Stifel Nicolaus Reaffirms Buy Rating for Zscaler (NASDAQ:ZS)

Stifel Nicolaus reissued their buy rating on shares of Zscaler (NASDAQ:ZS) in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a $220.00 target price on the stock.

Several other brokerages also recently weighed in on ZS. JPMorgan Chase & Co. upgraded Zscaler from a neutral rating to an overweight rating and upped their price objective for the stock from $205.00 to $230.00 in a research report on Friday, June 14th. Oppenheimer reiterated an outperform rating and issued a $260.00 target price (down from $290.00) on shares of Zscaler in a research report on Friday, May 31st. Barclays dropped their target price on Zscaler from $230.00 to $200.00 and set an overweight rating for the company in a research report on Wednesday. Robert W. Baird dropped 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. Finally, Susquehanna dropped their target price on Zscaler from $275.00 to $210.00 and set a positive rating for the company in a research report on Friday, May 31st. Nine 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $218.39.

Zscaler Price Performance

Shares of ZS stock opened at $156.78 on Wednesday. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 1.04. Zscaler has a twelve month low of $146.59 and a twelve month high of $259.61. The company has a market cap of $23.70 billion, a P/E ratio of -307.41 and a beta of 0.82. The business has a fifty day simple moving average of $187.65 and a 200 day simple moving average of $187.65.

Zscaler (NASDAQ:ZS) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.18. Zscaler had a negative return on equity of 3.75% and a negative net margin of 2.66%. The business had revenue of $592.90 million during the quarter, compared to the consensus estimate of $567.46 million. During the same period in the prior year, the company earned ($0.17) EPS. Zscaler’s revenue for the quarter was up 30.3% on a year-over-year basis. On average, sell-side analysts forecast that Zscaler will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Remo Canessa sold 7,981 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $177.21, for a total transaction of $1,414,313.01. Following the completion of the sale, the chief financial officer now owns 243,486 shares of the company’s stock, valued at $43,148,154.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 19.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sierra Summit Advisors LLC bought a new position in Zscaler in the fourth quarter worth approximately $5,609,000. State Board of Administration of Florida Retirement System boosted its holdings in Zscaler by 6.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 103,937 shares of the company’s stock worth $20,021,000 after acquiring an additional 6,683 shares in the last quarter. Norges Bank bought a new position in Zscaler in the fourth quarter worth approximately $117,599,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Zscaler by 9.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 116,691 shares of the company’s stock worth $22,478,000 after acquiring an additional 9,689 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC boosted its holdings in Zscaler by 40.0% in the first quarter. Wealthcare Advisory Partners LLC now owns 2,438 shares of the company’s stock worth $470,000 after acquiring an additional 696 shares in the last quarter. 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.