Analyst Mike Cikos of Needham maintained a Buy rating on Zscaler, retaining the price target of $350.00.
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Mike Cikos has given his Buy rating due to a combination of factors that highlight Zscaler’s strong financial performance and strategic positioning. The company reported impressive results, with billings significantly exceeding both guidance and market expectations, indicating robust demand for its services.
Furthermore, Zscaler’s management has provided guidance that suggests solid organic growth, excluding contributions from recent acquisitions, which reflects confidence in the company’s core operations. The expansion of Zscaler’s platform and strategic go-to-market initiatives under the leadership of CRO Mike Rich have led to notable increases in total contract value bookings and remaining performance obligations, underscoring the company’s effective execution and growth potential.
In another report released today, UBS also maintained a Buy rating on the stock with a $350.00 price target.
Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ZS in relation to earlier this year.