12:25 PM EDT, 09/04/2024 (MT Newswires) -- Zscaler's ( ZS ) results for fiscal Q4 featured strong beats but were overshadowed by its billings guidance for H1 of fiscal 2025, Wedbush Securities said in a note Wednesday.

The firm said the billings outlook came in below expectations, with majority of growth for the year anticipated in the second half.

Wedbush noted that Zscaler ( ZS ) expects billings for H1 of fiscal 2025 to make up 39% to 39.5% of total billings for the year, with the back half representing the rest.

"In our opinion, [Zscaler ( ZS )] remains a gold standard cyber name to own and we would be buyers on weakness for this high quality zero trust growth name," the firm said.

Wedbush cut the company's price target to $220 from $260 and maintained its outperform rating.

Shares of Zscaler ( ZS ) fell 18% in recent Wednesday trading.

Price: 158.33, Change: -34.87, Percent Change: -18.05