Zscaler (NASDAQ:ZS) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Zscaler (NASDAQ:ZS) from a neutral rating to a buy rating in a research note published on Friday, Marketbeat reports. The brokerage currently has $240.00 price target on the stock, up from their previous price target of $215.00.

Several other equities analysts have also issued reports on the company. Wells Fargo & Company raised their price target on Zscaler from $190.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Thursday. Mizuho increased their price target on shares of Zscaler from $210.00 to $225.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Stifel Nicolaus boosted their target price on shares of Zscaler from $220.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, November 14th. BTIG Research upped their price target on Zscaler from $205.00 to $238.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, Needham & Company LLC restated a “buy” rating and set a $240.00 price objective on shares of Zscaler in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $234.29.

Zscaler Stock Up 3.3 %

Zscaler stock opened at $208.76 on Friday. The firm has a fifty day simple moving average of $196.78 and a two-hundred day simple moving average of $191.64. Zscaler has a twelve month low of $153.45 and a twelve month high of $217.84. The company has a market capitalization of $32.03 billion, a PE ratio of -835.04 and a beta of 0.88.

Insider Buying and Selling at Zscaler

In related news, CEO Jagtar Singh Chaudhry sold 2,863 shares of Zscaler stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $200.32, for a total value of $573,516.16. Following the completion of the sale, the chief executive officer now directly owns 358,569 shares in the company, valued at $71,828,542.08. This trade represents a 0.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Remo Canessa sold 3,703 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $200.32, for a total transaction of $741,784.96. Following the transaction, the chief financial officer now owns 220,635 shares in the company, valued at $44,197,603.20. The trade was a 1.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,248 shares of company stock worth $2,052,879 over the last three months. Corporate insiders own 18.10% of the company’s stock.

Hedge Funds Weigh In On Zscaler

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Global X Japan Co. Ltd. increased its holdings in shares of Zscaler by 127.4% in the fourth quarter. Global X Japan Co. Ltd. now owns 141 shares of the company’s stock valued at $25,000 after purchasing an additional 79 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Zscaler during the fourth quarter worth about $27,000. Colonial Trust Co SC purchased a new stake in Zscaler in the fourth quarter valued at approximately $28,000. Stonebridge Financial Group LLC acquired a new position in Zscaler in the 4th quarter worth approximately $29,000. Finally, Elequin Capital LP purchased a new position in Zscaler during the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 46.45% of the company’s stock.

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.