Analyst Consensus ?
ConsensusBuy55 ratings
Bullish4480.0%
Neutral1018.2%
Bearish11.8%
Zscaler, Inc. · ZS · FY2026 Q3 · Calendar Q2 2026
Zscaler: AI security momentum meets execution questions
Zscaler's earnings narrative remains constructive: AI security, Zero Trust expansion, cloud marketplace activity, and partner distribution support continued growth. The counterweight is execution—sales leadership turnover, moderated new-logo expectations, integration work, and higher capex make the path less straightforward.
Why did ZS fall 31.5% after beating EPS estimates in FY2026 Q3?
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Reported After market closeNASDAQTechnology
$34.68B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.08
Consensus $1.01
EPS surprise
+6.9%
Reported versus consensus
Reported revenue
$850.5M
Consensus $835.1M
Revenue surprise
+1.8%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-31.5%
Event window
SPY move
-0.0%
Same window
Abnormal move
-31.5%
Stock minus SPY
Volume
9.0×
Versus trailing sessions
Subsequent drift
-2.1%
Up to 20 sessions
ZSSPY benchmark
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Why did ZS fall 31.5% after beating EPS estimates in FY2026 Q3?What changed in ZS's guidance and outlook in FY2026 Q3?Give me the bull and bear case for ZS after FY2026 Q3 earnings.
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Transcript intelligence
What changed
Compared with the prior analysis, guidance sentiment moved from raised to maintained. The current analysis adds Symmetry Systems and AI-partner initiatives, while emphasizing sales leadership turnover, moderated new-logo growth, and higher capex as the key changes in the risk profile.
Guidance delta
Management maintained FY26 and FY27 guidance, while the outlook reflects moderated growth and higher capital expenditure.
Key takeaways
- AI security is presented as a primary growth catalyst through AI Protect, AI Guardian, and Zero Trust expansion.
- Cloud marketplace activity and Z-Flex multi-year contracts support the go-to-market strategy.
- Sales leadership turnover and tempered new-logo expectations are the main near-term execution uncertainties.
- Higher expected capex reflects continued investment but may increase margin and pricing pressure.
Management priorities
- Expand AI Protect and AI asset discovery and guardrails.
- Integrate Symmetry Systems access-graph technology into the Zero Trust Exchange.
- Advance Project AI Guardian with global system integrators.
- Continue expanding cloud marketplace distribution and the Z-Flex program.
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Analyst 52W Price Targets
$197.25Current
$105Low
$236.67Average
$415High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Freedom Broker | Buy | Buy | Maintain | Oct 22, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 15, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Oct 9, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Oct 7, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Oct 7, 2026 |
