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Zscaler Analysts Boost Their Forecasts Following Upbeat Q4 Results

Published 06/09/2023, 17:50
Updated 06/09/2023, 19:10
© Reuters. Zscaler Analysts Boost Their Forecasts Following Upbeat Q4 Results
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Benzinga - by Lisa Levin, Benzinga Editor.

Zscaler Inc (NASDAQ: ZS) reported better-than-expected fiscal fourth-quarter results.

Zscaler said fourth-quarter revenue increased 43% year-over-year to $455.01 million, which beat the consensus estimate of $430.42 million. The company reported quarterly earnings of 64 cents per share, which beat analyst estimates of 49 cents per share.

The company anticipates fiscal first-quarter earnings of 48 to 49 cents per share versus estimates of 45 cents per share. Full-year earnings are expected to be between $2.20 and $2.25 per share versus estimates of $2.10 per share.

Zscaler shares fell 3.8% to trade at $156.54 on Wednesday.

These analysts made changes to their price targets on Zscaler following earnings announcement.

  • Oppenheimer increased the price target on Zscaler from $180 to $190. Oppenheimer analyst Ittai Kidron maintained an Outperform rating.
  • BMO Capital boosted the price target on Zscaler from $175 to $180. BMO Capital analyst Keith Bachman maintained an Outperform rating.
  • Stephens & Co. analyst Brian Colley, meanwhile, reiterated Zscaler with an Overweight and maintained a $190 price target.
  • Rosenblatt analyst Catharine Trebnick reiterated Zscaler with a Buy and maintained a $185 price target.
  • Needham analyst Alex Henderson reiterated Zscaler with a Strong Buy and maintained a $210 price target.
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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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