Jefferies Maintains Buy Rating on Zscaler (ZS), Raises Price Target to $350

On June 5, Jefferies analysts increased their price target for Zscaler Inc. (NASDAQ:ZS) to $350 from $305 while maintaining a ‘Buy’ rating. This comes after Jefferies’ analysts attended Zscaler’s Zenith Live ’25 event in Las Vegas earlier this week.

An employee standing in front of a large data center, looking toward the future of cloud security.

According to the analysts, they bumped up the price target on positive sentiment observed among channels and customers during the event. Zscaler used the event to highlight its focus on data security and agentic operations. However, the analysts noted that the announcements were primarily technical, without financial updates. Jefferies said the overall positive reception from attendees was a key factor in their assessment.

The analysts emphasized the significance of Secure Access Service Edge (SASE) and Zero Trust solutions. They described them as essential technologies with continuing positive momentum. Also, they view Zscaler as maintaining a leading position in the enterprise security space, with Palo Alto Networks (NASDAQ:PANW) identified as a close competitor.

According to Jefferies, Zscaler’s strong positioning in the cybersecurity market and the increasing demand for its security solutions support the potential for continued growth. As such, the new price target reflects their (the analysts’) confidence in Zscaler’s ability to capitalize on these market opportunities.

Zscaler Inc. (NASDAQ:ZS) is a cloud security company that provides cybersecurity solutions for businesses worldwide. Specific services include internet security, web security, firewall, sandboxing, SSL inspection, antivirus, vulnerability management, and granular control of user activity in cloud computing, mobile, and Internet of Things environments.

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Disclosure: None.