Zscaler (NASDAQ:ZS) Shares Down 5.6% on Analyst Downgrade

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Zscaler Inc (NASDAQ:ZS) shares traded down 5.6% on Wednesday after BMO Capital Markets lowered their price target on the stock from $60.00 to $58.00. BMO Capital Markets currently has a market perform rating on the stock. Zscaler traded as low as $47.21 and last traded at $49.85, 7,754,222 shares traded hands during mid-day trading. An increase of 207% from the average session volume of 2,526,792 shares. The stock had previously closed at $52.80.

A number of other equities analysts also recently weighed in on ZS. Berenberg Bank upgraded Zscaler from a “hold” rating to a “buy” rating and dropped their target price for the company from $78.00 to $60.00 in a report on Tuesday, September 24th. UBS Group boosted their price target on Zscaler from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday. Barclays lowered their price target on Zscaler from $80.00 to $54.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 11th. Needham & Company LLC reissued a “buy” rating and issued a $89.00 price target on shares of Zscaler in a research note on Sunday, October 20th. Finally, Goldman Sachs Group began coverage on Zscaler in a research note on Tuesday, November 12th. They issued a “neutral” rating and a $45.00 price target for the company. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company’s stock. Zscaler presently has a consensus rating of “Hold” and an average price target of $62.70.

In other Zscaler news, insider Amit Sinha sold 4,807 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $65.52, for a total transaction of $314,954.64. Following the completion of the sale, the insider now owns 127,664 shares of the company’s stock, valued at $8,364,545.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen Blasing sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $50.46, for a total value of $50,460.00. Following the sale, the director now directly owns 2,595 shares of the company’s stock, valued at approximately $130,943.70. The disclosure for this sale can be found here. Insiders have sold 11,807 shares of company stock valued at $660,255 in the last ninety days. Company insiders own 23.80% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Stevens Capital Management LP bought a new stake in Zscaler during the second quarter worth approximately $268,000. Aperio Group LLC lifted its holdings in shares of Zscaler by 100.8% during the second quarter. Aperio Group LLC now owns 5,840 shares of the company’s stock worth $448,000 after buying an additional 2,932 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Zscaler during the second quarter worth approximately $63,000. Advisor Group Inc. lifted its holdings in shares of Zscaler by 22.5% during the second quarter. Advisor Group Inc. now owns 33,276 shares of the company’s stock worth $2,550,000 after buying an additional 6,120 shares during the last quarter. Finally, Boston Advisors LLC acquired a new position in shares of Zscaler during the second quarter worth approximately $1,835,000. 36.46% of the stock is owned by hedge funds and other institutional investors.

The company has a market capitalization of $6.67 billion, a price-to-earnings ratio of -415.42 and a beta of 1.22. The business has a fifty day moving average price of $45.67 and a 200 day moving average price of $64.77.

Zscaler (NASDAQ:ZS) last issued its quarterly earnings results on Tuesday, December 3rd. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.11. Zscaler had a negative return on equity of 9.46% and a negative net margin of 9.46%. The company had revenue of $93.59 million during the quarter, compared to analyst estimates of $89.81 million. During the same period in the previous year, the company earned $0.01 earnings per share. The company’s quarterly revenue was up 47.9% compared to the same quarter last year. Research analysts predict that Zscaler Inc will post -0.24 EPS for the current year.

About Zscaler (NASDAQ:ZS)

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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