ZS
New quarter, new headline
Zscaler had a pretty solid earnings setup: EPS came in at $1.01 versus $0.89 expected, revenue hit $815.8 million, and sales climbed 25.9% year over year. On top of that, the company lifted FY2026 guidance to 3.99–4.02 EPS, which is the kind of update that usually gets investors leaning a little closer to the screen.
But Robeco hit the eject button a bit
Then came the filing plot twist. Robeco Institutional Asset Management B.V. said it cut its Zscaler stake by 36%, selling 139,866 shares and leaving it with 249,036 shares worth about $56 million. That’s not a full breakup, but it is definitely a meaningful trim — the investing equivalent of saying, “You’ve been great, but I’m going to see other cloud-security stocks too.”
Why you should care
For ZS holders, the signal is a little mixed. The business is still growing fast and beating expectations, but big institutional selling can put a lid on sentiment, especially when the stock already has a reputation for living on the dramatic side of the valuation spreadsheet.
The other tiny subplot
The filing also noted Director James A. Beer sold 177 shares in March. That’s not exactly enough to move the needle on its own, but it adds to the vibe: plenty of people still like Zscaler’s story, just maybe not enough to keep their whole lunch money parked there.
Big picture: the company’s fundamentals looked fine-to-strong, but investors are getting a reminder that a good quarter doesn’t automatically mean everyone is staying put.