Abacus FCF Advisors LLC Grows Holdings in Zscaler, Inc. (NASDAQ:ZS)

Abacus FCF Advisors LLC grew its stake in shares of Zscaler, Inc. (NASDAQ:ZS) by 77.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,643 shares of the company’s stock after purchasing an additional 6,835 shares during the quarter. Abacus FCF Advisors LLC’s holdings in Zscaler were worth $2,822,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ZS. Nomura Asset Management Co. Ltd. boosted its position in Zscaler by 11.0% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 380,463 shares of the company’s stock valued at $65,036,000 after buying an additional 37,801 shares during the period. Zweig DiMenna Associates LLC boosted its holdings in shares of Zscaler by 29.8% in the fourth quarter. Zweig DiMenna Associates LLC now owns 77,941 shares of the company’s stock valued at $14,061,000 after purchasing an additional 17,900 shares during the period. Baader Bank Aktiengesellschaft grew its stake in Zscaler by 30.3% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 8,400 shares of the company’s stock worth $1,515,000 after purchasing an additional 1,952 shares in the last quarter. Benjamin Edwards Inc. purchased a new position in Zscaler during the 3rd quarter worth $449,000. Finally, Everence Capital Management Inc. bought a new stake in Zscaler during the 4th quarter valued at $565,000. 46.45% of the stock is currently owned by institutional investors.

Zscaler Stock Performance

NASDAQ ZS opened at $180.05 on Tuesday. The stock has a 50-day simple moving average of $202.16 and a two-hundred day simple moving average of $194.83. The firm has a market capitalization of $27.86 billion, a P/E ratio of -720.20 and a beta of 1.12. Zscaler, Inc. has a fifty-two week low of $153.45 and a fifty-two week high of $217.84.

Insiders Place Their Bets

In related news, major shareholder Ajay Mangal sold 190,480 shares of Zscaler stock in a transaction on Monday, March 17th. The shares were sold at an average price of $200.69, for a total value of $38,227,431.20. Following the sale, the insider now owns 2,580,210 shares of the company’s stock, valued at approximately $517,822,344.90. This trade represents a 6.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the business’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $199.15, for a total transaction of $429,168.25. Following the completion of the sale, the chief executive officer now directly owns 356,414 shares of the company’s stock, valued at approximately $70,979,848.10. The trade was a 0.60 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 209,234 shares of company stock worth $42,030,790. Corporate insiders own 18.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on ZS shares. Cantor Fitzgerald upgraded Zscaler from a “neutral” rating to an “overweight” rating and raised their price target for the company from $220.00 to $250.00 in a research note on Thursday, April 3rd. Wells Fargo & Company boosted their price target on shares of Zscaler from $190.00 to $210.00 and gave the company an “equal weight” rating in a report on Thursday, March 6th. UBS Group increased their price objective on shares of Zscaler from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Morgan Stanley began coverage on shares of Zscaler in a research note on Tuesday, March 18th. They issued an “equal weight” rating for the company. Finally, Bank of America raised Zscaler from a “neutral” rating to a “buy” rating and increased their target price for the company from $215.00 to $240.00 in a research report on Friday, March 7th. Eight equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Zscaler currently has an average rating of “Moderate Buy” and a consensus target price of $234.94.

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.