CIBC Private Wealth Group LLC Trims Stake in Zscaler, Inc. (NASDAQ:ZS)

CIBC Private Wealth Group LLC lessened its stake in Zscaler, Inc. (NASDAQ:ZS) by 2.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 218,402 shares of the company’s stock after selling 6,439 shares during the period. CIBC Private Wealth Group LLC owned about 0.14% of Zscaler worth $40,902,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC increased its stake in shares of Zscaler by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,625,861 shares of the company’s stock valued at $277,327,000 after purchasing an additional 60,414 shares in the last quarter. Pictet Asset Management Holding SA increased its position in shares of Zscaler by 25.8% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,618,176 shares of the company’s stock valued at $291,935,000 after buying an additional 332,307 shares in the last quarter. Artisan Partners Limited Partnership increased its position in shares of Zscaler by 30.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 868,795 shares of the company’s stock valued at $156,739,000 after buying an additional 204,996 shares in the last quarter. DnB Asset Management AS raised its stake in shares of Zscaler by 66.8% during the 4th quarter. DnB Asset Management AS now owns 667,383 shares of the company’s stock worth $120,403,000 after buying an additional 267,162 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Zscaler by 3.2% during the 4th quarter. Bank of New York Mellon Corp now owns 539,113 shares of the company’s stock valued at $97,261,000 after buying an additional 16,742 shares in the last quarter. Institutional investors and hedge funds own 46.45% of the company’s stock.

Zscaler Trading Down 1.1 %

Shares of ZS opened at $207.14 on Monday. The company’s 50-day moving average price is $202.08 and its 200 day moving average price is $193.89. Zscaler, Inc. has a 12-month low of $153.45 and a 12-month high of $217.84. The firm has a market cap of $32.05 billion, a P/E ratio of -828.56 and a beta of 0.88.

Insider Buying and Selling at Zscaler

In related news, major shareholder Ajay Mangal sold 190,480 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $200.69, for a total transaction of $38,227,431.20. Following the transaction, the insider now owns 2,580,210 shares of the company’s stock, valued at approximately $517,822,344.90. This represents a 6.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Remo Canessa sold 3,721 shares of Zscaler stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total value of $741,037.15. Following the completion of the transaction, the chief financial officer now directly owns 213,702 shares of the company’s stock, valued at approximately $42,558,753.30. This represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 199,234 shares of company stock worth $39,970,790 over the last three months. Insiders own 18.10% of the company’s stock.

Analyst Ratings Changes

ZS has been the subject of a number of research analyst reports. Canaccord Genuity Group upped 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. Rosenblatt Securities upgraded shares of Zscaler from a “neutral” rating to a “buy” rating and upped their price target for the stock from $190.00 to $235.00 in a research report on Thursday, March 6th. JMP Securities reiterated a “market outperform” rating and issued a $240.00 price objective (down from $270.00) on shares of Zscaler in a report on Tuesday, December 3rd. KeyCorp increased their target price on Zscaler from $245.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $240.00 price target on shares of Zscaler in a research note on Wednesday, March 5th. Nine research 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $232.68.

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.