| UBS | Buy | Buy | Maintain | Oct 7, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 7, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 7, 2026 |
| Stifel | Buy | Buy | Maintain | Oct 7, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Oct 7, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Oct 7, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 7, 2026 |
| Needham | Buy | Buy | Maintain | Oct 7, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 7, 2026 |
| Macquarie | Outperform | Outperform | Maintain | Oct 7, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 7, 2026 |
| Jefferies | Buy | Buy | Maintain | Oct 7, 2026 |
| Guggenheim | Buy | Buy | Maintain | Oct 7, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Oct 7, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Oct 7, 2026 |
| Canaccord Genuity | Buy | Buy | Maintain | Oct 7, 2026 |
| BTIG | Neutral | Neutral | Maintain | Oct 7, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Oct 7, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 7, 2026 |
| Baird | Outperform | Outperform | Maintain | Oct 7, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Sep 25, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Sep 17, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Sep 4, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Sep 4, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Sep 4, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Aug 21, 2026 |
| B. Riley Securities | Buy | Buy | Maintain | May 27, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Mar 10, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Mar 2, 2026 |
| B of A Securities | Buy | Buy | Maintain | Nov 26, 2025 |
| Susquehanna | Positive | Positive | Maintain | Sep 3, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Sep 3, 2025 |
| Loop Capital | Hold | Hold | Maintain | May 30, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Dec 3, 2024 |
| Capital One | Equal Weight | Equal Weight | Maintain | Mar 17, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Mar 15, 2023 |
| SMBC Nikko | Outperform | Outperform | Maintain | Oct 7, 2022 |
| MoffettNathanson | Hold | Hold | Maintain | Sep 22, 2022 |
| MKM Partners | Buy | Buy | Maintain | Sep 16, 2022 |
| Wolfe Research | Outperform | Outperform | Maintain | Sep 12, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | May 27, 2022 |
| Daiwa Capital | Buy | Underperform | Upgrade | Mar 2, 2022 |
| Berenberg | Buy | Hold | Upgrade | Mar 5, 2021 |
| SunTrust Robinson Humphrey | Hold | Buy | Downgrade | Apr 24, 2020 |
| Bank of America | Buy | Buy | Maintain | Dec 4, 2019 |
| DA Davidson | Buy | Buy | Maintain | Nov 19, 2019 |
| Piper Jaffray | Overweight | Overweight | Maintain | Sep 11, 2019 |
| OTR Global | Negative | Mixed | Downgrade | Aug 19, 2019 |
| PiperJaffray | Overweight | Overweight | Maintain | Jan 11, 2019 |
| BTIG Research | Neutral | Buy | Downgrade | Sep 10, 2018 |
