Thoroughbred Financial Services LLC Trims Holdings in Zscaler, Inc. (NASDAQ:ZS)

Thoroughbred Financial Services LLC cut its position in shares of Zscaler, Inc. (NASDAQ:ZS) by 1.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,527 shares of the company’s stock after selling 218 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Zscaler were worth $2,259,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of ZS. Proem Advisors LLC acquired a new stake in Zscaler in the 4th quarter worth about $3,608,000. ExodusPoint Capital Management LP boosted its position in shares of Zscaler by 33.8% in the fourth quarter. ExodusPoint Capital Management LP now owns 32,551 shares of the company’s stock worth $5,873,000 after acquiring an additional 8,228 shares during the last quarter. Motley Fool Asset Management LLC grew its holdings in Zscaler by 12.6% in the fourth quarter. Motley Fool Asset Management LLC now owns 6,911 shares of the company’s stock valued at $1,247,000 after purchasing an additional 776 shares during the period. Westpac Banking Corp increased its position in Zscaler by 763.5% during the fourth quarter. Westpac Banking Corp now owns 4,784 shares of the company’s stock worth $863,000 after purchasing an additional 4,230 shares during the last quarter. Finally, Trexquant Investment LP raised its stake in Zscaler by 12.1% during the fourth quarter. Trexquant Investment LP now owns 86,158 shares of the company’s stock worth $15,544,000 after purchasing an additional 9,329 shares during the period. Institutional investors and hedge funds own 46.45% of the company’s stock.

Insider Buying and Selling

In other Zscaler news, CEO Jagtar Singh Chaudhry sold 2,155 shares of the business’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total transaction of $429,168.25. Following the completion of the transaction, the chief executive officer now directly owns 356,414 shares of the company’s stock, valued at $70,979,848.10. The trade was a 0.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Ajay Mangal sold 190,480 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $200.69, for a total transaction of $38,227,431.20. Following the completion of the sale, the insider now owns 2,580,210 shares in the company, valued at $517,822,344.90. The trade was a 6.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 209,234 shares of company stock worth $42,030,790 over the last quarter. 18.10% of the stock is owned by company insiders.

Zscaler Stock Performance

Shares of NASDAQ:ZS opened at $174.67 on Friday. The company’s fifty day moving average is $202.38 and its two-hundred day moving average is $194.43. Zscaler, Inc. has a 1-year low of $153.45 and a 1-year high of $217.84. The stock has a market capitalization of $27.03 billion, a price-to-earnings ratio of -698.68 and a beta of 1.12.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and issued a $240.00 target price on shares of Zscaler in a report on Wednesday, March 5th. Rosenblatt Securities raised shares of Zscaler from a “neutral” rating to a “buy” rating and increased their target price for the stock from $190.00 to $235.00 in a research report on Thursday, March 6th. Royal Bank of Canada lifted their price target on shares of Zscaler from $230.00 to $250.00 and gave the company an “outperform” rating in a research report on Thursday, March 6th. Bank of America raised shares of Zscaler from a “neutral” rating to a “buy” rating and raised their target price for the company from $215.00 to $240.00 in a research note on Friday, March 7th. Finally, Stephens began coverage on shares of Zscaler in a research report on Tuesday. They set an “overweight” rating and a $255.00 price target for the company. Eight investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $234.94.

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.