Zscaler (ZS) Stock Price Down 5.6%
Shares of Zscaler Inc (NASDAQ:ZS) were down 5.6% on Friday . The stock traded as low as $33.24 and last traded at $33.75. Approximately 1,471,467 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 1,392,109 shares. The stock had previously closed at $35.75.
Several equities analysts have issued reports on ZS shares. Zacks Investment Research lowered Zscaler from a “buy” rating to a “hold” rating in a research note on Thursday, August 9th. BTIG Research lowered Zscaler from a “buy” rating to a “neutral” rating and set a $33.00 target price on the stock. in a research note on Monday, September 10th. They noted that the move was a valuation call. Morgan Stanley lifted their target price on Zscaler from $31.00 to $41.00 and gave the company an “equal weight” rating in a research note on Thursday, September 6th. Needham & Company LLC lifted their target price on Zscaler from $45.00 to $47.50 and gave the company a “strong-buy” rating in a research note on Thursday, September 6th. Finally, Credit Suisse Group lifted their target price on Zscaler from $38.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday, September 6th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $37.58.
Zscaler (NASDAQ:ZS) last issued its quarterly earnings results on Wednesday, September 5th. The company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.04. The business had revenue of $56.20 million for the quarter, compared to analysts’ expectations of $50.72 million. During the same quarter in the previous year, the firm posted ($0.07) EPS. Zscaler’s revenue was up 53.8% on a year-over-year basis. On average, research analysts forecast that Zscaler Inc will post -0.33 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of ZS. Wells Fargo & Company MN purchased a new stake in shares of Zscaler during the first quarter worth about $2,683,000. BlackRock Inc. purchased a new stake in shares of Zscaler during the first quarter worth about $114,000. New York State Common Retirement Fund purchased a new stake in shares of Zscaler during the first quarter worth about $238,000. Russell Investments Group Ltd. acquired a new stake in shares of Zscaler during the first quarter worth about $1,255,000. Finally, Millennium Management LLC acquired a new stake in shares of Zscaler during the first quarter worth about $5,514,000. Institutional investors and hedge funds own 23.04% of the company’s stock.
Zscaler Company Profile (NASDAQ:ZS)
Zscaler, Inc operates as a cloud security company worldwide. The company's flagship services include Zscaler Internet Access solution that connect users to externally managed applications, including software-as-a-service applications and Internet destinations; and Zscaler Private Access solution, which is designed to provide access to internally managed applications, either hosted internally in data centers, and private or public clouds.
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