Named analyst price targets
Upside is calculated against the persisted current price $197.24. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| D.A. Davidson | Analyst unavailable | $215 | $214.51 | +9.0% | Oct 20, 2026 |
| Scotiabank | Analyst unavailable | $255 | $211.8 | +29.3% | Oct 7, 2026 |
| Jefferies | Analyst unavailable | $250 | $211.27 | +26.7% | Oct 7, 2026 |
| Wedbush | Analyst unavailable | $240 | $212.23 | +21.7% | Oct 7, 2026 |
| Needham | Mike Cikos | $255 | $212.25 | +29.3% | Oct 7, 2026 |
| Canaccord Genuity | Analyst unavailable | $250 | $212.25 | +26.7% | Oct 7, 2026 |
| Robert W. Baird | Shrenik Kothari | $285 | $212.25 | +44.5% | Oct 7, 2026 |
| Stephens | Todd Weller | $265 | $212.25 | +34.4% | Oct 7, 2026 |
| Rosenblatt Securities | Catherine Trebnick | $250 | $212.25 | +26.7% | Oct 7, 2026 |
| Cantor Fitzgerald | Jonathan Ruykhaver | $275 | $212.25 | +39.4% | Oct 7, 2026 |
| Stifel Nicolaus | Analyst unavailable | $235 | $212.25 | +19.1% | Oct 7, 2026 |
| Guggenheim | Analyst unavailable | $254 | $212.25 | +28.8% | Oct 7, 2026 |
| Morgan Stanley | Meta Marshall | $185 | $212.25 | -6.2% | Oct 7, 2026 |
| Wells Fargo | Analyst unavailable | $260 | $212.25 | +31.8% | Oct 7, 2026 |
| Barclays | Analyst unavailable | $225 | $212.25 | +14.1% | Oct 7, 2026 |
| Mizuho Securities | Gregg Moskowitz | $235 | $212.25 | +19.1% | Oct 7, 2026 |
| Scotiabank | Analyst unavailable | $240 | $203.1 | +21.7% | Oct 5, 2026 |
| RBC Capital | Analyst unavailable | $236 | $195.89 | +19.6% | Sep 25, 2026 |
| Bernstein | Analyst unavailable | $298 | $191.58 | +51.1% | Sep 17, 2026 |
| Roth Capital | Taz Koujalgi | $170 | $169.8 | -13.8% | Sep 5, 2026 |
| Stephens | Analyst unavailable | $215 | $170.32 | +9.0% | Sep 4, 2026 |
| Needham | Alex Henderson | $215 | $177.8 | +9.0% | Sep 4, 2026 |
| Scotiabank | Patrick Colville | $200 | $177.8 | +1.4% | Sep 4, 2026 |
| Piper Sandler | Rob Owens | $175 | $177.8 | -11.3% | Sep 4, 2026 |
| Morgan Stanley | Meta Marshall | $165 | $177.8 | -16.3% | Sep 4, 2026 |
| Barclays | Analyst unavailable | $200 | $177.8 | +1.4% | Sep 4, 2026 |
| Wells Fargo | Richard Poland | $215 | $177.8 | +9.0% | Sep 4, 2026 |
| Jefferies | Joseph Gallo | $220 | $178.37 | +11.5% | Sep 2, 2026 |
| Barclays | Analyst unavailable | $192 | $176.06 | -2.7% | Aug 25, 2026 |
| KeyBanc | Analyst unavailable | $210 | $174.95 | +6.5% | Aug 21, 2026 |
| KeyBanc | Analyst unavailable | $185 | $148.19 | -6.2% | Jul 16, 2026 |
| KeyBanc | Analyst unavailable | $176 | $127.27 | -10.8% | Jun 25, 2026 |
| Wolfe Research | Alex Zukin | $150 | $124.73 | -24.0% | Jun 11, 2026 |
| Guggenheim | John DiFucci | $214 | $139.73 | +8.5% | Jun 1, 2026 |
| Wells Fargo | Analyst unavailable | $180 | $126.41 | -8.7% | May 28, 2026 |
| Berenberg Bank | Analyst unavailable | $200 | $126.41 | +1.4% | May 28, 2026 |
| Scotiabank | Analyst unavailable | $175 | $127.56 | -11.3% | May 27, 2026 |
| US Tiger Securities | Analyst unavailable | $230 | $126.82 | +16.6% | May 27, 2026 |
