Cantor Fitzgerald analyst Jonathan Ruykhaver reiterated an Overweight rating and $225.00 price target on Zscaler (NASDAQ: ZS).

The analyst comments "We reiterate our Overweight rating and maintain our 12-month price target of $225 following strong F4Q26 results and an improved FY27 outlook. Zscaler exceeded F4Q26 FactSet consensus estimates for gross margin, revenue, ARR, operating margin, free cash flow, and EPS. Organic NNARR growth also accelerated, easing concerns around last quarter’s sales leadership departures. Shares are down ~2% after hours (versus SPY ~flat) following initial FY27 guidance that implies a step-down in NNARR. The guide incorporates ongoing sales transitions, potential Red Canary churn, and limited early contribution from Agentic SecOps, which we view as conservative and enter FY27 more constructive than we were heading into the print. Overall, we remain bullish on Red Canary/Agentic SecOps' platform synergies and organic NNARR strength driven by continued Z-Flex adoption and the emerging growth pillars of Zero Trust Everywhere, Data Security Everywhere, and AI Security. More broadly, we see SASE evolving into a control layer for enterprise AI governance, given its in-line visibility into user and application traffic, alongside its ability to limit exposure to AI-driven threats through Zero Trust segmentation and policy enforcement."

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Shares of Zscaler closed at $177.80 yesterday.