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Cyber security is a major concern for global family offices.
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Zscaler
was up on Friday after the software security firm released quarterly profits above analysts’ expectations and released a revenue outlook for the current quarter ahead of estimates.
The stock was up 0.82% to $ 282.51. It has gained 41% so far this year and almost 120% in the last 12 months.
Wedbush analyst Dan Ives called
Zscaler
‘s reports “another breathtaking quarter,” adding that “in our opinion ZS is the best pure game in cloud security.”
Zscaler (ticker: ZS) reported fiscal fourth quarter adjusted earnings of 14 cents per share on revenue of $ 197.1 million. A year earlier, the cybersecurity firm reported adjusted earnings of 8 cents per share on revenue of $ 125.9 million.
Billing in the quarter – a metric closely watched by analysts – jumped 70% to $ 332.2 million.
Analysts were claiming a profit of 9 cents a share on revenue of $ 186.8 million. Billing was expected at $ 278.1 million.
Zscaler said it expects first quarter revenue of $ 210 million to $ 212 million, higher than forecast by around $ 200 million. The company expects adjusted earnings of 12 cents per share, according to estimates.
For fiscal 2022, Zscaler said it expects revenue of $ 940 million to $ 950 million and billings of $ 1.23 to $ 1.25 billion.
RBC analysts raised their price target on Zscaler shares to $ 326 from $ 300 and maintained their outperformance rating.
“Zscaler had another impressive quarter with year-over-year billings and minimal revenue deceleration from tough lineups as all results were well above expectations,” analysts said. “The initial revenue / billing forecast for fiscal year 22 was higher than expected, but should prove to be conservative based on recent execution and the effectiveness of the company’s grounding and expansion move. . ”
“In our opinion, ZS is the best pure game in cloud security, which we believe is still in the very early stages of its take-off with global hybrid cloud workloads on the point to accelerate significantly over the next few years and in this climate could see some strategic deals progressing as the move to the cloud outside the firewall catalyzes a handful of key sales cycles, ”Ives wrote. in a note to customers.
Wedbush maintained its outperformance rating on the stock and its price target of $ 320.
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