Why Zscaler Stock Tanked 13% Today
High-growth but richly valued tech stocks have been getting hammered by the market as of late, and software cybersecurity disruptor Zscaler (NASDAQ: ZS) hasn't been exempt. The stock was down nearly 13% today as of 12:25 p.m. EST, even though the company posted fantastic results for its fiscal 2022 first quarter (the three months ended Oct. 31) last week.
As for the specific plunge today (Zscaler is up 36% in 2021 with just weeks to go until the new year), analyst Stephen Bersey at Daiwa Capital downgraded Zscaler to underperform and stuck a $286 price target on the stock.
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Source Fool.com
