Cantor Fitzgerald analyst Jonathan Ruykhaver reiterated an Overweight rating on Zscaler (NASDAQ: ZS).

The analyst commented, "Zscaler delivered a strong F2Q26, exceeding consensus across revenue, ARR, EPS, and free cash flow, while raising full-year guidance across key metrics. ARR grew 25% y/y to ~$3.4B, with organic ARR up 21%, underscoring continued strength in the core ZIA/ZPA business. Red Canary is tracking ahead of expectations, with FY26 ARR now expected at ~$130M, providing incremental upside. While some investor focus remains on the mix of inorganic contribution, we view core growth as durable, supported by strong execution, large deal momentum, and accelerating traction in AI Security and Data Security."

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Shares of Zscaler closed at $137.26 yesterday.