Zscaler

ZS • NASDAQ

Zscaler is a software - infrastructure company in the technology sector on NASDAQ, led by Jay Chaudhry, with a market cap of $37.7B. As of Q3 2025, 51% of shares are held by 879 institutional investors, with VANGUARD GROUP INC as the largest holder at 7.18%.

Chief Executive OfficerJay Chaudhry

Market Cap$37.7B

Software - Infrastructure

Technology

Employees6.0K

Websitezscaler.com

Country

United States of America

Overview

Overview of institutional ownership in ZS as of Q3 2025 with a market cap of $47.4B

All Institutions

Institutions: 879
Value Held: $24.3B
Shares Held: 81.3M
Avg Position: $27.7M
Median Position: $985.0K

Hedge Funds

Hedge Funds: 63
Value Held: $2.2B
Shares Held: 7.4M
Avg Position: $35.2M
Median Position: $4.0M

Ownership Breakdown

Institutional (non-HF)

46.65%

$22.1B

Hedge Funds

4.68%

$2.2B

Retail & Other

48.68%

$23.1B

Based on market cap of $47.4B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in ZS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$3.4B 0.05% of portfolio	7.18% 11.4M shares	Q1 2018 Held for 7y 8m	$6.69T
B BlackRock, Inc. Institution	-	$2.3B 0.04% of portfolio	4.92% 7.8M shares	Q1 2018 Held for 7y 8m	$5.67T
FMR LLC Institution	-	$1.2B 0.06% of portfolio	2.55% 4.0M shares	Q1 2018 Held for 7y 8m	$1.92T
A AMERICAN CENTURY COMPANIES INC Institution	-	$724.9M 0.37% of portfolio	1.53% 2.4M shares	Q4 2020 Held for 4y 11m	$195.93B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$677.2M 0.02% of portfolio	1.43% 2.3M shares	Q2 2018 Held for 7y 5m	$2.88T
T T. Rowe Price Investment Management, Inc. Insurance Manager	John Edward Robison President	$676.5M 0.42% of portfolio	1.43% 2.3M shares	Q1 2025 Held for 8 months	$161.58B
FIRST TRUST ADVISORS LP ETF Provider	James Allen Bowen CEO	$667.7M 0.50% of portfolio	1.41% 2.2M shares	Q4 2018 Held for 6y 11m	$134.11B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$589.7M 0.04% of portfolio	1.25% 2.0M shares	Q2 2018 Held for 7y 5m	$1.57T
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	David Gary Kabiller Founder	$576.1M 0.37% of portfolio	1.23% 1.9M shares	Q1 2019 Held for 6y 8m	$156.17B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$548.4M 0.08% of portfolio	1.16% 1.8M shares	Q1 2018 Held for 7y 8m	$691.34B

Net Capital Flow

Institutional buying and selling activity for ZS in Q3 2025

Traded: −$467.2M
Buyers: 492
Sellers: 361
Total Bought: +$2.6B
Total Sold: −$3.0B
Avg Position: $24.6M

Biggest Buyers

Institution	Net Bought	Current Position
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$322.9M +1.1M shares	$537.9M 1.8M shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$220.1M +741.8K shares	$576.1M 1.9M shares
VANGUARD GROUP INC Institution	+$195.6M +652.8K shares	$3.4B 11.4M shares
FMR LLC Institution	+$159.7M +532.8K shares	$1.2B 4.0M shares
B BlackRock, Inc. Institution	+$127.9M +426.7K shares	$2.3B 7.8M shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	+$109.4M +365.2K shares	$109.4M 365.2K shares
BARCLAYS PLC Institution	+$87.2M +291.0K shares	$191.8M 639.9K shares
HENDERSON GROUP PLC Institution	+$81.7M +272.4K shares	$84.5M 281.7K shares
CITIGROUP INC Institution	+$70.6M +235.5K shares	$136.0M 454.0K shares
FIRST TRUST ADVISORS LP ETF Provider	+$57.9M +193.3K shares	$667.7M 2.2M shares

Biggest Sellers

Institution	Net Sold	Current Position
UBS Group AG Institution	−$370.7M −1.2M shares	$165.8M 553.4K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$306.7M −1.0M shares	$52.8M 176.2K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$220.5M −735.7K shares	$504.8M 1.7M shares
D D. E. Shaw & Co., Inc. Institution	−$193.5M −645.6K shares	$370.6M 1.2M shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$164.0M −547.2K shares	$181.0M 604.1K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$146.8M −490.0K shares	$20.5M 68.4K shares
BANK OF AMERICA CORP /DE/ Institution	−$95.5M −318.8K shares	$147.1M 490.9K shares
A AMERICAN CENTURY COMPANIES INC Institution	−$90.9M −303.4K shares	$724.9M 2.4M shares
S Squarepoint Ops LLC Hedge Fund•Quant	−$76.6M −255.6K shares	$40.5M 135.1K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$76.4M −255.0K shares	$167.0M 557.3K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited ZS in Q3 2025

New Positions: 67
New Value: $40.2M
Exited Positions: 112
Exited Value: $418.3M

New Positions

Institution	Position Value
O ONTARIO TEACHERS PENSION PLAN BOARD Institution	$19.9M 66.4K shares
KG&L Capital Management,LLC RIA/Wealth	$1.7M 5.8K shares
Concurrent Investment Advisors, LLC RIA/Wealth	$1.5M 5.1K shares
STANCE CAPITAL LLC Long Only Manager	$1.4M 4.7K shares
W Western Financial Corp/CA Institution	$1.2M 4.1K shares
C CSM Advisors, LLC Institution	$1.1M 3.6K shares
Caerus Investment Advisors, LLC Venture Capital	$985.0K 3.3K shares
JACKSON THORNTON ASSET MANAGEMENT, LLC RIA/Wealth	$734.5K 2.3K shares
Eagle Strategies LLC RIA/Wealth	$665.8K 2.2K shares
GREAT VALLEY ADVISOR GROUP, INC. RIA/Wealth	$661.1K 2.2K shares

