Zenith Live Key Takeaways

Research evidence excerpt

Zenith Live Key Takeaways

Security & Infrastructure Software

Zscaler, Inc. (ZS)

EQUITY RESEARCH Company Update

June 9, 2026

Zenith Live Key Takeaways Price: $125.84

Price Target: $225.00 Investment Summary. This week, we attended Zenith Live, Zscaler’s annual

Rating: Overweight customer and partner conference in Las Vegas. Key takeaways include

Key Statistics: AI security monetization, Zero Trust and AI agent innovation, and go-to-

Symbol NASDAQ: ZS market refinement. Conversations highlighted growing customer urgency

52-Week Range 114.63 - 336.99 around securing AI, with Zscaler positioning its platform as a control layer

Market Cap 20,349.5 for AI usage, agent activity, and data access. Management also emphasized ADV (3 mo) 4,167,828

the continued relevance of Zero Trust architecture as customers look EV ($M) 44,611

Shares Out (M) 161.7 to reduce attack surface, limit lateral movement, and secure users,

branches, workloads, and AI agents through a common platform. On go-to-

Research Analysts: market, Zscaler highlighted ongoing efforts to improve new logo execution,

Jonathan Ruykhaver, CFA particularly in underpenetrated enterprise segments. We reiterate our

617-443-4473 Overweight rating and our 12-month price target of $225.

Jonathan.Ruykhaver@cantor.com

Ben Mitchell Key Takeaways:

212-428-5917

Ben.Mitchell@cantor.com 1) AI Innovation. Zscaler unveiled several new capabilities, including

Zscaler AI Broker, which helps govern agent to agent and MCP based

REV ($M) communications through an integrated agent registry and precise access

FYE Jul 2025A 2026E 2027E controls, and Zscaler Endpoint AI Security, which extends protection to

1Q $628.0 $788.1A $922.1 AI risks on employee devices. Zscaler also introduced AI Access Graph,