Piper Sandler Downgrades Zscaler from Overweight to Neutral

On May 30, 2025, Piper Sandler changed its outlook on Zscaler (BMV:ZS) from Overweight to Neutral.

Current Fund Sentiment

A total of 796 funds track positions in Zscaler, reflecting a 7.42% rise of 55 owners in the previous quarter. The average portfolio weight for these funds is 0.32%, marking a 4.79% increase. However, total institutional shares decreased by 2.57% to 64,025K shares over the last three months.

Shareholder Movements

Invesco QQQ Trust, Series 1, holds 3,158K shares, equating to 2.35% ownership. This reflects a 1.45% increase from the prior filing and a 19.71% portfolio allocation increase in ZS last quarter.

UBS Asset Management Americas now owns 3,128K shares for 2.33% ownership, up from 2,601K shares, indicating a 16.85% increase. However, the firm reduced its portfolio allocation in ZS by 80.40% last quarter.

American Century Companies holds 2,938K shares, representing 2.19% ownership, an increase of 2.57% from its previous ownership of 2,862K shares. This also reflects a 20.58% allocation rise in ZS.

Vanguard Total Stock Market Index Fund Investor Shares possess 2,910K shares, or 2.17% ownership, up from 2,889K shares, a 0.72% increase. Its allocation in ZS grew by 15.56% last quarter.

Goldman Sachs Group holds 2,842K shares for 2.12% ownership, increasing by 12.72% from 2,480K shares. Nonetheless, it decreased its portfolio allocation in ZS by 66.71% last quarter.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.