Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Zscaler Inc (ZS)

753 + Investors. Track Smart Money conviction in ZS. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -130
Streak
3Q ▼
Buyers last Q
44%

Smart Money Signals — ZS

Based on 755 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 3 quarters in a row

last 6Q
For 3 consecutive quarters, more hedge funds reduced or closed their ZS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 83% of 3.0Y peak

83% of all-time peak
755 funds currently hold this stock — 83% of the 3.0-year high of 910 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️

Stable — ownership unchanged year-over-year

fund count last 6Q
The number of hedge funds holding ZS is almost the same as a year ago (-3 funds, 0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠

More sellers than buyers — 44% buying

409 buying512 selling
Last quarter: 512 funds reduced or exited vs 409 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️

Fewer new buyers each quarter (-52 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 223 → 128 → 152 → 100. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

60% of holders stayed for 2+ years

■ 60% conviction (2yr+) ■ 21% medium ■ 19% new
451 out of 755 hedge funds have held ZS for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares +1%, value -38%

Value
-38%
Shares
+0%
Last quarter: funds added +1% more shares while total portfolio value only changed -38%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊

Peak discovery — momentum slowing

120 → 223 → 128 → 152 → 100 new funds/Q
New funds entering each quarter: 223 → 128 → 152 → 100. ZS is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️

Veteran-anchored — 65% veterans vs 23% newcomers

■ 65% veterans ■ 12% 1-2yr ■ 23% new
Entry-cohort mix of 813 holders: 526 (65%) are 2+ year veterans, 96 entered 1–2 years ago, and 191 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 46% AUM from top-100 funds

46% from top-100 AUM funds
63 of 741 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in ZS. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
2.9
out of 10
Low Exit Risk
Exit risk score 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — ZS

In 2026 Q1, 409 hedge funds were net buyers of ZS (100 opened a new position, 309 added to an existing one), while 512 reduced or exited (282 trimmed, 230 sold completely) — a 44% buyer ratio, indicating roughly balanced activity. This extends a 3-quarter selling streak, suggesting sustained institutional caution. 46% of total institutional value in ZS is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -130 funds (more exits than new entries). Total institutional holders: 755.

Hedge Fund Ownership: ZS

How many hedge funds hold ZS — quarterly history vs. share price
Quarterly hedge fund ownership of ZS vs. share price

Market Analysis: ZS

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: ZS

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Zscaler Inc (ZS) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much ZS has moved relative to its sector benchmark (XLK) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 79d ago
ZS
-11.3%
XLK
+39.8%

ZS outperformed XLK by -51.1% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 34d ago
ZS
-22.8%
XLK
+5.4%

Since the filing became public, ZS outperformed XLK by -28.2% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Broad Consensus, Selective Conviction

Many quality funds hold this stock, but top-tier positions remain relatively small.

54 top-rated funds 2 high-conviction
Consensus
7.6
/ 10
breadth
×
Elite
2.4
/ 10
conviction
Hedge Fund Positioning: ZS
753 + Investors

Track Smart Money conviction in ZS. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 753 885 -14.92%
13F Shares 96M 96M 0.64%
Total Value $12.83B $20.81B -38.33%
New Positions 100 152 -52
Increased Positions 295 319 -24
Closed Positions 232 167 +65
Reduced Positions 260 301 -41
Total Calls 42 43 -2.33%
Total Puts 29 37 -21.62%
PUT/CALL Ratio 0.69 0.86 Bullish

Statistics: ZS

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
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Price/Book (mrq) --
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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Income Statement & Cash Flow
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Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
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Institutional Holders (2026 Q1)

753 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in ZS. Verified SEC 13F-HR filings.

QUARTER:
Top 25 ZS holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 ShawSpring Partners LLC 10.51% 200,416 $28.1M
2 Jia Investment Alliance PTE. LTD. 2.81% 191,060 $26.8M
3 Capital Impact Advisors, LLC 2.50% 44,102 $6.2M
4 Emissary Wealth LLC 2.24% 17,023 $2.4M
5 Marathon Capital Management 2.09% 66,345 $9.3M
6 Firsthand Capital Management, Inc. 1.50% 5,000 $701K
7 Optimus Prime Fund Management Co., Ltd. 1.41% 104,000 $14.6M
8 Nano Cap New Millennium Growth Fund L P 1.31% 10,000 $1.4M
9 Tiger Global Management LLC 0.97% 1,579,766 $221.6M
10 Princeton Capital Management LLC 0.95% 24,795 $3.5M
11 Red Spruce Capital, LLC 0.91% 15,822 $2.2M
12 Clare Market Investments LLC 0.90% 30,637 $4.3M
13 LaFleur & Godfrey LLC 0.90% 51,317 $7.2M
14 RPG Investment Advisory, LLC 0.87% 51,396 $7.2M
15 Arcadia Investment Management Corp/Mi 0.86% 35,991 $5.0M
16 Liontrust Investment Partners LLP 0.86% 258,925 $58.2M
17 Intesa Sanpaolo S.p.A. 0.79% 95,413 $13.3M
18 Champlain Investment Partners, LLC 0.78% 438,929 $61.6M
19 Woodstock Corp 0.76% 60,923 $8.5M
20 Sentinel Dome Partners, LLC 0.69% 5,200 $730K
21 Paragon Capital Management Inc 0.63% 5,278 $740K
22 Nicholas Company, INC. 0.63% 227,842 $32.0M
23 Sunstone Asset Management, L.P. 0.62% 3,760 $527K
24 Mirova 0.60% 105,882 $14.9M
25 Secure Asset Management, LLC 0.60% 27,106 $3.8M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Zscaler Inc (ZS)

What does the Smart Money Trend signal show for ZS?

Selling streak — 3 quarters in a row: For 3 consecutive quarters, more hedge funds reduced or closed their ZS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for ZS?

More sellers than buyers — 44% buying: Last quarter: 512 funds reduced or exited vs 409 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for ZS holders?

Elite ownership — 46% AUM from top-100 funds: 63 of 741 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in ZS. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held ZS?

60% of holders stayed for 2+ years: 451 out of 755 hedge funds have held ZS for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Zscaler Inc (ZS) following the 2026 Q1 hedge fund 13F filings?

As of today, ZS has moved -22.8% since the 2026 Q1 13F filing date (May 15, 2026), compared to +5.4% for the XLK sector ETF — an outperformance of -28.2%. Since the quarter end (March 31, 2026), ZS has gained -11.3% vs +39.8% for XLK. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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