Zscaler (ZS) PT Raised to $236 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the price target on Zscaler (NASDAQ: ZS) to $236.00 (from $210.00) while maintaining an Outperform rating.

The analyst commented: "Zscaler announces a CRO change; we see little disruption risk given the internal promotion; Zscaler announced the departure of CRO Mike Rich for personal reasons with Ross Tackett, head of WW sales, being appointed as the new CRO. After catching up with management, we get the sense that the move is not a result of disagreement/performance and believe the transition will be smooth and not cause a GTM pivot. Mr. Tackett served most recently as Head of WW Sales, effectively running the sales organization since May, and worked with Mr. Rich at ServiceNow previously. Maintain OP rating; raise our PT to $236 from $210 on peer multiple expansion."

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