Fisher Asset Management LLC Increases Holdings in Zscaler, Inc. (NASDAQ:ZS)

Fisher Asset Management LLC has recently raised its stake in Zscaler, Inc. (NASDAQ:ZS) by 22.0% during the third quarter, as detailed in a report from HoldingsChannel. After acquiring an additional 4,282 shares during this period, the institutional investor now holds 23,733 shares of Zscaler's stock. As of the latest reporting period, Fisher Asset Management LLC's investment in Zscaler was valued at $4,057,000.

Other institutional investors have also adjusted their positions in Zscaler. Champlain Investment Partners LLC increased its holdings by 28.2%, now owning 1,289,350 shares worth $220,401,000 after obtaining an additional 283,540 shares. Meanwhile, the Bank of New York Mellon Corp raised its stake by 5.3% in the second quarter, totaling 496,047 shares valued at $95,335,000 with an additional purchase of 25,181 shares. Westfield Capital Management Co. LP also boosted its holdings by 33.8%, acquiring 100,814 shares to reach 399,516 shares valued at $68,293,000. Furthermore, Federated Hermes Inc. increased its stake by 18.3%, owning 394,698 shares worth $75,857,000 after adding 61,037 shares. Lastly, Charles Schwab Investment Management Inc. raised its position by 4.9%, now holding 355,070 shares worth $60,696,000 after buying 16,634 shares. Overall, hedge funds and institutional investors hold about 46.45% of Zscaler's stock.

Analyst Ratings and Price Targets

Several analysts have provided their insights regarding Zscaler's stock. Robert W. Baird lowered its price target for Zscaler from $260.00 to $225.00, maintaining an “outperform” rating. Wedbush also adjusted its price target from $260.00 to $220.00 while keeping the “outperform” rating. Loop Capital reduced its price target from $180.00 to $165.00, opting for a “hold” rating. Citigroup's price target was decreased from $240.00 to $230.00, affirming a “buy” stance. Lastly, Barclays updated its price target from $200.00 to $220.00, citing an “overweight” rating. Overall, ten analysts rate the stock as a hold, twenty-one as a buy, and one as a strong buy, leading to a consensus rating categorized as “Moderate Buy” from MarketBeat.com with an average price target of $220.48.

Zscaler's Stock Performance

As of the last trading session, Zscaler opened at $204.96, with a 50-day moving average at $188.79 and a 200-day average at $184.36. Zscaler's stock has experienced a twelve-month low of $153.45 and a high of $259.61. The company currently holds a market capitalization of $31.45 billion and presents a P/E ratio of -512.39 with a beta of 0.82.

In the most recent quarterly earnings report issued on September 3rd, Zscaler reported an EPS of ($0.05), which surpassed the consensus estimate of ($0.14) by $0.09. The revenues for the quarter totaled $592.90 million, exceeding expectations of $567.46 million, reflecting a 30.3% increase year-over-year. Analysts anticipate Zscaler will report -0.95 EPS for the current fiscal year.

Insider Transactions

On a different note, CEO Jagtar Singh Chaudhry sold 2,852 shares of Zscaler stock on September 17th at an average price of $171.28, totaling $488,490.56 for the transaction. Following this sale, he retains 361,432 shares valued at approximately $61,906,072. The transaction, which reflects a 0.78% decline in his ownership, was disclosed to the SEC. Additionally, insider Robert Schlossman sold 4,947 shares on September 30th at an average price of $170.22, with a total value of $842,078.34. After this sale, he holds 107,241 shares valued around $18,254,563. In total, insiders sold 30,502 shares worth $5,256,651 in the last three months, with insiders owning 19.20% of the company’s stock.

Company Overview

Zscaler, Inc. functions as a cloud security provider on a global scale. The company has developed solutions such as Zscaler Internet Access, which allows secure access to external applications, including Software as a Service (SaaS) applications and various internet destinations. Likewise, Zscaler Private Access facilitates secure access to applications hosted internally, in data centers, or on private and public clouds.

Zscaler, Investment, Funds