Zscaler price target lowered to $225 from $260 at Baird

Baird lowered the firm’s price target on Zscaler to $225 from $260 and keeps an Outperform rating on the shares. The firm said they delivered a solid beat, but noted the stock is down on 1H billings guidance striking a measured tone, expecting flat-to-slightly down year-over-year productivity before ramping in 2H, as new reps reach full productivity.