Zscaler remains a "Buy" as cybersecurity sector momentum and AI-driven urgency support continued growth, despite reduced conviction from earlier strong buy levels. ZS delivered 25% YoY revenue growth, exceeded guidance, and is on the cusp of GAAP profitability, with a robust net cash balance sheet. Management guides for 17.5%–19% revenue growth and targets $10 billion ARR by FY31, implying sustained mid-teens CAGR and 27%–30% non-GAAP operating margins.
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