Zscaler Inc ( ZS ) shares are trading lower Wednesday on the heels of the cybersecurity company’s fiscal fourth-quarter financial results. Multiple analysts also lowered price targets following the report.

Q4 Revenue: $592.9 million, versus the consensus estimate of $567.933 million

Q4 EPS: 88 cents, versus estimates of 69 cents

Total fourth-quarter revenue was up 30% on a year-over-year basis, while deferred revenue increased 32% year-over-year to $1.895 billion. Zscaler ( ZS ) said calculated billings grew 27% year-over-year to $910.8 million.

Cash flow from operations totaled $203.6 million in the quarter. The company generated $136.3 million of free cash flow in the fourth quarter, up from $101.3 million in the prior year’s quarter. Zscaler ( ZS ) ended the quarter with approximately $2.41 billion in cash, equivalents and short-term investments.

"Customers adoption of our Zero Trust Exchange platform is stronger than ever, and I'm thrilled to share that we have achieved a major milestone with our cloud platform surpassing over half a Trillion transactions daily. I'm excited about the year ahead, as we enter Fiscal 2025 with a strong go-to-market machine and a high pace of innovation,” said Jay Chaudhry, chairman and CEO of Zscaler ( ZS ).

Guidance: Zscaler ( ZS ) sees fiscal first-quarter revenue in the range of $604 million to $606 million. The company anticipates first-quarter adjusted earnings of 62 cents to 63 cents per share.

Zscaler ( ZS ) expects full-year 2025 revenue of approximately $2.6 billion to $2.62 billion. The company anticipates full-year adjusted earnings of $2.81 to $2.87 per share.

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Analyst Changes:

Needham analyst Alex Henderson maintained Zscaler ( ZS ) with a Strong Buy and lowered the price target from $290 to $235.

Baird analyst Shrenik Kothari maintained Zscaler ( ZS ) with an Outperform and lowered the price target from $260 to $225.

Loop Capital analyst Yun Kim maintained Zscaler ( ZS ) with a Hold and lowered the price target from $180 to $165.

Cantor Fitzgerald analyst Yi Fu Lee maintained Zscaler ( ZS ) with a Neutral and lowered the price target from $200 to $170.

ZS Price Action: Zscaler ( ZS ) shares were down 17.2% Wednesday morning, trading at $159.84 at the time of publication, according to Benzinga Pro.