Zscaler shares rise as investors refocus on upcoming earnings and prior raised outlook

Zscaler, Inc. (ZS) is up 3.6% today. Here is some analysis on what might have caused this price movement.

Analysis: The move appears tied to investors positioning ahead of Zscaler’s upcoming quarterly earnings event, with sentiment supported by the company’s most recent results and higher full-year outlook. With no single, widely-circulated company-specific headline tied to today’s session, part of the gain could also be a broader risk-on bid for cybersecurity/software names.

Details:

Zscaler scheduled its fiscal Q3 2026 earnings release and conference call for Tuesday, May 26, 2026, after the market close, which can draw pre-event buying and short-covering.

In its fiscal Q2 2026 results release, Zscaler highlighted strong performance and lifted its fiscal 2026 annual recurring revenue (ARR) growth guidance to 24%.

That same quarterly update also raised the company’s fiscal 2026 non-GAAP earnings outlook versus prior guidance ranges, reinforcing the profitability narrative alongside growth.

Separately, Zscaler has continued to publicize progress in U.S. federal security authorizations, including a recent Department of Defense Impact Level 5 authorization for its ZIA offering, which may be viewed as supportive for public-sector demand.

Sources:

Zscaler Investor Relations, Zscaler Press Release, Investing.com

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$ZS Insider Trading Activity

$ZS insiders have traded $ZS stock on the open market 18 times in the past 6 months. Of those trades, 0 have been purchases and 18 have been sales.

Here’s a breakdown of recent trading of $ZS stock by insiders over the last 6 months:

ROBERT SCHLOSSMAN (Chief Legal Officer) has made 0 purchases and 3 sales selling 7,696 shares for an estimated $1,613,040.
MICHAEL J. RICH (CRO and President of WW Sales) has made 0 purchases and 2 sales selling 7,247 shares for an estimated $1,439,157.
ADAM GELLER (Chief Product Officer) has made 0 purchases and 4 sales selling 7,259 shares for an estimated $1,406,640.
RAJ JUDGE (EVP, Corp. Strategy & Ventures) has made 0 purchases and 2 sales selling 5,926 shares for an estimated $1,183,160.
KEVIN RUBIN (Chief Financial Officer) has made 0 purchases and 2 sales selling 4,985 shares for an estimated $1,025,785.
JAGTAR SINGH CHAUDHRY (CEO & Chairman) has made 0 purchases and 2 sales selling 4,784 shares for an estimated $960,166.
JAMES A BEER has made 0 purchases and 2 sales selling 830 shares for an estimated $175,222.
ANDREW WILLIAM FRASER BROWN sold 5,000 shares for an estimated $0

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

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$ZS Hedge Fund Activity

We have seen 377 institutional investors add shares of $ZS stock to their portfolio, and 585 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

FMR LLC removed 2,339,184 shares (-51.6%) from their portfolio in Q1 2026, for an estimated $328,164,123
FEDERATED HERMES, INC. removed 1,074,482 shares (-89.2%) from their portfolio in Q1 2026, for an estimated $150,739,079
T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 999,599 shares (-44.3%) from their portfolio in Q4 2025, for an estimated $224,829,807
FIRST TRUST ADVISORS LP added 935,781 shares (+36.2%) to their portfolio in Q1 2026, for an estimated $131,280,716
D. E. SHAW & CO., INC. removed 872,732 shares (-70.6%) from their portfolio in Q4 2025, for an estimated $196,294,881
PRICE T ROWE ASSOCIATES INC /MD/ removed 823,148 shares (-32.0%) from their portfolio in Q1 2026, for an estimated $115,479,432
WELLINGTON MANAGEMENT GROUP LLP added 759,412 shares (+566.3%) to their portfolio in Q1 2026, for an estimated $106,537,909

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$ZS Analyst Ratings

Wall Street analysts have issued reports on $ZS in the last several months. We have seen 11 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Macquarie issued a "Outperform" rating on 02/27/2026
Citigroup issued a "Buy" rating on 01/13/2026
Keybanc issued a "Overweight" rating on 01/12/2026
RBC Capital issued a "Outperform" rating on 01/05/2026
Stifel issued a "Buy" rating on 11/26/2025
JP Morgan issued a "Overweight" rating on 11/26/2025
Baird issued a "Outperform" rating on 11/26/2025

To track analyst ratings and price targets for $ZS, check out Quiver Quantitative's $ZS forecast page.

$ZS Price Targets

Multiple analysts have issued price targets for $ZS recently. We have seen 28 analysts offer price targets for $ZS in the last 6 months, with a median target of $250.0.

Here are some recent targets:

Rustam Kanga from Citizens set a target price of $210.0 on 05/01/2026
Hamza Fodderwala from Morgan Stanley set a target price of $155.0 on 04/22/2026
Eric Heath from Keybanc set a target price of $160.0 on 04/15/2026
Ittai Kidron from Oppenheimer set a target price of $250.0 on 03/10/2026
Richard Poland from Wells Fargo set a target price of $200.0 on 03/03/2026
Fatima Boolani from Citigroup set a target price of $195.0 on 03/02/2026
Gabriela Borges from Goldman Sachs set a target price of $257.0 on 03/02/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.