Zscaler Inc: Another Step Toward an AI Security Platform

Research evidence excerpt

Zscaler Inc: Another Step Toward an AI Security Platform

Update

May 21, 2026 03:32 PM GMT

Morgan Stanley & Co. LLCMZscaler Inc | North America Meta A Marshall

Equity Analyst

Another Step Toward an AI Meta.Marshall@morganstanley.comKeith Weiss, CFA +1 212 761-0430

Keith.Weiss@morganstanley.com +1 212 761-4149

Security Platform Jonathan Eisenson

Research Associate

Jonathan.Eisenson@morganstanley.com +1 212 761-2808

Key Takeaways

Zscaler Inc (ZS.O, ZS US)

Zscaler announced its intent to acquire identity and data security vendor Software | United States of America

Symmetry Systems for an undisclosed amount. Stock Rating Equal-weight

Industry View Attractive

Acquisition expected to further bolster Zscaler’s AI Security roadmap, particularly Price target $155.00

around agent-to-agent communication. Shr price, close (May 20, 2026) $174.45

Mkt cap, curr (mm) $29,026

Symmetry's technology expected to complement recent AI security acquisitions 52-Week Range $336.99-114.63

including Red Canary, SPLX, SquareX, and Avalor.

Investor debate remains centered on whether newer platform areas can monetize

fast enough to offset slower core growth.

AI Security remains a long-term growth vector, though contribution beyond the

core ZIA/ZPA business is still relatively early today.

What Was Announced? Zscaler announced its intent to acquire Symmetry Systems,

an Identity and Data Security vendor focused on mapping relationships between

users, AI agents, applications, and sensitive enterprise data through an 'Access

Graph' architecture. Symmetry’s platform provides customers with real-time

visibility into permissions, entitlements, and data interactions across both human

and non-human identities, helping organizations understand how data is accessed,