Adam Geller, chief product officer at Zscaler, Inc. (NASDAQ: ZS), sold a total of 3,579 shares of the company's common stock in two separate transactions on March 17 and March 18, 2026, according to a Form 4 filing with the Securities and Exchange Commission.
On March 17, Geller sold 1,485 shares at a price of $156.5932 per share, generating proceeds of $232,540. The filing specifies that this sale was executed to satisfy tax withholding obligations associated with the vesting of restricted stock units. The following day, March 18, Geller sold 2,094 shares at $153.53 per share, for proceeds of $321,491. That March 18 transaction was completed under a Rule 10b5-1 trading plan that Geller adopted on March 12, 2025.
After these dispositions, the filing reports that Geller now directly holds 46,949 shares of Zscaler common stock.
The insider activity comes while Zscaler shares were quoted at $155.40, reflecting a 47% decline over the past six months. An analysis from InvestingPro cited in the filing indicates the stock may still trade below its Fair Value, and notes that 39 analysts have revised their earnings estimates higher for the upcoming period. That analysis is identified as one of more than a dozen proprietary tips available to subscribers.
Separately, the company recently released its fiscal second-quarter 2026 results. Zscaler reported a 26% year-over-year increase in revenue and a 25% gain in annual recurring revenue. The company also disclosed an expansion of its data sovereignty capabilities and plans to deploy additional capacity in Canada as part of a broader effort to grow its global data center footprint.
Financial institutions have adjusted their outlooks for Zscaler in response to these developments. Wells Fargo initiated coverage with an Overweight rating, pointing to platform growth and potential in areas such as Zero Trust Exchange and artificial intelligence. TD Cowen lowered its price target to $220 from $260 while maintaining its rating and citing market contraction as a factor. BMO Capital reduced its price target to $210 from $315, signaling concerns about growth durability even as it increased its fiscal 2026 annual recurring revenue estimate by $32 million. Stifel trimmed its price target to $180 from $320 but retained a Buy rating, noting that Zscaler's second fiscal quarter results outperformed expectations on both top-line and bottom-line metrics.
These analyst moves and the insider transactions provide contemporaneous signals about how executives and market watchers are positioning themselves following the company's latest financial report and strategic updates. The Form 4 filing documents and the company results together set a factual record of the insider sales, the stated reasons for one of the sales, the existence of the 10b5-1 trading arrangement, and the subsequent ownership level reported for Geller.
Readers should note that the filing details and company disclosures are the basis for this report. The filing lists the exact share counts, prices, dates, and the reason provided for the March 17 sale, as well as the adoption date of the Rule 10b5-1 plan that governed the March 18 sale.