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Looking for the catalyst behind the massive drop in cybersecurity stocks? Zscaler, Inc. (NASDAQ: ZS) shares collapsed 23% in early trading, tracking toward its largest single-day percentage decline on record.
The sell-off was triggered by the cloud security firm issuing a disappointing fiscal forward billings growth guidance of 16% to 17%, missing Wall Street's consensus projections of 19% to 20%. While near-term billings deceleration and rising capital expenditures are spooking enterprise investors, Seeking Alpha's automated Quant Rating holds steady at a neutral Hold. The growth hiccup dragged the rest of the cloud security sector down in sympathy, with major industry peers CrowdStrike (CRWD) and Palo Alto Networks (PANW) both sliding 3%.
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