| FBN Securities | Shelby Seyrafi | $175 | $127.02 | -11.3% | May 27, 2026 |
| Deutsche Bank | Brad Zelnick | $175 | $129.24 | -11.3% | May 27, 2026 |
| UBS | Analyst unavailable | $225 | $129.3 | +14.1% | May 27, 2026 |
| BMO Capital | Keith Bachman | $178 | $184.6 | -9.8% | May 27, 2026 |
| Cantor Fitzgerald | Jonathan Ruykhaver | $225 | $184.6 | +14.1% | May 27, 2026 |
| Robert W. Baird | Shrenik Kothari | $230 | $184.6 | +16.6% | May 27, 2026 |
| Piper Sandler | Analyst unavailable | $160 | $184.6 | -18.9% | May 27, 2026 |
| Canaccord Genuity | Michael Walkley | $210 | $184.6 | +6.5% | May 27, 2026 |
| Stephens | Analyst unavailable | $205 | $184.6 | +3.9% | May 27, 2026 |
| Bernstein | Analyst unavailable | $224 | $184.6 | +13.6% | May 27, 2026 |
| Goldman Sachs | Gabriela Borges | $179 | $184.6 | -9.2% | May 27, 2026 |
| Barclays | Saket Kalia | $170 | $184.6 | -13.8% | May 27, 2026 |
| Truist Financial | Analyst unavailable | $210 | $184.6 | +6.5% | May 27, 2026 |
| Stifel Nicolaus | Adam Borg | $175 | $184.6 | -11.3% | May 27, 2026 |
| Evercore ISI | Analyst unavailable | $155 | $184.6 | -21.4% | May 27, 2026 |
| Truist Financial | Junaid Siddiqui | $200 | $184.6 | +1.4% | May 27, 2026 |
| Mizuho Securities | Gregg Moskowitz | $185 | $184.6 | -6.2% | May 27, 2026 |
| Morgan Stanley | Meta Marshall | $145 | $184.6 | -26.5% | May 27, 2026 |
| Morgan Stanley | Meta Marshall | $155 | $169.38 | -21.4% | May 21, 2026 |
| KeyBanc | Analyst unavailable | $190 | $161.05 | -3.7% | May 18, 2026 |
| KeyBanc | Eric Heath | $160 | $122.68 | -18.9% | Apr 15, 2026 |
| BTIG | Gray Powell | $209 | $143.28 | +6.0% | Feb 24, 2026 |
| Cantor Fitzgerald | Jonathan Ruykhaver | $300 | $143.28 | +52.1% | Feb 24, 2026 |
| Stephens | Todd Weller | $225 | $148.88 | +14.1% | Feb 23, 2026 |
| Barclays | Analyst unavailable | $220 | $172.13 | +11.5% | Feb 19, 2026 |
| Mizuho Securities | Gregg Moskowitz | $265 | $177.72 | +34.4% | Feb 17, 2026 |
| KeyBanc | Analyst unavailable | $250 | $177.72 | +26.7% | Feb 17, 2026 |
| Bernstein | Peter Weed | $228 | $170.9 | +15.6% | Feb 13, 2026 |
| RBC Capital | Matthew Hedberg | $250 | $174.34 | +26.7% | Feb 11, 2026 |
| KeyBanc | Analyst unavailable | $300 | $216.73 | +52.1% | Jan 12, 2026 |
| Piper Sandler | Analyst unavailable | $260 | $220.57 | +31.8% | Jan 5, 2026 |
| RBC Capital | Matthew Hedberg | $290 | $220.57 | +47.0% | Jan 5, 2026 |
| Morgan Stanley | Analyst unavailable | $305 | $226.43 | +54.6% | Dec 18, 2025 |
| Loop Capital Markets | Almas Almaganbetov | $320 | $241.84 | +62.2% | Dec 11, 2025 |
| Needham | Analyst unavailable | $310 | $258 | +57.2% | Nov 26, 2025 |
| Robert W. Baird | Analyst unavailable | $360 | $289.73 | +82.5% | Nov 26, 2025 |
| Mizuho Securities | Analyst unavailable | $310 | $289.73 | +57.2% | Nov 26, 2025 |
| Scotiabank | Patrick Colville | $320 | $255.49 | +62.2% | Nov 26, 2025 |
| Bernstein | Peter Weed | $264 | $289.73 | +33.8% | Nov 26, 2025 |
| UBS | Analyst unavailable | $340 | $289.73 | +72.4% | Nov 26, 2025 |
