Zscaler (NASDAQ:ZS) had its price target trimmed by Piper Jaffray Companies from $82.00 to $70.00 in a research note issued to investors on Wednesday, The Fly reports. The firm currently has an overweight rating on the stock.
ZS has been the subject of several other reports. Wedbush dropped their target price on Zscaler from $90.00 to $80.00 and set an outperform rating for the company in a report on Wednesday. BMO Capital Markets dropped their target price on Zscaler from $100.00 to $60.00 and set a market perform rating for the company in a report on Wednesday. They noted that the move was a valuation call. Needham & Company LLC reiterated a strong-buy rating and set a $89.00 price target (up from $65.00) on shares of Zscaler in a report on Friday, May 31st. Cowen lowered their price target on Zscaler from $85.00 to $70.00 and set an outperform rating for the company in a report on Wednesday. Finally, Morgan Stanley lowered their price target on Zscaler to $47.00 and set an underweight rating for the company in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Zscaler currently has an average rating of Hold and a consensus price target of $67.50.
Shares of NASDAQ:ZS opened at $47.48 on Wednesday. The business has a fifty day moving average of $75.30 and a two-hundred day moving average of $72.12. The stock has a market cap of $6.24 billion, a P/E ratio of -395.67 and a beta of 1.29. Zscaler has a 52-week low of $30.72 and a 52-week high of $89.54.
In related news, insider Amit Sinha sold 4,807 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $65.52, for a total transaction of $314,954.64. Following the transaction, the insider now owns 127,664 shares of the company’s stock, valued at approximately $8,364,545.28. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Manoj Apte sold 95,544 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $84.91, for a total value of $8,112,641.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 189,774 shares of company stock valued at $15,730,959. Company insiders own 27.40% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Treasurer of the State of North Carolina acquired a new position in Zscaler during the 2nd quarter worth about $1,891,000. Mackenzie Financial Corp acquired a new position in Zscaler during the 2nd quarter worth about $943,000. Griffin Asset Management Inc. acquired a new position in Zscaler during the 2nd quarter worth about $115,000. Harvest Fund Management Co. Ltd acquired a new position in Zscaler during the 2nd quarter worth about $85,000. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its stake in Zscaler by 38.6% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 137,602 shares of the company’s stock worth $10,546,000 after acquiring an additional 38,354 shares in the last quarter. 33.49% of the stock is currently owned by hedge funds and other institutional investors.
Zscaler, Inc operates as a cloud security company worldwide. The company's flagship services include Zscaler Internet Access solution that connect users to externally managed applications, including software-as-a-service applications and Internet destinations; and Zscaler Private Access solution, which is designed to provide access to internally managed applications, either hosted internally in data centers, and private or public clouds.
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