Zscaler (NASDAQ:ZS) Upgraded by Cantor Fitzgerald to “Overweight” Rating

Cantor Fitzgerald upgraded shares of Zscaler (NASDAQ:ZS) from a neutral rating to an overweight rating in a report published on Thursday morning, Marketbeat Ratings reports. They currently have $250.00 target price on the stock, up from their previous target price of $220.00.

A number of other research firms have also commented on ZS. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $244.00 price objective on shares of Zscaler in a research note on Thursday, March 6th. UBS Group lifted their price objective on Zscaler from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Wedbush boosted their price objective on Zscaler from $230.00 to $240.00 and gave the company an “outperform” rating in a research note on Thursday, March 6th. Royal Bank of Canada raised their target price on Zscaler from $230.00 to $250.00 and gave the stock an “outperform” rating in a research note on Thursday, March 6th. Finally, Robert W. Baird boosted their price target on Zscaler from $240.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, March 6th. Eight investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Zscaler has an average rating of “Moderate Buy” and an average price target of $234.94.

Zscaler Price Performance

Zscaler stock opened at $192.21 on Thursday. The firm has a market cap of $29.74 billion, a P/E ratio of -768.84 and a beta of 1.12. The stock’s 50 day moving average is $202.76 and its 200 day moving average is $194.41. Zscaler has a one year low of $153.45 and a one year high of $217.84.

Insiders Place Their Bets

In related news, CEO Jagtar Singh Chaudhry sold 2,155 shares of the company’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total value of $429,168.25. Following the transaction, the chief executive officer now owns 356,414 shares in the company, valued at approximately $70,979,848.10. This represents a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Ajay Mangal sold 190,480 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $200.69, for a total value of $38,227,431.20. Following the completion of the sale, the insider now directly owns 2,580,210 shares of the company’s stock, valued at $517,822,344.90. This represents a 6.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 209,234 shares of company stock valued at $42,030,790. Insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Zscaler

Several large investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its stake in Zscaler by 9.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 6,969 shares of the company’s stock valued at $1,191,000 after buying an additional 581 shares in the last quarter. D.A. Davidson & CO. grew its position in shares of Zscaler by 27.0% in the third quarter. D.A. Davidson & CO. now owns 1,936 shares of the company’s stock valued at $331,000 after purchasing an additional 411 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of Zscaler by 11.2% during the 3rd quarter. Captrust Financial Advisors now owns 5,024 shares of the company’s stock valued at $859,000 after purchasing an additional 504 shares during the period. Benjamin Edwards Inc. purchased a new stake in Zscaler during the 3rd quarter worth about $449,000. Finally, HighTower Advisors LLC boosted its stake in Zscaler by 4.1% in the 3rd quarter. HighTower Advisors LLC now owns 64,574 shares of the company’s stock worth $11,064,000 after purchasing an additional 2,520 shares during the period. Hedge funds and other institutional investors 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.