Excellent insight and discussion here, thanks to everyone on this thread.
For a non-SW person like me, at a 10k ft level, my take is following… would be curious to see what others think…
- NET is really a secure access provider to cloud, just as ZS is … except that ZS is focused on large enterprise customers where NET is in mid-market to SMB space…
And both NET and ZS taking away $$ from not only PANW and FEYE etc… but also to some extent networking gear companies like CSCO… as they offer a replacement of old enterprise access networks
BTW - this also means both NET and ZS benefit tremendously with WFH… (I would have thought NET to accelerate revenue but this clarification that they offered free access to 1000 customers means they will see revenue build up next Q)
- FSLY on the other hand… is almost like building a faster, smaller, nimbler version of AWS or Azure… focused on edge… not competing with them but complementing… so they become premium, high speed version of big cloud…
if this is anywhere near good enough explanation, I see them both separate investment opportunities in their own right… and not much comparable… just like you would not compare CRWD to DDOG… very different function / purpose even though they are both cloud companies…