12:21 PM EDT, 06/13/2024 (MT Newswires) -- Zscaler ( ZS ) is a "top name" in cybersecurity as the cloud shift quickens in the next five to 10 years, Wedbush said Thursday in a report.

At a company conference in Las Vegas, Zscaler ( ZS ) highlighted "multiple key growth opportunities" while building a lead with its Zero Trust security framework, Wedbush said. "Management had a very bullish tone throughout the conference

despite the recent noise in the cybersecurity market," the report said.

Zscaler ( ZS ) cited "enhancements to its product portfolio" and "large market opportunity" at the conference, Wedbush said.

Zscaler's ( ZS ) serviceable addressable market has grown to $96 billion from $72 billion in 2021, Wedbush said.

The company announced new product launches in data protection and IoT/OT, along with a shift to account-centric selling and expanded global system integrator partnerships, Wedbush said.

Wedbush maintained an outperform rating on Zscaler's ( ZS ) stock with a $260 price target.

Zscaler ( ZS ) shares fell 4.5% in recent trading.

Price: 180.40, Change: -8.43, Percent Change: -4.46