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MarketWatch MarketPulseMay 29, 2020
Zscaler stock surges toward best day on record after earnings
Zscaler Inc. shares [: ZS] are up more than 25% in Friday trading and on track for their largest single-day percentage gain on record after the cloud security company posted better-than-expected earnings that showed the company is "a clear stay-at-home beneficiary," according to FBN Securities analyst Shebly Seyrafi. Other analysts praised the results as well. Wedbush analyst Daniel Ives called Zscaler's results a "jaw-dropping performance," highlighted by accelerating demand and strong Billings growth. "In our opinion, Zscaler is the best pure play in the cloud security arena, which we believe is still in the very early innings of taking off with overall hybrid cloud workloads poised to meaningfully accelerate over the coming years," he wrote. Cowen & Co.'s Nick Yako wrote that the company's "revamped sales strategy" is starting to pay off as the company is improving its execution. Zscaler shares are up 83% over the past three months as the S&P 500 has gained 1.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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