Investment Analysts’ Recent Ratings Changes for Zscaler (ZS)

A number of research firms have changed their ratings and price targets for Zscaler (NASDAQ: ZS):

• 1/21/2026 – Zscaler had its “sell (d-)” rating reaffirmed by analysts at Weiss Ratings.
• 1/13/2026 – Zscaler had its price target lowered by analysts at Citigroup Inc. from $350.00 to $305.00. They now have a “buy” rating on the stock.
• 1/12/2026 – Zscaler had its price target lowered by analysts at KeyCorp from $350.00 to $300.00. They now have an “overweight” rating on the stock.
• 1/5/2026 – Zscaler had its price target lowered by analysts at Piper Sandler from $280.00 to $260.00. They now have a “neutral” rating on the stock.
• 1/5/2026 – Zscaler had its price target lowered by analysts at Royal Bank Of Canada from $366.00 to $290.00. They now have an “outperform” rating on the stock.
• 12/18/2025 – Zscaler was given a new $305.00 price target on by analysts at Morgan Stanley.
• 12/16/2025 – Zscaler was upgraded by analysts at Mizuho from a “neutral” rating to an “outperform” rating. They now have a $310.00 price target on the stock.
• 12/11/2025 – Zscaler was given a new $320.00 price target on by analysts at Loop Capital.
• 12/1/2025 – Zscaler was downgraded by analysts at Sanford C. Bernstein from an “outperform” rating to a “hold” rating.
• 12/1/2025 – Zscaler had its price target lowered by analysts at Citigroup Inc. from $365.00 to $350.00. They now have a “buy” rating on the stock.
• 11/28/2025 – Zscaler had its price target lowered by analysts at Berenberg Bank from $400.00 to $390.00. They now have a “buy” rating on the stock.

Insider Activity at Zscaler

In related news, insider Adam Geller sold 2,060 shares of Zscaler stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $230.82, for a total value of $475,489.20. Following the completion of the transaction, the insider owned 52,148 shares in the company, valued at approximately $12,036,801.36. This trade represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Kevin Rubin sold 3,303 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $230.82, for a total value of $762,398.46. Following the sale, the chief financial officer directly owned 48,161 shares in the company, valued at $11,116,522.02. The trade was a 6.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 19,350 shares of company stock worth $4,471,509 in the last 90 days. Company insiders own 17.20% of the company’s stock.

Zscaler is a cloud security company that delivers a cloud-native platform to protect users, applications and data as organizations move away from traditional, network-centric security architectures. The company focuses on a zero trust approach that assumes no implicit trust for users or devices, providing secure access to the internet, SaaS applications and private applications regardless of where users are located. Zscaler positions its services as an alternative to legacy appliances and site-centric VPNs, aiming to simplify security while enabling modern, distributed workforces.

Key offerings are built around the Zscaler Zero Trust Exchange, a multi-tenant cloud platform that enforces security and access policies in-line.