GetCoattail Research — Zscaler is the market's zero-trust route into AI-era security spending: fiscal fourth-quarter ARR up 25% to $3.77 billion, fiscal 2027 guidance reaffirmed at an October 6 investor day, and a wave of analyst target increases since. The filings tell a colder story. One of our 83 superinvestors still holds it — 167,305 shares — after the cohort cut its position 90.6% in a single quarter in which the price moved 0.6%, and insiders recorded zero open-market purchases in the entire parsed record against $160,125,412.74 of sales.
Start with the narrative: the operating story is acceleration, and the Street has spent the week repricing it. Zscaler reported fiscal fourth-quarter results on September 3, with annual recurring revenue up 25% to $3.77 billion. At its October 6 investor day in New York, the company reaffirmed fiscal 2027 guidance — first-quarter revenue of $935 million to $939 million, full-year revenue of $3.91 billion to $3.94 billion, and ARR of $4.4 billion to $4.43 billion. The stock rose 2.9% to $207.79 on the investor-day Tuesday, and Barron's put the shares up 19% since the September earnings. On October 7 a long list of brokers raised targets at once; JPMorgan followed on October 9, lifting its target from $215 to $245, and Citizens JMP lifted its own from $210 to $265 the same day. Zacks had the stock closing at $218.00 on October 8, up 28.57% over the past month. TipRanks named Zscaler first among its three trending stocks on October 9. It was the highest-ranked stock we had not yet audited. One caution sits inside the story itself: a chief-revenue-officer change — Ross Tackett took the role on October 1 — had triggered a 10% single-day drop when it was announced, the stock's worst day since May at the time.
Now the filings. For Zscaler — the thirty-third Filing Tape audit — the story is an exit at the tracked scale and stillness in the personal register: the tracked cohort went from two holders to one and cut nine-tenths of its shares in a flat quarter, the full market added shares, and the insider register has never recorded a purchase in the span we parse.
Lens 1: the superinvestors — one holder left, the cohort cut 90.6%
We track 83 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR. As of June 30, 2026, 1 held Zscaler long — no option rows — totalling 167,305 shares worth $23,615,101. The direction count is one decreased: no new positions, no increases, no unchanged rows. Not one member of the cohort added or even held steady.
The one remaining holder is Dennis Hong's ShawSpring Partners, at 167,305 shares worth $23,615,101, a 10.18% portfolio weight, trimmed 16.5% in the quarter — and, being the only holder, 100.0% of the tracked cohort's Zscaler shares. A quarter earlier the pipeline's CUSIP file held 1,780,182 shares across two rows: Chase Coleman's Tiger Global Management held 1,579,766 of them, and ShawSpring held 200,416. Tiger exited entirely — the position appears in the EDGAR collection's exit lists at 1,579,766 shares with a prior reported value of $221,625,372 — and the cohort total moved from 1,780,182 to 167,305 shares, a change of −90.6%, a difference of −1,612,877 shares, in a quarter when the price barely moved: $140.29 at March 31 to $141.15 at June 30, a change of +0.6%. The cohort's reported value implies $141.15 per share, matching the June 30 close exactly. Two names, one exit, one trim, and a register that is now a single row.
Lens 2: institutions — 757 filers, shares up 9.87%
Zoom out to the whole 13F market and the quarter looks different. At June 30, 2026, 757 institutions reported positions, up from 745 at March 31 (+1.61%), and 740 reported long positions. Reported shares rose 9.87%, from 74,193,624 to 81,513,360 shares. Reported aggregate value rose 18.06% to $13,230,525,957; the aggregate includes option rows, so we headline filer and share counts and label dollars "reported" (see methodology). The implied value per share, $162.31, sits 15.0% above the June 30 close of $141.15 — the widest such gap in recent audits in this series, and a reason on its own to headline counts rather than dollars. Set the two registers side by side and the contrast is the quarter: the broad market added 7,319,736 reported shares while the tracked cohort shed 1,612,877 — broadening at market scale, near-exit at the tracked scale, in the same three months.
