Credit Suisse & Zscaler
We reiterate our OP rating and raise our TP to $46 (from $38) following a blowout F4Q with calculated billings +72% y/y vs. Street +26%. Operating Cash Flow also impressed at $14.7mn vs consensus -$4.5mn. While stock traded off 5% in after hours, we believe ZS is a rare strategic gem which needs to be valued in context of its real growth and strategic potential.


Guessing the shorts are circling ZS, as I was just notified that my broker would like to “borrow” my shares.

Expect fake news on ZS in the near future.

With ZS down today and touching the 50 week EMA, I added to my position.