Zscaler Q4 FY26业绩全面超预期但股价盘中跌约5%，盘后冲高至$201后大幅回落，典型'见光死'

Zscaler ( ZS ) shares fell about 5% by noon trading on Friday, following fourth-quarter fiscal 2026 results that surpassed estimates across the board. Oppenheimer reiterated its Outperform rating and hefty $250 price target on the cybersecurity stock. "FY27 guidance issued above consensus, indicating ~60bps of YoY growth above initial expectations," said Oppenheimer analyst Ittai Kidron in an investor note. "Record large deal activity. +$100K/+$1M ARR customer growth accelerated to 19.7%/18.2% YoY, respectively. Security for AI bookings +50% QoQ and relevant pipeline +75% QoQ. Z-Flex adoption is scaling, now at +$770M in bookings (+60% QoQ). Record operating margins. Improving sales productivity. Agentic SecOps launches September 9th." Meanwhile, Wells Fargo retained its Overweight rating and $210 price target. "ZS finished the year off well with above-average ARR upside, and a raise to FY27 ARR guidance but was mixed on margin (capex, small restructure)," said Wells Fargo analyst Richard Poland in a note. However, Seeking Alpha analyst Julia Ostian rated the stock as a Hold. "Cybersecurity is on a nice run in the last few months, but there are still companies that are underperforming relative to the overall sector," she said in a Friday analysis . "One of these companies is Zscaler, Inc. , and, as a matter of fact, it is underperforming all of the companies the market is widely discussing."