Zscaler (NASDAQ:ZS) Downgraded by Zacks Investment Research to Sell

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Zscaler (NASDAQ:ZS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday, September 20th.

According to Zacks, “Zscaler Inc. operates as a cloud security company. It focuses on transforming networks and applications for a mobile and cloud-first. The company’s flagship services consist of Zscaler Internet Access and Zscaler Private Access engages on securing connections between users and applications, regardless of device, location or network. Zscaler Inc. is headquartered in San Jose, California. “

ZS has been the subject of a number of other research reports. Needham & Company LLC boosted their target price on shares of Zscaler from $45.00 to $47.50 and gave the stock a “strong-buy” rating in a research note on Thursday, September 6th. Morgan Stanley boosted their target price on shares of Zscaler from $26.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Friday, June 8th. BTIG Research downgraded shares of Zscaler from a “buy” rating to a “neutral” rating and set a $33.00 target price for the company. in a research note on Monday, September 10th. They noted that the move was a valuation call. Barclays boosted their target price on shares of Zscaler from $30.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 7th. Finally, Deutsche Bank upped their price objective on shares of Zscaler from $29.00 to $35.00 and gave the company a “hold” rating in a research note on Thursday, June 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $36.71.

Shares of ZS stock traded up $1.75 on Thursday, reaching $36.30. 1,436,263 shares of the stock were exchanged, compared to its average volume of 1,411,590. The company has a market cap of $4.88 billion and a P/E ratio of -117.10. Zscaler has a twelve month low of $24.76 and a twelve month high of $48.24.

Zscaler (NASDAQ:ZS) last issued its earnings results on Wednesday, September 5th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.04. The firm had revenue of $56.20 million for the quarter, compared to analyst estimates of $50.72 million. The business’s revenue for the quarter was up 53.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) EPS. As a group, equities analysts expect that Zscaler will post -0.27 earnings per share for the current fiscal year.

In other news, EVP Amit Sinha sold 4,807 shares of the stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $42.12, for a total transaction of $202,470.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Manoj Apte sold 107,544 shares of the stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $41.88, for a total transaction of $4,503,942.72. The disclosure for this sale can be found here. Insiders sold 201,772 shares of company stock valued at $8,361,261 in the last 90 days.

Several institutional investors and hedge funds have recently made changes to their positions in ZS. Wells Fargo & Company MN purchased a new position in Zscaler during the first quarter worth about $2,683,000. BlackRock Inc. purchased a new position in Zscaler during the first quarter worth about $114,000. Federated Investors Inc. PA purchased a new position in Zscaler during the first quarter worth about $4,250,000. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Zscaler during the first quarter worth about $1,377,000. Finally, JPMorgan Chase & Co. purchased a new position in Zscaler during the first quarter worth about $17,493,000. Institutional investors and hedge funds own 23.02% of the company’s stock.

Zscaler Company Profile

Zscaler, Inc operates as a cloud security company worldwide. The company's flagship services include Zscaler Internet Access solution that connect users to externally managed applications, including software-as-a-service applications and Internet destinations; and Zscaler Private Access solution, which is designed to provide access to internally managed applications, either hosted internally in data centers, and private or public clouds.

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