Zscaler (NASDAQ:ZS) Price Target Cut to $230.00 by Analysts at Citigroup

Zscaler (NASDAQ:ZS) had its target price cut by Citigroup from $240.00 to $230.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently issued reports on the company. Robert W. Baird lowered their target price on Zscaler from $260.00 to $225.00 and set an outperform rating for the company in a research report on Wednesday, September 4th. Wedbush lowered their price objective on shares of Zscaler from $260.00 to $220.00 and set an outperform rating for the company in a research note on Wednesday, September 4th. Mizuho downgraded shares of Zscaler from an outperform rating to a neutral rating and set a $220.00 price target for the company. in a research note on Tuesday, July 16th. Bank of America downgraded Zscaler from a buy rating to a neutral rating and reduced their target price for the company from $265.00 to $195.00 in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. cut their price target on Zscaler from $230.00 to $220.00 and set an overweight rating on the stock in a report on Wednesday, September 4th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Zscaler currently has a consensus rating of Moderate Buy and an average target price of $218.09.

Zscaler Stock Performance

Shares of ZS stock opened at $172.13 on Friday. The stock’s fifty day moving average is $177.27 and its 200-day moving average is $180.74. The stock has a market capitalization of $26.02 billion, a PE ratio of -337.51 and a beta of 0.82. Zscaler has a 52 week low of $152.60 and a 52 week high of $259.61.

Zscaler (NASDAQ:ZS) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $567.46 million. During the same quarter in the previous year, the business earned ($0.17) EPS. The firm’s revenue was up 30.3% on a year-over-year basis. As a group, analysts forecast that Zscaler will post -0.95 earnings per share for the current fiscal year.

Insider Transactions at Zscaler

In other news, CFO Remo Canessa sold 8,455 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $171.28, for a total value of $1,448,172.40. Following the completion of the transaction, the chief financial officer now directly owns 231,793 shares in the company, valued at $39,701,505.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Remo Canessa sold 8,455 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $171.28, for a total value of $1,448,172.40. Following the sale, the chief financial officer now owns 231,793 shares in the company, valued at $39,701,505.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael J. Rich sold 4,813 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $171.28, for a total transaction of $824,370.64. Following the completion of the transaction, the insider now owns 103,259 shares of the company’s stock, valued at approximately $17,686,201.52. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,067 shares of company stock worth $4,995,912. Company insiders own 19.20% of the company’s stock.

Institutional Investors Weigh In On Zscaler

A number of large investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp purchased a new stake in shares of Zscaler in the 4th quarter valued at approximately $29,000. Tower Research Capital LLC TRC increased its stake in shares of Zscaler by 19.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,164 shares of the company’s stock worth $2,252,000 after buying an additional 1,670 shares during the period. Cibc World Markets Corp raised its holdings in Zscaler by 41.4% in the fourth quarter. Cibc World Markets Corp now owns 23,733 shares of the company’s stock valued at $5,258,000 after acquiring an additional 6,948 shares in the last quarter. Vinva Investment Management Ltd lifted its stake in Zscaler by 48.6% in the fourth quarter. Vinva Investment Management Ltd now owns 4,245 shares of the company’s stock worth $953,000 after acquiring an additional 1,389 shares during the last quarter. Finally, Azimuth Capital Investment Management LLC acquired a new position in Zscaler during the 4th quarter worth approximately $244,000. 46.45% of the stock is currently owned by hedge funds and other institutional investors.

About Zscaler

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.