Zscaler Stock Slips Despite Analyst Upgrades: What's Behind the Dip?

Zscaler (ZS) stock fell by 10% to $193.05 despite two major analyst firms raising their price targets.

RBC Capital raised its target to $236 from $210, while Mizuho lifted its target to $220 from $210. Both firms maintained an Outperform rating on the stock.

The moves follow a change in Zscaler's Chief Revenue Officer role, with Mike Rich stepping down for personal reasons and Ross Tackett taking over as the new CRO.

Tackett has effectively been running the sales organization since May and has worked alongside Rich in a past role at ServiceNow.