ZS - Why Zscaler Stock Was Up on Monday
2023-10-09 14:02:07 ET
Shares of Zscaler (NASDAQ: ZS) were up 4.3% as of 12:21 p.m. ET on Monday after Barclays analysts upgraded the stock to overweight from underweight with a $190 near-term price target.
The stock was crushed last year along with other expensive growth stocks. Zscaler has continued to report robust revenue growth this year, which has sent the stock up 52% year to date.
Cybersecurity threats will continue regardless of how the economy performs, which is why Zscaler reported a 43% year-over-year increase in revenue in the fiscal quarter ending July 31. Cyberattacks are on the rise across every sector of the economy, creating a major tailwind for Zscaler's business.
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Why Zscaler Stock Was Up on Monday