Zscaler (ZS)
Secures enterprise access through a distributed cloud platform built around zero trust.
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Sells subscriptions to a distributed Zero Trust Exchange that secures internet, SaaS, and private-application access across users, workloads, branches, data, and IoT/OT. Policy is enforced in the cloud rather than through a corporate-network perimeter, while the widening platform combines internally developed products with acquired security capabilities.
Secures enterprise access through the distributed Zero Trust Exchange, with Zscaler Internet Access for internet and SaaS traffic and Zscaler Private Access for private applications. Subscriptions extend across users, workloads, branches, data, IoT/OT, digital experience, managed detection, AI, and browser security.
Policy is enforced in the cloud by identity, application, and context rather than extending a private-network perimeter. A worldwide workforce supports the platform, while founder and CEO Jay Chaudhry continues to chair the board.
Expansion has combined internal product development with acquisitions for data analytics, segmentation, managed detection, AI security, and browser security. The business depends on continued customer migration from perimeter-based security, reliable operation of its distributed cloud, and successful integration of the widening product set.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 17, 2026 | Bernstein | Reiterate | Rating: —Target: $224 | Target: $298 |
| Sep 5, 2026 | Roth Capital | Reiterate | Rating: —Target: $215 | Target: $170 |
| Sep 4, 2026 | Scotiabank | Reiterate | Rating: —Target: $175 | Target: $200 |
| Sep 4, 2026 | Stephens | Reiterate | Rating: —Target: $205 | Target: $215 |
| Sep 4, 2026 | Needham | Reiterate | Rating: —Target: $310 | Target: $215 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jul 31, 2026Cash & short-term investments $3.47B · Total debt $1.86B · Total assets $7.87B · Shareholders' equity $2.60B
- Revenue
- $898.2M
- Operating income
- −$15.5M
- Net income
- −$3.4M
No dividends on record.
| Institutions | 51.13% | 83.36M shares | |
|---|---|---|---|
| 840 holders · as of Jun 30, 2026 | |||
| Insiders | 33.50% | 54.62M shares | |
| 13 holders · as of Sep 21, 2026 | |||
| Other | 15.37% | 25.07M shares | |
| remainder | |||
163.05M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Ajay Mangal1Insider10 percent owner | 17.95% | 29.45M | filed Jun 11, 2025 |
Jagtar Singh ChaudhryInsiderdirector, 10 percent owner, officer: CEO & Chairman | 15.14% | 24.68M | filed Sep 17, 2026 |
BlackRock, Inc.Institution | 6.07% | 9.89M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 3.80% | 6.20M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 2.90% | 4.72M | as of Jun 30, 2026 |
- Ajay Mangal's transaction reports restate only vehicles that traded; the 2022 ownership statement (29.45M) less the 187.9K net shares sold since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 21, 2026 | Robert Schlossman | officer: Chief Legal Officer | −5,394 | $200.00 |
| Sep 21, 2026 | Adam Geller | officer: Chief Product Officer | −661 | $200.00 |
| Sep 16, 2026 | Kevin Rubin | officer: Chief Financial Officer | −5,957 | $192.76 |
| Sep 16, 2026 | Jagtar Singh Chaudhry | director, 10 percent owner, officer: CEO & Chairman | −2,852 | $192.76 |
| Sep 17, 2026 | James A. Beer | director | −177 | $192.01 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Zscaler | $205.54 | −0.77% | $33.49B | — | 42.2 | 10.0 | +24.9% |
| Palo Alto Networks | $366.62 | −1.38% | $302.98B | 844.9 | 87.6 | 26.4 | +34.5% |
| Netskope | $18.31 | −0.50% | $7.43B | — | — | 9.3 | +29.1% |
| Cisco Systems | $105.30 | −5.53% | $439.31B | 33.5 | 20.6 | 6.9 | +17.6% |
| Fortinet | $171.74 | −1.99% | $128.57B | 61.7 | 48.8 | 17.1 | +25.6% |
| Cloudflare | $350.04 | −0.46% | $124.85B | — | 235.9 | 49.7 | +35.9% |
| Microsoft | $495.57 | −1.20% | $3.72T | 27.9 | 25.3 | 11.2 | +17.8% |
| Check Point Software Technologies | $131.54 | −2.02% | $13.71B | 13.7 | 12.2 | 5.0 | +1.3% |
| CrowdStrike | $245.63 | −1.49% | $253.90B | 7,104.0 | 174.3 | 47.1 | +25.8% |
| Median | 47.6 | 48.8 | 14.2 | +25.7% |