Morgan Stanley Initiates Coverage on Zscaler (NASDAQ:ZS)

Stock analysts at Morgan Stanley started coverage on shares of Zscaler (NASDAQ:ZS) in a report released on Tuesday, Marketbeat Ratings reports. The firm set an “equal weight” rating on the stock.

ZS has been the topic of several other research reports. Rosenblatt Securities raised Zscaler from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $190.00 to $235.00 in a report on Thursday, March 6th. Scotiabank reissued a “sector outperform” rating and issued a $242.00 price target (up previously from $225.00) on shares of Zscaler in a research note on Wednesday, March 5th. Oppenheimer raised their price objective on Zscaler from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Citigroup reiterated a “buy” rating and set a $240.00 price target (up previously from $235.00) on shares of Zscaler in a report on Wednesday, March 5th. Finally, Canaccord Genuity Group raised their price objective 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. Nine investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $232.68.

Zscaler Price Performance

Shares of ZS opened at $203.95 on Tuesday. The company has a market capitalization of $31.56 billion, a P/E ratio of -815.80 and a beta of 0.88. Zscaler has a one year low of $153.45 and a one year high of $217.84. The business’s 50 day simple moving average is $199.11 and its 200-day simple moving average is $191.72.

Insider Activity

In related news, major shareholder Ajay Mangal sold 190,480 shares of Zscaler stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $200.69, for a total value of $38,227,431.20. Following the completion of the transaction, the insider now owns 2,580,210 shares in the company, valued at $517,822,344.90. The trade was a 6.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Zscaler

Institutional investors and hedge funds have recently made changes to their positions in the business. Global X Japan Co. Ltd. raised its stake in 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 purchasing an additional 79 shares during the last quarter. Summit Securities Group LLC acquired a new position in shares of Zscaler during the 4th quarter valued at about $27,000. Colonial Trust Co SC acquired a new position in shares of Zscaler during the 4th quarter valued at about $28,000. Stonebridge Financial Group LLC acquired a new position in shares of Zscaler during the 4th quarter valued at about $29,000. Finally, Elequin Capital LP acquired a new position in shares of Zscaler during the 4th quarter valued at about $30,000. 46.45% of the stock is currently owned by hedge funds and other institutional investors.

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.