Zscaler (ZS) PT Raised to $400 at Wedbush Following 'Massive' Beat and Raise
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Wedbush analyst Daniel Ives raised the price target on Zscaler (NASDAQ: ZS) to $400.00 (from $320.00) while maintaining an Outperform rating following another massive 'beat and raise'.
The analyst commented, "Last night ZS delivered another jaw dropper quarter with revenue growth of 62% blowing away Street estimates. Billings grew 71% and beat the Street by 20%+ as its clear that the zero trust shift is hitting another gear of growth with ZS leading the charge. We believe ZS looks to be in the drivers seat on the cloud cyber security shift over the next decade and in our opinion the current IT backdrop has only accelerated its ability to capture it. In our opinion, ZS is the best pure play in the cloud security arena, which we believe is still in the very early innings of taking off with overall hybrid cloud workloads poised to meaningfully accelerate over the coming years and in this climate could see some strategic deals moved forward as the shift to cloud outside the firewall is catalyzing a handful of key sales cycles."
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