| Stifel Nicolaus | Analyst unavailable | $320 | $289.73 | +62.2% | Nov 26, 2025 |
| Capital One Financial | Connor Murphy | $320 | $290.47 | +62.2% | Nov 26, 2025 |
| RBC Capital | Analyst unavailable | $350 | $304.53 | +77.4% | Oct 2, 2025 |
| Canaccord Genuity | Kingsley Crane | $340 | $270.58 | +72.4% | Sep 4, 2025 |
| Evercore ISI | Analyst unavailable | $320 | $270.58 | +62.2% | Sep 3, 2025 |
| Scotiabank | Analyst unavailable | $334 | $270.58 | +69.3% | Sep 3, 2025 |
| BMO Capital | Keith Bachman | $315 | $268.25 | +59.7% | Sep 3, 2025 |
| Stifel Nicolaus | Adam Borg | $330 | $271.66 | +67.3% | Sep 3, 2025 |
| Morgan Stanley | Analyst unavailable | $320 | $274.57 | +62.2% | Sep 2, 2025 |
| Barclays | Analyst unavailable | $300 | $269.66 | +52.1% | Aug 25, 2025 |
| Canaccord Genuity | Kingsley Crane | $305 | $293.18 | +54.6% | Jun 2, 2025 |
| Mizuho Securities | Gregg Moskowitz | $250 | $245.92 | +26.7% | May 15, 2025 |
| Roth Capital | Taz Koujalgi | $215 | $196.52 | +9.0% | Apr 22, 2025 |
| Goldman Sachs | Analyst unavailable | $207 | $202.16 | +4.9% | Mar 6, 2025 |
| Scotiabank | Analyst unavailable | $242 | $202.16 | +22.7% | Mar 6, 2025 |
| BMO Capital | Analyst unavailable | $233 | $202.16 | +18.1% | Mar 6, 2025 |
| UBS | Analyst unavailable | $260 | $202.16 | +31.8% | Mar 6, 2025 |
| Bernstein | Analyst unavailable | $244 | $202.16 | +23.7% | Mar 6, 2025 |
| Robert W. Baird | Analyst unavailable | $250 | $202.16 | +26.7% | Mar 6, 2025 |
| BTIG | Analyst unavailable | $252 | $202.16 | +27.8% | Mar 6, 2025 |
| Wells Fargo | Analyst unavailable | $210 | $202.16 | +6.5% | Mar 6, 2025 |
| Needham | Mike Cikos | $240 | $192.29 | +21.7% | Mar 5, 2025 |
| Loop Capital Markets | Yun Kim | $200 | $201.22 | +1.4% | Nov 18, 2024 |
| Bank of America Securities | Tal Liani | $195 | $157.13 | -1.1% | Sep 4, 2024 |
| Scotiabank | Patrick Colville | $195 | $156.32 | -1.1% | Sep 4, 2024 |
| Wedbush | Daniel Ives | $220 | $193.19 | +11.5% | Sep 4, 2024 |
| BMO Capital | Keith Bachman | $197 | $159.18 | -0.1% | Sep 4, 2024 |
| Goldman Sachs | Gabriela Borges | $177 | $159.08 | -10.3% | Sep 4, 2024 |
| Piper Sandler | Ron Owens | $215 | $159.14 | +9.0% | Sep 4, 2024 |
| Loop Capital Markets | Yun Kim | $165 | $193.19 | -16.3% | Sep 4, 2024 |
| Oppenheimer | Ittai Kidron | $230 | $159.15 | +16.6% | Sep 4, 2024 |
| Needham | Alex Henderson | $235 | $159.28 | +19.1% | Sep 4, 2024 |
| Morgan Stanley | Hamza Fodderwala | $215 | $199.43 | +9.0% | Aug 26, 2024 |
| Barclays | Saket Kalia | $230 | $199.43 | +16.6% | Aug 26, 2024 |
| Canaccord Genuity | Kingsley Crane | $220 | $169.02 | +11.5% | Jun 4, 2024 |
| Goldman Sachs | Gabriela Borges | $189 | $169.96 | -4.2% | May 31, 2024 |
| Evercore ISI | Peter Levine | $245 | $166.96 | +24.2% | May 31, 2024 |
| Susquehanna | Shyam Patil | $210 | $174.38 | +6.5% | May 31, 2024 |
| BMO Capital | Keith Bachman | $208 | $166.23 | +5.5% | May 31, 2024 |
| Oppenheimer | Ittai Kidron | $260 | $156.65 | +31.8% | May 31, 2024 |
