Wedbush raised the firm’s price target on Zscaler (ZS) to $300 from $240 to reflect increased confidence in the the company’s zero trust growth story over the coming year, while keeping an Outperform rating on the shares. The firm notes Zscaler reported its Q3 results which featured beats/raised guidance across the board, including strong billings beat as the company continues to see strong demand for its zero trust and AI security solutions that will be viewed positively by the Street in this environment. Zscaler announced it hired Kevin Rubin as the new CFO who will be replacing Remo Canessa, which Wedbush believes will be a seamless transition at the C-level.
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