news, CFO Remo Canessa sold 3,703 shares of Zscaler stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $200.32, for a total value of $741,784.96. Following the transaction, the chief financial officer now owns 220,635 shares in the company, valued at $44,197,603.20. This trade represents a 1.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jagtar Singh Chaudhry sold 2,863 shares of Zscaler stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $200.32, for a total transaction of $573,516.16. Following the completion of the transaction, the chief executive officer now owns 358,569 shares in the company, valued at approximately $71,828,542.08. This trade represents a 0.79 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,248 shares of company stock worth $2,052,879. 18.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Zscaler

Several hedge funds and other institutional investors have recently made changes to their positions in ZS. Harbor Capital Advisors Inc. lifted its holdings in shares of Zscaler by 42.9% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,883 shares of the company’s stock valued at $664,000 after acquiring an additional 1,165 shares in the last quarter. Van ECK Associates Corp increased its stake in Zscaler by 1,786.5% during the 3rd quarter. Van ECK Associates Corp now owns 15,073 shares of the company’s stock worth $2,728,000 after buying an additional 14,274 shares during the period. Asset Management One Co. Ltd. increased its stake in Zscaler by 0.8% during the 3rd quarter. Asset Management One Co. Ltd. now owns 76,866 shares of the company’s stock worth $13,139,000 after buying an additional 630 shares during the period. Malaga Cove Capital LLC increased its stake in Zscaler by 4.8% during the 3rd quarter. Malaga Cove Capital LLC now owns 7,007 shares of the company’s stock worth $1,198,000 after buying an additional 321 shares during the period. Finally, BNC Wealth Management LLC purchased a new stake in Zscaler during the 3rd quarter worth $578,000. Institutional investors and hedge funds own 46.45% of the company’s stock.

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.