Coverage
— → Added to coverage
Investment conviction●●●○○3 of 5
Research target$228.81Stock price target
Investment thesis statusINTACTLast reviewed 7/22/26
Market cap$24.05BSnapshot value
Research history
See all ZS changes ↗What changed
Zscaler invented the zero-trust SASE category and remains the pure-play leader with ZIA (Internet Access) and ZPA (Private Access). As enterprises eliminate legacy VPNs and adopt zero-trust network access, Zscaler's cloud-native architecture is the default replacement. The shift from appliance-based security to cloud-delivered security is secular.
Zscaler for Users + Zscaler for Workloads ~3x ARPU expansion opportunity in existing accounts Federal zero-trust mandates pushing government agencies to SASE Q4 FY26 earnings — billings and guidance inflection
needs primary source validation — pending deep-dive research. Placeholder: (1) thesis chain breaks on primary-source evidence, (2) named revenue/customer concentration risk, (3) margin compression or competitive displacement
research_only - seeded from company_layer_membership
Snapshot · 7/22/26🟢 Lean-Bull · ins-$4.9M · 13F 16+/7-×0.0 · short↓0.22
Snapshot · 7/22/26