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

Zscaler (NASDAQ:ZS) was upgraded by analysts at Cantor Fitzgerald from a “neutral” rating to an “overweight” rating in a research report issued on Thursday,Briefing.com Automated Import reports. The firm presently has a $250.00 price target on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 20.75% from the stock’s previous close.

Several other research firms have also recently weighed in on ZS. Rosenblatt Securities upgraded shares of Zscaler from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $190.00 to $235.00 in a research report on Thursday, March 6th. The Goldman Sachs Group set a $207.00 price target on Zscaler and gave the company a “neutral” rating in a research note on Thursday, March 6th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $244.00 target price on shares of Zscaler in a research note on Thursday, March 6th. BMO Capital Markets lifted their target price on shares of Zscaler from $222.00 to $233.00 and gave the stock an “outperform” rating in a report on Thursday, March 6th. Finally, Citigroup reissued a “buy” rating and issued a $240.00 price target (up previously from $235.00) on shares of Zscaler in a research note on Wednesday, March 5th. Eight analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $234.94.

Zscaler Stock Performance

Shares of NASDAQ:ZS opened at $207.04 on Thursday. The business has a fifty day moving average of $202.77 and a 200-day moving average of $194.42. The firm has a market cap of $32.03 billion, a PE ratio of -828.16 and a beta of 1.12. Zscaler has a twelve month low of $153.45 and a twelve month high of $217.84.

Insider Activity at Zscaler

In related news, insider Robert Schlossman sold 2,878 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $573,153.70. Following the completion of the sale, the insider now directly owns 107,587 shares in the company, valued at approximately $21,425,951.05. This trade represents a 2.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Remo Canessa sold 3,721 shares of Zscaler stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total value of $741,037.15. Following the transaction, the chief financial officer now owns 213,702 shares of the company’s stock, valued at $42,558,753.30. The trade was a 1.71 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 199,234 shares of company stock valued at $39,970,790. 18.10% of the stock is owned by insiders.

Institutional Trading of Zscaler

Hedge funds have recently made changes to their positions in the business. Global X Japan Co. Ltd. lifted its stake in shares of Zscaler by 127.4% during the 4th quarter. Global X Japan Co. Ltd. now owns 141 shares of the company’s stock worth $25,000 after buying an additional 79 shares during the last quarter. Summit Securities Group LLC bought a new position in Zscaler in the 4th quarter valued at about $27,000. Colonial Trust Co SC acquired a new stake in Zscaler during the fourth quarter worth approximately $28,000. Stonebridge Financial Group LLC bought a new stake in shares of Zscaler during the fourth quarter worth approximately $29,000. Finally, Elequin Capital LP acquired a new position in shares of Zscaler in the fourth quarter valued at approximately $30,000. 46.45% of the stock is owned by institutional investors and hedge funds.

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.