| Loop Capital Markets | Yun Kim | $180 | $156.65 | -8.7% | May 31, 2024 |
| Scotiabank | Patrick Colville | $210 | $156.65 | +6.5% | May 31, 2024 |
| Mizuho Securities | Gregg Moskowitz | $220 | $156.65 | +11.5% | May 31, 2024 |
| Cantor Fitzgerald | Jonathan Ruykhaver | $200 | $156.65 | +1.4% | May 31, 2024 |
| RBC Capital | Matthew Hedberg | $230 | $156.65 | +16.6% | May 31, 2024 |
| Barclays | Saket Kalia | $210 | $156.65 | +6.5% | May 31, 2024 |
| BTIG | Gray Powerll | $220 | $156.65 | +11.5% | May 31, 2024 |
| BMO Capital | Keith Bachman | $192 | $165.85 | -2.7% | May 29, 2024 |
| UBS | Fatima Boolani | $270 | $164.16 | +36.9% | May 29, 2024 |
| Rosenblatt Securities | Catherine Trebnick | $190 | $171.64 | -3.7% | May 28, 2024 |
| Wells Fargo | Andrew Nowinski | $182 | $171.64 | -7.7% | May 28, 2024 |
| BTIG | Gray Powell | $258 | $171.91 | +30.8% | May 24, 2024 |
| Morgan Stanley | Hamza Fodderwala | $202 | $171.91 | +2.4% | May 24, 2024 |
| Robert W. Baird | Shrenik Kothari | $260 | $171.92 | +31.8% | May 24, 2024 |
| Barclays | Saket Kalia | $205 | $178.86 | +3.9% | May 20, 2024 |
| Mizuho Securities | Gregg Moskowitz | $240 | $179.31 | +21.7% | May 17, 2024 |
| Stifel Nicolaus | Adam Borg | $220 | $181.13 | +11.5% | May 16, 2024 |
| Loop Capital Markets | Eric Heath | $220 | $173.11 | +11.5% | Apr 18, 2024 |
| KeyBanc | Eric Heath | $220 | $172.96 | +11.5% | Apr 18, 2024 |
| Scotiabank | Patrick Colville | $250 | $218.63 | +26.7% | Mar 1, 2024 |
| Piper Sandler | Rob Owens | $220 | $193.85 | +11.5% | Nov 28, 2023 |
| Jefferies | Joseph Gallo | $225 | $191.96 | +14.1% | Nov 24, 2023 |
| UBS | Daniel Ford | $105 | $171.65 | -46.8% | Oct 9, 2023 |
| Barclays | Saket Kalia | $190 | $163.59 | -3.7% | Oct 9, 2023 |
| Piper Sandler | Rob Owens | $190 | $161.49 | -3.7% | Oct 2, 2023 |
| Stephens | Brian Colley | $190 | $157.65 | -3.7% | Sep 6, 2023 |
| Oppenheimer | Ittai Kidron | $190 | $158.21 | -3.7% | Sep 6, 2023 |
| Barclays | Saket Kalia | $160 | $157.85 | -18.9% | Sep 1, 2023 |
| Oppenheimer | Ittai Kidron | $180 | $149.22 | -8.7% | Jun 8, 2023 |
| DNB Markets | Tal Liani | $145 | $121.09 | -26.5% | Mar 3, 2023 |
| Piper Sandler | Analyst unavailable | $125 | $111.59 | -36.6% | Jan 5, 2023 |
| Wells Fargo | Andrew Nowinski | $160 | $117.17 | -18.9% | Dec 16, 2022 |
| JMP Securities | Trevor Walsh | $225 | $130.55 | +14.1% | Dec 2, 2022 |
| Morgan Stanley | Analyst unavailable | $162 | $128.21 | -17.9% | Dec 2, 2022 |
| UBS | Analyst unavailable | $180 | $128.1 | -8.7% | Dec 2, 2022 |
| RBC Capital | Analyst unavailable | $155 | $127.63 | -21.4% | Dec 2, 2022 |
| Barclays | Analyst unavailable | $143 | $127.77 | -27.5% | Dec 2, 2022 |
| Piper Sandler | Analyst unavailable | $145 | $144.5 | -26.5% | Dec 2, 2022 |
| Wedbush | Analyst unavailable | $180 | $144.5 | -8.7% | Dec 2, 2022 |
| Redburn Partners | Analyst unavailable | $135 | $140.99 | -31.6% | Dec 1, 2022 |
| RBC Capital | Analyst unavailable | $185 | $138.04 | -6.2% | Nov 28, 2022 |
