Does Zscaler Stock's Run Make Any Sense?

Zscaler (ZS) stock has climbed 56% over the past three months, comfortably outpacing the 2.8% gain for the S&P 500. Over twelve months, however, the stock is still down 26%. During this recent three-month stretch, the cybersecurity company posted 25% sales growth for fiscal Q4 2026 but projected slower growth for the year ahead. Management then reiterated that conservative outlook at an Investor Day on October 6, 2026. This presents a striking contradiction: investors are bidding up shares even