Pinnacle Associates Ltd. Decreases Holdings in Zscaler, Inc. (NASDAQ:ZS)

Pinnacle Associates Ltd. trimmed its position in shares of Zscaler, Inc. (NASDAQ:ZS) by 55.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,490 shares of the company’s stock after selling 18,207 shares during the period. Pinnacle Associates Ltd.’s holdings in Zscaler were worth $2,477,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ZS. State Board of Administration of Florida Retirement System grew its position in Zscaler by 6.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 103,937 shares of the company’s stock worth $20,021,000 after acquiring an additional 6,683 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Zscaler by 9.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 116,691 shares of the company’s stock worth $22,478,000 after acquiring an additional 9,689 shares during the last quarter. Norden Group LLC bought a new position in Zscaler during the 1st quarter worth approximately $846,000. Central Pacific Bank Trust Division bought a new position in Zscaler during the 1st quarter worth approximately $809,000. Finally, DekaBank Deutsche Girozentrale grew its position in Zscaler by 7.1% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 221,212 shares of the company’s stock worth $37,495,000 after acquiring an additional 14,701 shares during the last quarter. 46.45% of the stock is owned by hedge funds and other institutional investors.

Zscaler Trading Up 1.0 %

NASDAQ:ZS opened at $182.59 on Friday. Zscaler, Inc. has a 12 month low of $153.45 and a 12 month high of $259.61. The company has a market cap of $27.84 billion, a PE ratio of -456.48 and a beta of 0.82. The company has a 50 day simple moving average of $179.63 and a two-hundred day simple moving average of $180.85.

Zscaler (NASDAQ:ZS) last posted its earnings results on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.09. Zscaler had a negative net margin of 2.66% and a negative return on equity of 3.46%. The business had revenue of $592.90 million during the quarter, compared to the consensus estimate of $567.46 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The firm’s revenue was up 30.3% on a year-over-year basis. Research analysts forecast that Zscaler, Inc. will post -0.95 earnings per share for the current year.

Insider Activity

In other news, insider Robert Schlossman sold 1,435 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $181.70, for a total transaction of $260,739.50. Following the completion of the sale, the insider now owns 105,806 shares of the company’s stock, valued at $19,224,950.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Remo Canessa sold 8,455 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $171.28, for a total transaction of $1,448,172.40. Following the completion of the sale, the chief financial officer now owns 231,793 shares of the company’s stock, valued at $39,701,505.04. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Robert Schlossman sold 1,435 shares of Zscaler stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $181.70, for a total transaction of $260,739.50. Following the transaction, the insider now owns 105,806 shares in the company, valued at approximately $19,224,950.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,502 shares of company stock valued at $5,256,651 in the last 90 days. Company insiders own 19.20% of the company’s stock.

Wall Street Analysts Forecast Growth

ZS has been the topic of a number of recent analyst reports. Needham & Company LLC cut their price objective on Zscaler from $290.00 to $235.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, September 4th. Stifel Nicolaus reiterated a “buy” rating and issued a $220.00 price objective on shares of Zscaler in a research report on Wednesday, September 4th. Scotiabank cut their price objective on Zscaler from $210.00 to $195.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, September 4th. Robert W. Baird cut their price objective on Zscaler from $260.00 to $225.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $230.00 price objective on shares of Zscaler in a research report on Wednesday, September 4th. Ten equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $216.73.

Zscaler 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.