Lens 3: the 5% register — three filings, Vanguard out, BlackRock in
Our full parse holds just three SC 13D/G filings for Zscaler — one SC 13G original and two SC 13G/A amendments, two reporting persons, the most recent filed July 30, 2026, and no SC 13D originals at all. The Vanguard Group reported 11,367,838 shares (7.18%) as of September 30, 2025, then 0 shares (0.0%) as of March 13, 2026. BlackRock, Inc. then reported 8,255,213 shares (5.1%) as of June 30, 2026 — the register's latest filing, submitted July 30, 2026. We report rows as filed and never sum them: the aggregation's total across these rows would add different dates together and multiply-count overlapping passive stakes. A three-filing register is thin coverage, and we say so rather than dressing it up: in this lens, the record is one passive giant's row going to zero and another's appearing, and nothing else has printed.
Lens 4: insiders — zero purchases in the parsed record, $160,125,412.74 of sales
The parsed Form 4 record holds 83 filings through October 2, 2026. Across it, open-market purchases total zero transactions — 0 shares, $0.00, zero buyers — and none is recorded as an officer purchase, because there are none. Against that stand 138 sales totalling 654,464 shares and $160,125,412.74, by twelve sellers, 98 of them recorded as officer sales. The last year holds the same shape: zero purchases against 63 sales of 100,038 shares for $17,752,832.75 by eight sellers, 58 of them recorded as officer sales. The last 90 days hold no purchases at all and 32 sales — 33,283 shares for $6,420,384.32 — by six sellers, 31 of them recorded as officer sales, across 12 filings. One discrepancy deserves its own sentence rather than a footnote: our site's insider aggregate (October 10, 2026) shows the same 90 days as 31 sales totalling $6,402,084.32 — one transaction and $18,300.00 less than the full parse — with zero purchases and no last buy recorded in both. We print both figures and the difference; the two collections disagree by that much, and no part of this audit depends on which one is used. We assign no motives to any of it; the record's shape is the fact — across the entire span we parse, the personal register has bought zero times and sold one hundred thirty-eight.
Lens 5: Congress — no record in either chamber
Across the congressional record we maintain (combined record as of October 3, 2026), Zscaler has no record at all — no purchases, no sales, no member rows. The House aggregate (as of October 3, 2026) and the Senate aggregate (as of October 1, 2026) each carry no Zscaler record. We report the absence rather than omitting the lens.
Lens 6: short interest — 3.99% of the share count, 46.1% below its May peak
As of September 15, 2026 — the most recent FINRA settlement date — 6,501,392 Zscaler shares were sold short, with days-to-cover of 1.47, up 2.34% from the prior settlement. The series peak is recent: 12,067,282 shares on May 29, 2026, so the latest reading sits 46.1% below the peak. Year over year the borrow is up 12.2%, from 5,793,183 shares on September 15, 2025, and since the June 30 settlement (8,285,100 shares) it is down 21.5%. Against the 163,054,698 shares in our fundamentals file (as of August 27, 2026), the borrow is 3.99% of the reported share count — a modest borrow, and one that halved from its spring peak before the autumn rally in the price.
The recent settlements run 8,049,396 on July 15, then 7,418,898, 6,229,864, 6,352,963 and 6,501,392 — a summer fade to the August 14 low, then two consecutive small builds. The series began at 5,364,290 shares on January 15, 2021; its lowest reading, 3,843,541 shares, came on November 15, 2024. At 3.99% of the share count the level is unremarkable; the halving from the May peak into a rising price is the motion in this lens.
The gap, stated plainly
The registers describe a company whose analyst story ran far ahead of its tracked ownership. The tracked superinvestors held 167,305 shares at June 30 — one holder, trimmed 16.5% — having cut 90.6% in a quarter when the price moved 0.6% and the other holder exited entirely. The full market moved the other way: filers up 1.61% to 757, reported shares up 9.87% to 81,513,360. The 5% register printed three filings: Vanguard's row went to zero, BlackRock's appeared at 5.1%. Insiders bought zero times in the parsed record — $0.00 in total — against $160,125,412.74 of sales, including $6,420,384.32 in the last 90 days from six sellers. Congress registers nothing. And the borrow, at 6,501,392 shares and 3.99% of the share count, sits 46.1% below its May peak. One plausible reading is that the registers are sorted by mandate and by clock: the tracked value managers left during a flat quarter, the broad benchmark market absorbed the supply, and the borrow unwound months before the investor-day repricing — each register moved on its own schedule, and the October story belongs to none of them yet, because none of these filings can see October. The record supports each clause separately; it does not say which register is right.
