Zscaler: A Stock Left Behind

I'm initiating Zscaler with a buy and see that undervaluation and low expectations support more upside ahead. ZS delivered accelerating organic net new ARR growth in FY26, but guided to conservative 16.6%-17.4% ARR growth for FY27 amid sales leadership transition. AI-driven security demand is a major tailwind, with ZS positioning its Zero Trust and AI Security offerings as critical defenses against emerging threats.