Pier 88 Investment Partners LLC Has $305,000 Position in Zscaler, Inc. (NASDAQ:ZS)

Pier 88 Investment Partners LLC cut its holdings in Zscaler, Inc. (NASDAQ:ZS) by 15.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,690 shares of the company’s stock after selling 300 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Zscaler were worth $305,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Global X Japan Co. Ltd. raised its stake in shares of Zscaler by 127.4% in the 4th quarter. Global X Japan Co. Ltd. now owns 141 shares of the company’s stock valued at $25,000 after acquiring an additional 79 shares in the last quarter. Summit Securities Group LLC acquired a new position in Zscaler during the fourth quarter valued at approximately $27,000. Stonebridge Financial Group LLC acquired a new stake in shares of Zscaler in the fourth quarter worth $29,000. Prestige Wealth Management Group LLC bought a new stake in shares of Zscaler during the 3rd quarter worth $31,000. Finally, True Wealth Design LLC grew its stake in Zscaler by 18,500.0% in the 3rd quarter. True Wealth Design LLC now owns 186 shares of the company’s stock valued at $32,000 after buying an additional 185 shares during the last quarter. 46.45% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Remo Canessa sold 3,721 shares of the stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $741,037.15. Following the sale, the chief financial officer now directly owns 213,702 shares in the company, valued at $42,558,753.30. This trade represents a 1.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Ajay Mangal sold 190,480 shares of Zscaler stock in a transaction that occurred 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 transaction, the insider now directly 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. Over the last ninety days, insiders sold 199,234 shares of company stock worth $39,970,790. 18.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on ZS. Canaccord Genuity Group boosted 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, December 3rd. Scotiabank reissued a “sector outperform” rating and set a $242.00 price objective (up previously from $225.00) on shares of Zscaler in a research report on Wednesday, March 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $240.00 target price on shares of Zscaler in a report on Wednesday, March 5th. Morgan Stanley started coverage on Zscaler in a report on Tuesday, March 18th. They set an “equal weight” rating for the company. Finally, Loop Capital lowered their price objective 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. Nine equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, Zscaler currently has an average rating of “Moderate Buy” and an average target price of $232.68.

Zscaler Stock Performance

Shares of ZS opened at $207.14 on Monday. The company has a market cap of $32.05 billion, a price-to-earnings ratio of -828.56 and a beta of 0.88. The stock has a fifty day moving average price of $202.08 and a two-hundred day moving average price of $193.89. Zscaler, Inc. has a 52-week low of $153.45 and a 52-week high of $217.84.

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.