Insider Selling: Zscaler, Inc. (NASDAQ:ZS) Major Shareholder Sells 190,480 Shares of Stock

Zscaler, Inc. (NASDAQ:ZS) 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 transaction of $38,227,431.20. Following the completion of the transaction, the insider now directly owns 2,580,210 shares of the company’s stock, valued at approximately $517,822,344.90. This represents a 6.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Zscaler Stock Up 1.2 %

Shares of ZS traded up $2.36 during mid-day trading on Wednesday, hitting $203.95. The company had a trading volume of 1,924,510 shares, compared to its average volume of 1,867,538. The business’s 50-day simple moving average is $198.77 and its 200-day simple moving average is $191.64. Zscaler, Inc. has a 1-year low of $153.45 and a 1-year high of $217.84. The stock has a market cap of $31.56 billion, a PE ratio of -815.80 and a beta of 0.88.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its holdings in Zscaler by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 1,658,406 shares of the company’s stock valued at $298,710,000 after buying an additional 32,545 shares during the period. Pictet Asset Management Holding SA raised its holdings in Zscaler by 25.8% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,618,176 shares of the company’s stock valued at $291,935,000 after buying an additional 332,307 shares during the period. Champlain Investment Partners LLC raised its holdings in Zscaler by 28.2% in the third quarter. Champlain Investment Partners LLC now owns 1,289,350 shares of the company’s stock valued at $220,401,000 after buying an additional 283,540 shares during the period. AQR Capital Management LLC raised its holdings in Zscaler by 120.1% in the fourth quarter. AQR Capital Management LLC now owns 964,031 shares of the company’s stock valued at $173,921,000 after buying an additional 525,956 shares during the period. Finally, Artisan Partners Limited Partnership raised its holdings in Zscaler by 30.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 868,795 shares of the company’s stock valued at $156,739,000 after buying an additional 204,996 shares during the period. Hedge funds and other institutional investors own 46.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ZS. Rosenblatt Securities raised shares of Zscaler from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $190.00 to $235.00 in a report on Thursday, March 6th. Wedbush boosted their price target on shares of Zscaler from $230.00 to $240.00 and gave the stock an “outperform” rating in a research report on Thursday, March 6th. Loop Capital reduced their target price on shares of Zscaler from $200.00 to $195.00 and set a “hold” rating on the stock in a research note on Tuesday, December 3rd. KeyCorp lifted their target price on shares of Zscaler from $245.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Finally, Citigroup reaffirmed a “buy” rating and set a $240.00 target price (up from $235.00) on shares of Zscaler in a research note on Wednesday, March 5th. Nine equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $233.06.

Zscaler Company Profile

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.