| Morgan Stanley | Analyst unavailable | $180 | $136.7 | -8.7% | Nov 22, 2022 |
| Macquarie | Frederick Havemeyer | $155 | $150.39 | -21.4% | Nov 2, 2022 |
| Needham | Alex Henderson | $210 | $148.73 | +6.5% | Oct 11, 2022 |
| Wells Fargo | Andrew Nowinski | $225 | $160.29 | +14.1% | Sep 26, 2022 |
| Loop Capital Markets | Trevor Walsh | $280 | $183.95 | +42.0% | Sep 9, 2022 |
| BMO Capital | Keith Bachman | $200 | $188 | +1.4% | Sep 9, 2022 |
| RBC Capital | Matthew Hedberg | $210 | $188 | +6.5% | Sep 9, 2022 |
| Stephens | Brian Colley | $210 | $188 | +6.5% | Sep 9, 2022 |
| JMP Securities | Trevor J. Walsh | $280 | $188 | +42.0% | Sep 9, 2022 |
| JMP Securities | Trevor J. Walsh | $280 | $188 | +42.0% | Sep 9, 2022 |
| Daiwa | Stephen Bersey | $168 | $156.93 | -14.8% | Jun 4, 2022 |
| Needham | Alex Henderson | $185 | $161.64 | -6.2% | May 27, 2022 |
| Credit Suisse | Yaoxian Chew | $310 | $160 | +57.2% | May 27, 2022 |
| Citigroup | Fatima Boolani | $225 | $160 | +14.1% | May 27, 2022 |
| Deutsche Bank | Patrick Colville | $190 | $160 | -3.7% | May 27, 2022 |
| UBS | Roger Boyd | $200 | $160 | +1.4% | May 27, 2022 |
| JMP Securities | Trevor J. Walsh | $280 | $160 | +42.0% | May 27, 2022 |
| Stephens | Brian Colley | $200 | $160 | +1.4% | May 27, 2022 |
| RBC Capital | Matthew Hedberg | $200 | $160 | +1.4% | May 27, 2022 |
| BMO Capital | Keith Bachman | $172 | $160 | -12.8% | May 27, 2022 |
| RBC Capital | Matthew Hedberg | $200 | $136.3 | +1.4% | May 23, 2022 |
| Barclays | Saket Kalia | $147 | $136.89 | -25.5% | May 22, 2022 |
| Mizuho Securities | Gregg Moskowitz | $210 | $132.3 | +6.5% | May 19, 2022 |
| Stifel Nicolaus | Adam Borg | $200 | $140.08 | +1.4% | May 16, 2022 |
| Robert W. Baird | Jonathan Ruykhaver | $300 | $230.32 | +52.1% | Mar 26, 2022 |
| Daiwa | Stephen Bersey | $296 | $242.03 | +50.1% | Mar 3, 2022 |
| Barclays | Saket Kalia | $257 | $221.85 | +30.3% | Feb 25, 2022 |
| RBC Capital | Matthew Hedberg | $330 | $221.85 | +67.3% | Feb 25, 2022 |
| Bank of America Securities | Tal Liani | $330 | $221.85 | +67.3% | Feb 25, 2022 |
| FBN Securities | Shebly Seyrafi | $300 | $221.85 | +52.1% | Feb 25, 2022 |
| UBS | Roger Boyd | $325 | $221.85 | +64.8% | Feb 25, 2022 |
| Loop Capital Markets | Yun Kim | $245 | $221.85 | +24.2% | Feb 25, 2022 |
| JMP Securities | Trevor J. Walsh | $350 | $221.85 | +77.4% | Feb 25, 2022 |
| J.P. Morgan | Sterling Auty | $265 | $221.85 | +34.4% | Feb 25, 2022 |
| Colliers Securities | Catharine Trebnick | $325 | $221.85 | +64.8% | Feb 25, 2022 |
| BMO Capital | Keith Bachman | $270 | $221.85 | +36.9% | Feb 25, 2022 |
| Deutsche Bank | Patrick Colville | $280 | $221.85 | +42.0% | Feb 25, 2022 |
| BTIG | Gray Powell | $326 | $263.38 | +65.3% | Feb 24, 2022 |
| Canaccord Genuity | Michael Walkley | $320 | $254.81 | +62.2% | Feb 22, 2022 |
| Citigroup | Fatima Boolani | $310 | $243.2 | +57.2% | Jan 24, 2022 |
| Piper Sandler | Rob Owens | $295 | $260.21 | +49.6% | Jan 6, 2022 |
