Wedbush Lowers Zscaler (NASDAQ:ZS) Price Target to $220.00

Zscaler (NASDAQ:ZS) had its price objective reduced by Wedbush from $260.00 to $220.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price target points to a potential upside of 37.92% from the stock’s current price.

ZS has been the topic of a number of other reports. Mizuho cut Zscaler from an “outperform” rating to a “neutral” rating and set a $220.00 price objective on the stock. in a research note on Tuesday, July 16th. Needham & Company LLC dropped their price target on shares of Zscaler from $290.00 to $235.00 and set a “strong-buy” rating for the company in a research report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and set a $270.00 target price on shares of Zscaler in a research note on Monday, June 17th. Wells Fargo & Company dropped their target price on shares of Zscaler from $182.00 to $180.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, BTIG Research reduced their price target on Zscaler from $220.00 to $205.00 and set a “buy” rating for the company in a research report on Wednesday. Eight analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Zscaler currently has a consensus rating of “Moderate Buy” and a consensus target price of $217.26.

Zscaler Stock Performance

ZS stock traded down $33.68 during mid-day trading on Wednesday, hitting $159.51. 5,694,710 shares of the company were exchanged, compared to its average volume of 2,104,360. The business has a 50 day simple moving average of $189.34 and a 200-day simple moving average of $188.72. Zscaler has a 1-year low of $146.59 and a 1-year high of $259.61. The stock has a market capitalization of $24.11 billion, a PE ratio of -312.76 and a beta of 0.85. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.04.

Zscaler (NASDAQ:ZS) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.18. Zscaler had a negative net margin of 3.62% and a negative return on equity of 5.84%. The firm had revenue of $592.90 million during the quarter, compared to analysts’ expectations of $567.46 million. During the same period in the prior year, the company posted ($0.17) EPS. The company’s revenue was up 30.3% on a year-over-year basis. On average, equities analysts forecast that Zscaler will post -0.32 earnings per share for the current year.

Insider Transactions at Zscaler

In other Zscaler news, CFO Remo Canessa sold 7,981 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $177.21, for a total transaction of $1,414,313.01. Following the completion of the sale, the chief financial officer now owns 243,486 shares of the company’s stock, valued at approximately $43,148,154.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 19.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Zscaler

Several institutional investors and hedge funds have recently added to or reduced their stakes in ZS. Quest Partners LLC acquired a new stake in Zscaler in the second quarter valued at approximately $28,000. Jones Financial Companies Lllp bought a new position in Zscaler in the 4th quarter worth about $29,000. Quadrant Capital Group LLC boosted its stake in Zscaler by 66.7% in the 4th quarter. Quadrant Capital Group LLC now owns 175 shares of the company’s stock worth $39,000 after purchasing an additional 70 shares during the period. Asset Dedication LLC boosted its position in shares of Zscaler by 436.8% during the 2nd quarter. Asset Dedication LLC now owns 204 shares of the company’s stock valued at $39,000 after acquiring an additional 166 shares during the last quarter. Finally, American Capital Advisory LLC purchased a new position in shares of Zscaler during the second quarter worth about $50,000. 46.45% of the stock is currently owned by institutional investors and hedge funds.

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.