Exited Positions

Institution	Previous Position
A AXA Institution	$54.8M 174.4K shares
Symphony Financial, Ltd. Co. RIA/Wealth	$46.0M 146.6K shares
Z Zurich Insurance Group Ltd/FI Institution	$43.0M 136.9K shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$35.1M 111.8K shares
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$25.8M 82.1K shares
S Stony Point Capital LLC Hedge Fund•Long/Short	$15.0M 47.6K shares
I Ilex Capital Partners LLP Institution	$10.5M 33.5K shares
B BNP Paribas Investment Partners S.A. Institution	$9.7M 30.9K shares
LORD, ABBETT & CO. LLC Long Only Manager	$8.8M 28.0K shares
Weiss Asset Management LP Hedge Fund•Multi-Strategy	$8.3M 26.5K shares

Options Activity

Institutions with the largest Call and Put options positions in ZS as of Q3 2025

Call Positions: 46
Call Value: $1.6B
Put Positions: 43
Put Value: $1.7B

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$366.7M 12.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$250.5M 8.4K contracts
J JANE STREET GROUP, LLC Institution	$210.8M 7.0K contracts
D D. E. Shaw & Co., Inc. Institution	$197.1M 6.6K contracts
UBS Group AG Institution	$90.0M 3.0K contracts
W WOLVERINE TRADING, LLC Institution	$70.0M 2.4K contracts
A ADAPT Investment Managers SA Institution	$59.9M 2.0K contracts
Walleye Trading LLC RIA/Wealth	$41.1M 1.4K contracts
P PEAK6 LLC Institution	$39.5M 1.3K contracts
GOLDMAN SACHS GROUP INC Institution	$34.9M 1.2K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$285.7M 9.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$249.8M 8.3K contracts
J JANE STREET GROUP, LLC Institution	$182.9M 6.1K contracts
GOLDMAN SACHS GROUP INC Institution	$156.3M 5.2K contracts
D D. E. Shaw & Co., Inc. Institution	$143.5M 4.8K contracts
UBS Group AG Institution	$119.2M 4.0K contracts
A ADAPT Investment Managers SA Institution	$104.9M 3.5K contracts
BARCLAYS PLC Institution	$74.4M 2.5K contracts
W WOLVERINE TRADING, LLC Institution	$45.5M 1.5K contracts
Marshall Wace LLP Institution	$33.9M 1.1K contracts

Most Committed Institutions

Institutions with ZS as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
G GuoLine Advisory Pte Ltd Institution	-	5.70% $57.3M	0.12% 191.1K shares	Q3 2024 Held for 1y 2m	$1.0B
Navis Wealth Advisors, LLC RIA/Wealth	David S Price Managing Partner	5.00% $6.6M	0.01% 22.2K shares	Q2 2023 Held for 2y 5m	$133.0M
Avalon Global Asset Management LLC Hedge Fund•Long/Short	Nancy Ann Kukacka Managing Partner	3.50% $15.0M	0.03% 50.0K shares	Q2 2025 Held for 5 months	$427.8M
V Value Star Asset Management Ltd Institution	-	3.28% $1.5M	0.00% 5.0K shares	Q4 2021 Held for 3y 11m	$45.7M
SHIKIAR ASSET MANAGEMENT INC RIA/Wealth	Stuart Alan Shikiar CEO	3.03% $10.2M	0.02% 34.2K shares	Q1 2023 Held for 2y 8m	$337.6M
Firsthand Capital Management, Inc. Institution	Kevin Michael Landis CEO	2.55% $1.5M	0.00% 5.0K shares	Q3 2018 Held for 7y 2m	$58.8M
BRANDYWINE MANAGERS, LLC Fund of Funds	John Anthony Ciccarone President	2.40% $2.5M	0.01% 8.4K shares	Q4 2018 Held for 6y 11m	$104.2M
Evolutionary Tree Capital Management, LLC Long Only Manager	Thomas Merrill Ricketts CEO	2.25% $2.1M	0.00% 6.9K shares	Q1 2024 Held for 1y 8m	$91.7M
Clare Market Investments LLC RIA/Wealth	Keith Anderson Rhodus Founder	2.07% $10.3M	0.02% 34.5K shares	Q4 2019 Held for 5y 11m	$499.5M
LaFleur & Godfrey, Inc. RIA/Wealth	Daniel Scott Vantimmeren President	1.98% $16.4M	0.03% 54.6K shares	Q4 2020 Held for 4y 11m	$824.7M

Hedge Fund Spotlight

Discover hedge funds investing in ZS

Woodline Partners LP

Hedge Fund • Long/Short

Portfolio ManagerKarl Heinz Kroeker

Portfolio Value: $21.3B
Positions: 868
Last Reported: Q3 2025

Sector Allocation

Position in Zscaler

Market Value: $25.0M
Shares Held: 83.5K
Portfolio Weight: 0.12%
Owned Since: 2024-Q1

Top Holding	Sector	Market Value	Weight
1 Microsoft MSFT	Software - Infrastructure Technology	$615.5M	2.90%
2 Nvidia NVDA	Semiconductors Technology	$603.3M	2.84%
3 Apple AAPL	Consumer Electronics Technology	$522.1M	2.46%