Forty-three brokerages covering Zscaler have assigned an average rating of “Moderate Buy,” including one “Sell,” eight “Hold,” thirty-three “Buy” and one “Strong Buy.” The mean 12-month price target stands at $322.66, signaling upside potential compared with current consensus valuation levels.

On November 26, Robert W. Baird raised its target from $350 to $360 and reiterated an “Outperform” rating. That same day, BTIG Research maintained a “Buy” rating with a $365 target, while Citizens JMP stuck with “Market Outperform” and a $355 target. On November 28, Berenberg Bank trimmed its target from $400 to $390 but kept a “Buy” rating. Earlier in November, Royal Bank of Canada increased its objective from $350 to $366 and affirmed an “Outperform” view.

In its fiscal first quarter ended November 25, Zscaler reported non-GAAP EPS of $0.96, surpassing consensus by $0.11, and revenue of $788.1 million, 1.9% ahead of the $773.9 million analysts expected. Year-over-year revenue climbed 25.5%, while the company posted a negative net margin of 1.45%. Management set full-year 2026 EPS guidance at $3.78–$3.82 and Q2 EPS at $0.89–$0.90. Street estimates for the current fiscal year remain slightly negative, around –$0.10 per share.

In mid-December, EVP Raj Judge sold 3,438 shares for proceeds of $793,559 and EVP Adam Geller sold 2,060 shares for $475,489, reducing their holdings by 4.66% and 3.80%, respectively. Over the past 90 days, insiders have sold 22,550 shares valued at $5.51 million, while retaining a 17.20% ownership stake. On the institutional side, Bessemer Group raised its stake by 3.2% to 1,021 shares, Cox Capital increased by 0.6% to 5,576 shares, Brookstone Capital added 3.7% to 936 shares, Wedbush lifted its position by 0.7% to 5,129 shares and Goldstream Capital grew by 0.3% to 12,450 shares. Institutions now hold 46.45% of outstanding shares.