ZS Zscaler, Inc.
Price Chart
Executive Summary
Mizuho upgraded Zscaler (ZS) from Neutral to Outperform on Dec 16, 2025, maintaining a $310 price target — an extraordinary 137% upside from the current $130.68. The call is part of a broader cluster of 20 firms acting on ZS, but recent analyst momentum has been negative with 2 downgrades in the past 30 days (Morgan Stanley and BTIG). Mizuho's accuracy on ZS is 64% (7 of 11 calls), with a -2.0% average return, placing them in the top tier among covering firms but with mixed timing. Consensus is overwhelmingly bullish: 84% Buy/Strong Buy (16 strong buy, 33 buy, 9 hold, 0 sell) from 58 analysts. The mean price target of $229.45 implies 75.6% upside, but Mizuho's $310 target is well above the median ($225) and near the high ($335). However, insider selling ($1.4M in March 2026) and institutional trims (Two Sigma -64%, BofA -53%, UBS -50%) diverge from the upgrade, while short interest is elevated at 59.6%. EPS revisions are stable with 40 upward revisions for the current quarter in the past 30 days. Bottom line: Mizuho's upgrade adds bullish conviction but is partially offset by negative cross-signals, making this a high-conviction but high-risk call.
Impact Score
Consensus & Targets
Full consensus: 16 Strong Buy, 33 Buy, 9 Hold, 0 Sell, 0 Strong Sell (total 58 analysts). That's 84% Buy/Strong Buy, a heavily bullish consensus. Mizuho's upgrade aligns with the majority view, reducing its contrarian edge.
Mean target $229.45, median $225, high $335, low $140. Current price $130.68 implies +75.6% upside to mean. Mizuho's $310 PT sits above the mean and median, near the high end, offering +137% upside — one of the most aggressive targets on the street.
Recent Analyst Activity
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| 2026-05-01 | Citizens | maintain | Market Outperform | $210.00 |
| 2026-04-22 | Morgan Stanley | downgrade | Equal-Weight | $155.00 |
| 2026-04-15 | Keybanc | maintain | Overweight | $160.00 |
| 2026-04-09 | BTIG | downgrade | Neutral | — |
| 2026-03-10 | Oppenheimer | maintain | Outperform | $250.00 |
| 2026-03-03 | Wells Fargo | initiate | Overweight | $200.00 |
| 2026-03-02 | Citigroup | maintain | Buy | $195.00 |
| 2026-03-02 | Goldman Sachs | maintain | Neutral | $257.00 |
| 2026-02-27 | Macquarie | maintain | Outperform | $210.00 |
| 2026-02-27 | Canaccord Genuity | maintain | Buy | $275.00 |
In the last 30 days, ZS saw 0 upgrades and 2 downgrades (Morgan Stanley: Overweight→Equal-Weight on Apr 22; BTIG: Buy→Neutral on Apr 9). EPS revisions are mixed: current quarter has 40 ups and 0 downs in 30 days, but next quarter has 1 down and 0 up. The next-year estimate shows 2 ups and 2 downs — stability with slight negative tilt.
Firm Track Record — Mizuho
Mizuho accuracy: 52% on 2227 calls | avg return: 4.7%
Industry benchmark: mean 51% ± 11%. Top tier: ≥61% (mean + 1σ). Based on 15 firms with ≥5 scored calls.
| Firm | Accuracy | Calls | Avg Return | vs Average |
|---|---|---|---|---|
| Stephens & Co. | 100% | 3/3 | 19.8% | top tier |
| Truist Securities | 100% | 2/2 | 1.9% | top tier |
| Loop Capital | 80% | 4/5 | 10.8% | top tier |
| Barclays | 73% | 8/11 | 4.2% | top tier |
| Baird | 71% | 5/7 | 8.8% | top tier |
| Stifel | 71% | 5/7 | 1% | top tier |
| Bernstein | 67% | 2/3 | -18.5% | top tier |
| Mizuho | 64% | 7/11 | -2% | top tier |
| BMO Capital | 63% | 5/8 | 12.1% | top tier |
| Wedbush | 60% | 3/5 | 5% | above average |
Mizuho has a 64% accuracy rate on 11 ZS calls with an average return of -2.0%, categorized as top tier by frequency but poor on realized returns. Best covering firm: Stephens & Co. (100% on 3 calls, +19.8% avg return). Worst: Bernstein (67% on 3 calls, -18.5% avg return). Mizuho's record is middling despite top-tier classification.
Earnings Estimates
Next earnings: May 27, 2026
| Period | EPS Est. | EPS Range | Revenue | Revisions (7d) |
|---|---|---|---|---|
| 0q | $1.01 | $0.94 — $1.07 | $835.7M | ↑0 ↓0 |
| +1q | $1.03 | $1.01 — $1.16 | $878.7M | ↑0 ↓0 |
| +1y | $4.59 | $3.81 — $5.23 | $4.0B | ↑0 ↓0 |
| 0y | $4.02 | $3.80 — $4.47 | $3.3B | ↑0 ↓0 |
Cross-Platform Signals
Insider trades: 5 sells totaling ~$1.4M in March 2026 (all executives). Institutional: Two Sigma trimmed 63.9%, BofA trimmed 52.9%, UBS trimmed 49.8%; Morgan Stanley added 25.4% and Norges Bank took a new position. Short interest ratio is 59.6% (very high). The analyst upgrade diverges from insider selling and institutional trims, but aligns with potential short squeeze dynamics. No congressional trades recorded.
Actionable Insight
Mizuho's upgrade is a high-upside signal trapped in a bearish cross-current of insider sales and institutional exits. Traders should treat this as a catalyst for a squeeze if earnings (due May 27, 2026) deliver, but avoid adding without tight stops given the conflicting flows.
Documents Analyzed
Report based on filing metadata.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 1, 2026
4d ago
|
ANALYST-UPGRADE
| — | awaiting T+5 | — | — |
|
May 31, 2026
5d ago
|
ANALYST-UPGRADE
| $232.67 $229.12 | ▼ −1.53% | ▼ −2.86% | $130.78 (−43.79%) |
|
May 27, 2026
9d ago
|
ANALYST-DOWNGRADE
| — | awaiting T+5 | — | — |
|
May 26, 2026
10d ago
|
8-K
| $126.17 $134.28 | ▲ +6.43% | ▲ +5.96% | $130.78 (+3.65%) |
|
May 22, 2026
14d ago
|
ANALYST-DOWNGRADE
| $142.00 $134.27 | ▲ +5.44% | ▲ +5.50% | $130.78 (+7.90%) |
|
May 21, 2026
15d ago
|
Press Release
| — | awaiting T+5 | — | — |
|
May 19, 2026
17d ago
|
Press Release
| — | awaiting T+5 | — | — |
|
May 18, 2026
18d ago
|
ANALYST-UPGRADE
| — | awaiting T+5 | — | — |
|
May 9, 2026
27d ago
|
ANALYST-DOWNGRADE
| $121.25 $134.28 | ▼ −10.75% | ▼ −7.56% | $130.78 (−7.86%) |
|
May 7, 2026
29d ago
|
Press Release
| $152.03 $152.43 | ▲ +0.26% | ▼ −1.24% | $130.78 (−13.98%) |
US Market Status
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