Should You Harvest Zscaler (ZS) Now?

Artisan Partners, an investment management company, released its “Artisan Global Opportunities Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTRX returned 5.73%, Advisor Class fund APDRX posted a return of 5.78%, and Institutional Class fund APHRX returned 5.83%, compared to a return of 6.18% for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Global Opportunities Fund highlighted stocks like Zscaler, Inc. (NASDAQ:ZS) in the second quarter 2023 investor letter. Headquartered in San Jose, California, Zscaler, Inc. (NASDAQ:ZS) is a cloud security company. On September 19, 2023, Zscaler, Inc. (NASDAQ:ZS) stock closed at $155.05 per share. One-month return of Zscaler, Inc. (NASDAQ:ZS) was 6.59%, and its shares lost 9.79% of their value over the last 52 weeks. Zscaler, Inc. (NASDAQ:ZS) has a market capitalization of $22.819 billion.

Artisan Global Opportunities Fund made the following comment about Zscaler, Inc. (NASDAQ:ZS) in its Q2 2023 investor letter:

“Along with AMD, Progressive and Neste, we trimmed our exposure to Zscaler, Inc. (NASDAQ:ZS). The company provides cloud-based Internet security solutions. Our view was that dual trends of rising security vulnerability and increased enterprise digitization would lead to sustained demand. While we continue to believe in the ongoing demand for effective cybersecurity options, Zscaler’s fundamental execution has been disappointing at a time when the competitive environment is intensifying, and as a result, we are harvesting the position.”

Zscaler, Inc. (NASDAQ:ZS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Zscaler, Inc. (NASDAQ:ZS) at the end of second quarter which was 38 in the previous quarter.

We discussed Zscaler, Inc. (NASDAQ:ZS) in another article and shared the list of Goldman Sachs’ top growth stock picks. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.