J. Safra Sarasin Holding 13F: Cuts Zscaler (ZS) Stake by $12M

J. Safra Sarasin Holding cut its position in Zscaler, Inc. (ZS) by 61,663 shares in a filing on October 26, 2026. This reduction is valued at approximately $11.97 million, bringing the total number of shares held to 115,814.

ZS Zscaler, Inc.

$255.15 ▲ +15.68% year to date

1M 3M YTD

Daily close · Oct 23, 2026

Where Zscaler Fits in J. Safra Sarasin's Portfolio

This cut represents a 34.7% decrease in J. Safra Sarasin's holdings in Zscaler.

Other Institutional Activity in Zscaler

Several other institutions have been active with Zscaler shares. First Trust Advisors LP increased its holdings by 10,556 shares, totaling 3,529,213 shares valued at around $919 million. Pictet Asset Management Holding SA added 183,996 shares, bringing its total to 2,104,621 shares worth about $548 million. Victory Capital Management Inc. also grew its stake by 119,899 shares, resulting in 1,675,008 shares valued at approximately $436 million.

Zscaler, Inc. Stock Up 2.1%

Zscaler shares closed at $255.15 on October 23, 2026, and have since traded recently around $260.40, which is about 2.1% above that closing price. The stock is significantly above its 50-day moving average of $197.22 and its 200-day average of $165.98, indicating strong recent performance. However, it is still about 22.7% below its 52-week high of $336.99.

Recent Earnings

Zscaler reported trailing twelve-month revenue of approximately $3.35 billion, reflecting a year-over-year revenue growth of 24.9%. The company has a net margin of -1.9% and a return on equity of -2.9%. The next earnings report is expected on November 24, 2026.

Insider Buying and Selling at Zscaler, Inc.

Recent insider transactions at Zscaler include several sales. On September 21, 2026, Officer Adam Geller sold 661 shares at $200.00, totaling $132,200. Another Officer, Robert S Schlossman, sold 5,394 shares for about $1.08 million on the same day. CFO Kevin E Rubin sold 519 shares on September 25, 2026, valued at approximately $102,390. Additionally, Adam Geller sold 25,000 shares on October 12, 2026, worth about $5.65 million.

Analysts Set New Price Targets

Analysts have diverse views on Zscaler's stock. On October 8, 2026, Amerx initiated coverage with a Buy rating and a price target of $305. Citizens maintained a Market Outperform rating with a target of $265 on October 9. Citigroup also maintained a Buy rating with a target of $260 on October 15. DA Davidson initiated coverage with a Neutral rating and a target of $215 on October 21, while Freedom Broker maintained a Buy rating with a target of $270 on October 22. The consensus recommendation is a Buy, with a mean price target of approximately $235.19.

About Zscaler

Zscaler, Inc. operates as a cloud security company, providing services that help organizations protect their data and applications in the cloud. With a market cap of about $41.6 billion, Zscaler is positioned in the Technology sector, specifically in Software - Infrastructure.

Bottom Line

Investors will be watching for Zscaler's upcoming earnings report on November 24, 2026, to gauge the company's performance. J. Safra Sarasin's recent cuts in Zscaler shares indicate a strategic shift, and further filings will reveal if this trend continues.