Needham & Company LLC Reaffirms “Buy” Rating for Zscaler (NASDAQ:ZS)

Zscaler (NASDAQ:ZS)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued on Friday,Benzinga reports. They presently have a $240.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 28.15% from the company’s previous close.

A number of other research firms have also recently weighed in on ZS. Jefferies Financial Group increased their price objective on shares of Zscaler from $225.00 to $245.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler raised their price target on Zscaler from $215.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Canaccord Genuity Group boosted their price objective on Zscaler from $220.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Scotiabank raised their target price on Zscaler from $195.00 to $205.00 and gave the company a “sector outperform” rating in a report on Tuesday, December 3rd. Finally, Wells Fargo & Company boosted their price target on shares of Zscaler from $180.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 4th. Eleven analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Zscaler presently has a consensus rating of “Moderate Buy” and an average price target of $224.84.

Zscaler Stock Up 1.8 %

NASDAQ:ZS opened at $187.28 on Friday. Zscaler has a 52 week low of $153.45 and a 52 week high of $259.61. The company has a market capitalization of $28.74 billion, a P/E ratio of -749.12 and a beta of 0.87. The stock’s fifty day moving average is $196.72 and its two-hundred day moving average is $188.10.

Zscaler (NASDAQ:ZS) last issued its quarterly earnings data on Monday, December 2nd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.14. The firm had revenue of $628.00 million for the quarter, compared to analyst estimates of $605.51 million. Zscaler had a negative net margin of 1.58% and a negative return on equity of 0.75%. Zscaler’s revenue was up 26.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.18) EPS. Sell-side analysts anticipate that Zscaler will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Zscaler news, CFO Remo Canessa sold 3,703 shares of Zscaler stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $200.32, for a total value of $741,784.96. Following the transaction, the chief financial officer now directly owns 220,635 shares in the company, valued at approximately $44,197,603.20. This trade represents a 1.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Syam Nair sold 3,682 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $200.32, for a total value of $737,578.24. Following the sale, the insider now owns 142,866 shares of the company’s stock, valued at $28,618,917.12. This trade represents a 2.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,248 shares of company stock worth $2,052,879 in the last quarter. 18.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Zscaler

Several institutional investors have recently bought and sold shares of ZS. Quest Partners LLC acquired a new stake in shares of Zscaler in the 2nd quarter valued at approximately $28,000. Prestige Wealth Management Group LLC acquired a new stake in Zscaler in the third quarter valued at $31,000. True Wealth Design LLC boosted its position in shares of Zscaler by 18,500.0% during the 3rd quarter. True Wealth Design LLC now owns 186 shares of the company’s stock worth $32,000 after purchasing an additional 185 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Zscaler by 136.8% during the 4th quarter. Versant Capital Management Inc now owns 180 shares of the company’s stock worth $32,000 after purchasing an additional 104 shares during the period. Finally, Modus Advisors LLC purchased a new position in shares of Zscaler in the 4th quarter valued at about $36,000. 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.