| Berenberg Bank | Kingsley Crane | $366 | $331.97 | +85.6% | Dec 2, 2021 |
| Goldman Sachs | Brian Essex | $386 | $318.21 | +95.7% | Dec 1, 2021 |
| Cowen & Co. | Shaul Eyal | $405 | $318.21 | +105.3% | Dec 1, 2021 |
| Credit Suisse | Philip Winslow | $410 | $353.75 | +107.9% | Nov 16, 2021 |
| KGI Securities | Freddy Chen | $415 | $350.17 | +110.4% | Nov 8, 2021 |
Track every rating change on ZS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationGlobally recognized, Zscaler, Inc. functions as a leading provider of cloud-based security solutions. Its core offerings include Zscaler Internet Access (ZIA), which ensures secure connectivity for a diverse range of entities – including users, servers, operational technology (OT), and IoT devices – when accessing external resources like software-as-a-service (SaaS) applications and general internet destinations. Complementing this, the Zscaler Private Access (ZPA) solution facilitates secure entry to internal applications residing in private or public clouds and traditional data centers. Zscaler also delivers Zscaler Digital Experience (ZDX), a tool that assesses the complete user journey across various business applications. ZDX then generates a clear, digestible digital experience score for individual users, specific applications, and different locations within an organization. Furthermore, the company's portfolio extends to advanced workload segmentation solutions.…
Historical context
All ZS earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CRWV CoreWeave, Inc. Class A Common Stock | FY2026 Q3 · Calendar Q4 2026 | 0.0% | -0.5% | CoreWeave Q3: 168% Revenue Growth, Higher FY2026 Guidance |
| KSPI Joint Stock Company Kaspi.kz | FY2026 Q3 · Calendar Q4 2026 | +0.6% | -2.4% | Kaspi.kz Lowers GMV Outlook as AI and Grocery Expand |
| TTWO Take-Two Interactive Software, Inc. | FY2027 Q2 · Calendar Q4 2026 | -69.9% | -3.5% | Take-Two holds its FY2027 outlook as GTA VI looms, despite a bookings shortfall |
Latest beats and misses
Who reports nextBeat on EPS
- VGFY2026 Q3 · November 10, 2026+92.7% EPS+1.7% move
- TDGFY2026 Q4 · November 10, 2026+1.9% EPS+0.5% move
- ONONFY2026 Q3 · November 10, 2026+39.9% EPS-7.5% move
- CRWVFY2026 Q3 · November 10, 20260.0% EPS-0.5% move
- OXYFY2026 Q3 · November 9, 2026+30.8% EPS+2.0% move
- MGREFY2026 Q3 · November 9, 2026+8.1% EPS+0.6% move
Missed on EPS
- EMBJFY2026 Q3 · November 10, 2026-49.4% EPS+7.0% move
- VODFY2027 Q2 · November 10, 2026-72.8% EPS-1.2% move
- SEFY2026 Q3 · November 10, 2026-5.1% EPS-1.5% move
- BAPFY2026 Q3 · November 9, 2026-2.6% EPS+3.3% move
- JBSFY2026 Q3 · November 9, 2026-28.6% EPS-5.5% move
- CIBFY2026 Q3 · November 9, 2026-10.1% EPS-4.0% move
Get the ZS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-27T01:22:15.766673+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-24T09:40:54.197357+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-24T09:40:54.194129+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-24. For educational purposes only; not investment advice.