Several Analysts Boost Price Targets On Zscaler Following Strong Q4 Results, But This Analyst Disagrees

Zscaler, Inc. ZS reported better-than-expected Q4 results and issued sales guidance above estimates.

The company expects full-year 2023 revenue to be between $1.49 billion and $1.5 billion versus the estimate of $1.47 billion. Zscaler expects full-year adjusted earnings to be in a range of $1.16 per share to $1.18 per share.

Zscaler shares gained 19.2% to $183.88 on Friday.

Several analysts made changes to their price targets on Zscaler today.

• Needham boosted the price target on the stock from $185 to $210. Needham analyst Alex Henderson maintained a Strong Buy rating on the stock.
• Piper Sandler raised price target on the stock from $160 to $175. Piper Sandler analyst Rob Owens maintained Zscaler with a Neutral.
• RBC Capital increased the price target on the stock from $200 to $210. RBC Capital analyst Matthew Hedberg maintained an Outperform rating on the stock.
• Barclays boosted the price target on the stock from $168 to $175. Barclays analyst Saket Kalia maintained an Equal-Weight rating on the stock.
• Mizuho raised Zscaler price target from $200 to $205. Mizuho analyst Gregg Moskowitz maintained a Buy rating on the stock.
• BMO Capital boosted Zscaler’s price target $172 to $200. BMO Capital analyst Keith Bachman maintained the stock with an Outperform.
• Deutsche Bank raised price target on the stock from $190 to $215. Deutsche Bank analyst Patrick Colville maintained Zscaler with a Buy.
• Canaccord Genuity raised price target on the stock from $210 to $220. Canaccord Genuity analyst Michael Walkley maintained Zscaler with a Buy.
• Wells Fargo increased the price target on the stock from $220 to $225. Wells Fargo analyst Andrew Nowinski maintained Zscaler with an Overweight.
• Stifel raised price target on the stock from $200 to $210. Stifel analyst Adam Borg maintained a Buy rating on Zscaler.
• Stephens & Co. raised price target on the stock from $200 to $210. Stephens & Co. analyst Brian Colley maintained Zscaler with an Overweight.
• Credit Suisse, however, cut Zscaler’s price target from $310 to $275. Credit Suisse analyst Phil Winslow maintained the stock with an Outperform.