What would change the picture
Nothing above is a recommendation. It is a record. These are the filings that would change the description:
- 1. The 2026Q3 13Fs (filing window closing mid-November 2026). The tracked cohort held 167,305 shares at June 30 — a single holder, ShawSpring, at a 10.18% weight. Whether that one row survived a quarter in which the price rose 39.3% into October 2 — and whether Tiger Global's exit was the end of the cohort's retreat or its middle — is the whole lens.
- 2. A first insider purchase. The parsed record holds zero purchases totalling $0.00 against 138 sales totalling $160,125,412.74, and zero purchases in the last 90 days. Any open-market purchase — one buyer, any size — would be this register's first print of its kind.
- 3. Whether the full market's +9.87% share growth holds. The broad register added 7,319,736 reported shares in the June quarter while the tracked cohort cut 90.6%. A second broadening quarter would separate the two registers further; a reversal would close the gap this audit is built on.
- 4. Whether the borrow keeps rebuilding. Short interest stood at 6,501,392 shares on September 15, up two settlements in a row from 6,229,864 on August 14, at 3.99% of the share count with days-to-cover of 1.47. A move back toward the May 29 peak of 12,067,282, or a fade back to the August low, is the fastest-updating series in this audit.
- 5. A congressional first print. Both chambers' registers are blank for this name. Any member row — in either direction — would be this lens's first entry.
Until one of those prints, the record describes a stock held by one of our 83 tracked superinvestors — 167,305 shares after a 90.6% one-quarter cut — whose full market broadened by 9.9% in the same quarter, whose insiders have sold $160,125,412.74 against zero recorded purchases, whose congressional register is blank, and whose borrow halved from its spring peak before the price turned up.
Related reading: Six of 83: One Holder Is 94.2% of the Superinvestors' Caterpillar Stake. The Full Market Added 15.5% While the Cohort Stood Still. — Filing Tape #32; Three of 83: Every Superinvestor in Applied Digital Is New. Its Insiders Have Never Bought a Share. — Filing Tape #31; Zero of 83: The Superinvestors Aren't in IREN — Filing Tape #1. Zscaler's own page: Zscaler, Inc. (ZS) on GetCoattail.
Methodology and data notes
- Superinvestor lens: 83 managers collected directly from SEC EDGAR Form 13F (managers_13f collection), positions as of June 30, 2026; Zscaler identified by CUSIP 98980G102. One distinct manager holds a long position totalling 167,305 shares; the single reported row is long (no put or call rows); the direction is one decreased, with no new, increased or unchanged rows. Quarter-to-quarter cohort totals (1,780,182 shares at March 31 across two filing rows; 167,305 shares at June 30 across one filing row; change −90.6%) are from the site pipeline's holdings files on the same CUSIP basis in both quarters, and the pipeline's second-quarter total matches the EDGAR collection's long total exactly (difference of 0 shares and $0), so no collection difference needs reporting for this name. The exited row (Chase Coleman - Tiger Global Management, 1,579,766 shares, prior reported value $221,625,372) appears in the EDGAR collection's exit lists. ShawSpring's share of the cohort is 100.0% = 167,305 / 167,305, there being one holder.
- Full-market lens: SEC Form 13F Data Sets full-market aggregation. The primary table is the full13f collection's by-ticker file (holders = distinct filers reporting the CUSIP; 740 of the 757 reported long positions), and its figures match the backfill fixtures' by-CUSIP row for 98980G102 exactly on holders, shares, reported value, prior holders and prior reported value. The by-ticker file's entered/exited fields (686 and 674, a net of +12 that matches the change in holder count) have no counterpart in the by-CUSIP aggregation, which does not publish them, so this audit does not rely on them. Reported-value caution: the aggregate value ($13,230,525,957 over 81,513,360 shares) implies ≈$162.31 per share against a June 30, 2026 close of $141.15 in our price file, a gap of +15.0%. The aggregate sums the VALUE of every information-table row — including put and call option rows — while the share count covers long common-stock rows only, so we headline filer and share counts and label dollar values "reported."
