Baird Lowers Price Target for Zscaler (ZS) to $300

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Baird analyst Shrenik Kothari announced that the firm is maintaining its "Outperform" rating on Zscaler (ZS), but the price target has been lowered from $360 to $300, a 16.67% reduction. This adjustment in price target follows a series of similar actions by other analysts, including JP Morgan, Keybanc, Mizuho, and Truist Securities, who have all recently lowered their price targets for Zscaler.

Why it matters

These consistent downward adjustments by multiple analysts suggest a cautious outlook for Zscaler (ZS) in the near term, as the company faces potential headwinds that have led analysts to reduce their price targets.

The details

Zscaler is a software-as-a-service (SaaS) firm focusing on providing cloud-native cybersecurity solutions to primarily enterprise customers. The firm's offerings can be broadly partitioned into Zscaler Internet Access, which provides secure access to external applications, and Zscaler Private Access, which provides secure access to internal applications. Zscaler is headquartered in San Jose, California, and went public in 2018.

• On February 23, 2026, Baird analyst Shrenik Kothari announced the price target reduction.
• On February 20, 2026, JP Morgan analyst Brian Essex maintained an "Overweight" rating but lowered the price target from $354 to $267.
• On February 17, 2026, Keybanc analyst Eric Heath maintained an "Overweight" rating but reduced the price target from $300 to $250.
• On February 17, 2026, Mizuho analyst Gregg Moskowitz maintained an "Outperform" rating but lowered the price target from $310 to $265.
• On February 17, 2026, Truist Securities analyst Junaid Siddiqui maintained a "Buy" rating but reduced the price target from $350 to $250.

What they’re saying