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Zscaler
ZS

907 hedge funds and large institutions have $24.5B invested in Zscaler in 2025 Q3 according to their latest regulatory filings, with 129 funds opening new positions, 379 increasing their positions, 255 reducing their positions, and 114 closing their positions.

New
Increased
Maintained
Reduced
Closed

49% more repeat investments, than reductions

Existing positions increased: 379 | Existing positions reduced: 255

13% more first-time investments, than exits

New positions opened: 129 | Existing positions closed: 114

0% more funds holding

Funds holding: 904 → 907 (+3)

6% less call options, than puts

Call options by funds: $1.82B | Put options by funds: $1.94B

1.89% less ownership

Funds ownership: 53.5% → 51.61% (-1.9%)

6% less capital invested

Capital invested by funds: $26.1B → $24.5B (-$1.65B)

30% less funds holding in top 10

Funds holding in top 10: 10 → 7 (-3)

Holders
907
Holders Change
+3
Holders Change %
+0.33%
% of All Funds
11.9%
Holding in Top 10
7
Holding in Top 10 Change
-3
Holding in Top 10 Change %
-30%
% of All Funds
0.09%
New
129
Increased
379
Reduced
255
Closed
114
Calls
$1.82B
Puts
$1.94B
Net Calls
-$122M
Net Calls Change
-$66.9M

Top Buyers

1
T. Rowe Price Associates
T. Rowe Price Associates
Maryland
+$307M
2
AQR Capital Management
AQR Capital Management
Connecticut
+$211M
3
Vanguard Group
Vanguard Group
Pennsylvania
+$186M
4
Fidelity Investments
Fidelity Investments
Massachusetts
+$152M
5
BlackRock
BlackRock
New York
+$122M

Top Sellers

1
UBS Group
UBS Group
Switzerland
-$353M
2
Citadel Advisors
Citadel Advisors
Florida
-$292M
3
UBS AM
UBS AM
Illinois
-$210M
4
D.E. Shaw & Co
D.E. Shaw & Co
New York
-$184M
5
Two Sigma Advisers
Two Sigma Advisers
New York
-$156M
Name Holding Trade Value Shares
Change 		Change in
Stake
Manulife (Manufacturers Life Insurance)
351
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$2.19M -$305K -1,070 -13%
SH
352
SLT Holdings
Arizona
$2.19M -$27.7K -97 -1%
PNC Financial Services Group
353
PNC Financial Services Group
Pennsylvania
$2.15M +$101K +353 +5%
SG Americas Securities
354
SG Americas Securities
New York
$2.15M +$660K +2,316 +48%
CA
355
Cache Advisors
California
$2.14M +$1.28M +4,478 +168%
PGCM
356
Prescott Group Capital Management
Oklahoma
$2.1M – – –
N
357
Numerai
California
$2.09M +$1.5M +5,278 +310%
GRP
358
Global Retirement Partners
California
$2.09M +$32.8K +115 +2%
ETCM
359
Evolutionary Tree Capital Management
Virginia
$2.06M +$1.14K +4 +0.1%
N
360
Natixis
France
$2.05M +$1.95M +6,841 New
MR
361
Munich Reinsurance
$2.05M +$1.95M +6,826 New
CUAMC
362
China Universal Asset Management Company
China
$2.01M +$335K +1,175 +21%
GWM
363
Geneos Wealth Management
Colorado
$1.99M +$60.4K +212 +3%
SS
364
SBI Securities
Japan
$1.98M -$328K -1,150 -15%
NSB
365
Norway Savings Bank
Maine
$1.95M +$155K +545 +9%
PFG
366
Prosperity Financial Group
California
$1.94M – – –
AF
367
Avanza Fonder
Sweden
$1.94M – – –
BJL
368
Brighton Jones LLC
Washington
$1.91M +$952K +3,339 +110%
NA
369
NewEdge Advisors
Louisiana
$1.91M +$397K +1,391 +28%
LS
370
Leelyn Smith
Illinois
$1.91M +$191K +670 +12%
MWM
371
Mission Wealth Management
California
$1.88M +$20.2K +71 +1%
MIM
372
MetLife Investment Management
New Jersey
$1.87M +$51.3K +180 +3%
AV
373
ASR Vermogensbeheer
Netherlands
$1.85M +$202K +707 +13%
Lido Advisors
374
Lido Advisors
California
$1.85M +$141K +494 +9%
KRS
375
Kentucky Retirement Systems
Kentucky
$1.84M +$46.2K +162 +3%
13 14
15
16 17

ZS Hedge Fund Activity: Q3 2025 in Review

907 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Zscaler (ZS) for Q3 2025, worth a combined $24.5B — down 6.3% from $26.1B a quarter earlier.

Buyers outnumbered sellers: 129 funds opened new ZS positions and 114 closed out — a net gain of 15 holders — while 379 added to existing stakes and 255 trimmed.

The largest buyer was T. Rowe Price Associates, adding an estimated $307M. The largest seller was UBS Group, cutting an estimated $353M.

  • 907 institutional investors held Zscaler (ZS) as of Q3 2025, up from 904 in Q2 2025.
  • Funds reported $24.5B of Zscaler stock for Q3 2025, down 6.3% quarter-over-quarter.
  • 129 funds opened new Zscaler positions in Q3 2025 and 114 closed out, a net change of +15 holders.
  • The largest Zscaler buyer in Q3 2025 was T. Rowe Price Associates, an estimated $307M added.
  • The largest Zscaler seller in Q3 2025 was UBS Group, an estimated $353M sold.

Based on aggregated 13F filings for Q3 2025.