Zscaler Inc (ZS.US), a cloud-based security provider, soared 12% after strong earnings beat and upbeat outlook. The company’s third-quarter earnings more than doubled to $0.15 per share and topped the consensus estimate of $0.07 per share. Revenue stood at $176.40 million (+60% YoY) and came in above analysts’ expectations of $163.71 million. Zscaler also issued an upbeat full-year outlook amid increased demand for cybersecurity products and services.
Several Wall Street analysts have already upgraded the cybersecurity software provider, including Mizuho analyst Gregg Moskowitz, who raised his price target on Zscaler to $215 from $205, or Barclays analyst Saket Kalia, who raised his PT to $206 from $190, saying “ZScaler’s beat and raise speaks for itself.”
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Zscaler (ZS.US) stock opened with a huge bullish gap following stellar earnings report. The share price jumped above 100-day moving average and climbed towards April’s highs near $197. Based on previous price action, $157 mark can be considered a solid support support level. All-time highs may be found at $229. Source: xStation5
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