ZS - Zscaler Shares Nosedive Then Rebound On Q1 Print: What 6 Analysts Say | Benzinga
Zscaler Inc (NASDAQ: ZS) shares tanked in premarket trading on Tuesday, after the company reported its first quarter results for fiscal 2024. The stock did manage to rebound in the morning.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.
Needham On Zscaler
Analyst Alex Henderson maintained a Strong Buy rating while raising the price target from $210 to $225.
Zscaler delivered strong quarterly results, with 40% revenue growth that topped Wall Street expectations, Handerson said in a note. He added the company’s earnings were impressive, at 67 cents per share, "up 133% and a strong 38% ahead of Street estimates” of 49 cents per share.
Management raised its guidance for the fiscal second quarter and full year, which still appeared conservative, the analyst stated.
"Zscaler is accelerating Sales hiring and still expecting to deliver solid Operating Margin leverage,” he further wrote.
Piper Sandler On Zscaler
Analyst Rob Owens reiterated an Overweight rating while lifting the price target from $190 to $220.
"Upside to top and bottom line metrics punctuated a solid start to the fiscal year for ZS, with a record new ACV quarter for Federal and traction with the broader platform offering (i.e. ZDX, Data Protection) helping momentum remain strong for the company,” Owens wrote ...