Zscaler (NASDAQ:ZS) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Zscaler (NASDAQ:ZS) in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a $240.00 price target on the stock.

ZS has been the subject of several other research reports. Scotiabank lowered their price target on Zscaler from $210.00 to $195.00 and set a “sector outperform” rating for the company in a report on Wednesday, September 4th. Canaccord Genuity Group raised their target price on shares of Zscaler from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday. BNP Paribas assumed coverage on shares of Zscaler in a research report on Tuesday, October 8th. They set a “neutral” rating and a $180.00 price target for the company. JPMorgan Chase & Co. lifted their price target on shares of Zscaler from $220.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, November 29th. Finally, Jefferies Financial Group upped their price objective on Zscaler from $225.00 to $245.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Eleven investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $224.38.

Zscaler Price Performance

NASDAQ ZS opened at $198.64 on Tuesday. Zscaler has a fifty-two week low of $153.45 and a fifty-two week high of $259.61. The business has a fifty day moving average of $190.79 and a 200-day moving average of $185.01.

Zscaler (NASDAQ:ZS) last announced its earnings results on Monday, December 2nd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.14. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.80%. The firm had revenue of $628.00 million for the quarter, compared to analyst estimates of $605.51 million. During the same quarter last year, the business earned ($0.18) earnings per share. Zscaler’s revenue was up 26.4% compared to the same quarter last year. Sell-side analysts forecast that Zscaler will post -0.95 EPS for the current year.

Insider Activity

In other news, Director Andrew William Fraser Brown sold 8,000 shares of Zscaler stock in a transaction dated 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 directly owns 25,907 shares of the company’s stock, valued at approximately $4,510,408.70. The trade was a 23.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Remo Canessa sold 8,455 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $171.28, for a total transaction of $1,448,172.40. Following the sale, the chief financial officer now directly owns 231,793 shares of the company’s stock, valued at approximately $39,701,505.04. This represents a 3.52 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,502 shares of company stock worth $5,256,651. 18.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC acquired a new stake in Zscaler in the second quarter worth $28,000. Prestige Wealth Management Group LLC bought a new position in shares of Zscaler during the third quarter worth about $31,000. True Wealth Design LLC increased its holdings in shares of Zscaler by 18,500.0% in the 3rd quarter. True Wealth Design LLC now owns 186 shares of the company’s stock worth $32,000 after acquiring an additional 185 shares during the period. Asset Dedication LLC lifted its position in Zscaler by 436.8% in the 2nd quarter. Asset Dedication LLC now owns 204 shares of the company’s stock valued at $39,000 after purchasing an additional 166 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in Zscaler during the 3rd quarter valued at about $38,000. Institutional investors and hedge funds own 46.45% of the company’s stock.

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.