- Insider lens: full-parse Form 4 aggregation (agg_by_ticker), record as of October 2, 2026 (83 filings). Sale and purchase counts are transaction-code counts (S and P) in non-derivative rows; grants and exercises are not counted as purchases, and one filing can contain many transaction rows. Purchase transactions total 0 across the parsed record (0 shares, $0.00, zero buyers), none of them recorded as officer purchases. Sale transactions total 138 across the record (654,464 shares, $160,125,412.74, twelve sellers), 98 of them recorded as officer sales. In the year through October 2, 2026: zero purchases and 63 sales (100,038 shares, $17,752,832.75, eight sellers, 58 recorded as officer sales). In the 90 days through October 2, 2026: no purchases and 32 sales (33,283 shares, $6,420,384.32, six sellers, 31 recorded as officer sales) across 12 filings. The site's insider aggregate (compiled as of October 10, 2026, 90-day window) differs from the full parse for this name: it shows 31 sales totalling $6,402,084.32 — one transaction and $18,300.00 less — while agreeing on zero purchases, six sellers and no last buy. We report both figures rather than silently choosing one; the headline 90-day figures in this audit are the full parse's. "Zero purchases" in this audit is scoped to this parsed record, whose 83 filings are the coverage stated here.
- 13D/G lens: full-parse SC 13D/G aggregation and parsed filings (3 filings matching CUSIP 98980G102 and issuer CIK 1713683, two reporting persons in aggregate: 1 SC 13G original and 2 SC 13G/A amendments, no SC 13D filings), filings through July 30, 2026. The Vanguard Group's rows (11,367,838 shares at 7.18% as of September 30, 2025; 0 shares at 0.0% as of March 13, 2026, filed March 27, 2026) and the BlackRock, Inc. row (8,255,213 shares at 5.1% as of June 30, 2026, filed July 30, 2026) are reported as filed. No rows are summed, because the aggregation's totalSharesReported field (19,623,051 shares) adds different dates together and would multiply-count single positions. This lens's coverage is thin — three filings — and we state that rather than omitting it. No reason for any change is asserted — the filings themselves are the record.
- Congress lens: Senate PTR archive and House PTR archive as maintained on this site, combined record as of October 3, 2026 — no Zscaler record: no purchase transactions, no sale transactions and no member rows in the combined aggregate. The House aggregate (as of October 3, 2026) and the Senate aggregate (as of October 1, 2026) each carry no Zscaler record, and we report that absence in both chambers rather than omitting the lens. Congressional disclosures report value ranges, so where this lens has data for other names it records direction and counts only.
- Short interest lens: FINRA Equity Short Interest files (biweekly settlement dates), collected directly from FINRA's public distribution; the Zscaler series covers 137 settlements from January 15, 2021 to September 15, 2026. The maximum of the full collected series is 12,067,282 shares on May 29, 2026 — inside the chart window — so the latest reading of 6,501,392 shares on September 15, 2026 sits 46.1% below the peak ((6,501,392 / 12,067,282) − 1) and 12.2% above the September 15, 2025 reading of 5,793,183; the change from the prior settlement (6,352,963 shares on August 31, 2026) is +2.34%, and the change since the June 30, 2026 settlement (8,285,100 shares) is −21.5%. The latest row's prior-settlement field (6,352,963) matches the prior settlement file's reported figure exactly. The series minimum is 3,843,541 shares on November 15, 2024; its first reading was 5,364,290 shares on January 15, 2021. FINRA publishes each settlement about two weeks after the fact. The share-count ratio uses the fundamentals file's share count of 163,054,698 shares outstanding as of August 27, 2026.
- Fundamentals note: our fundamentals collection carries Zscaler's revenue of $3,352,523,000 labelled fiscal 2026, its net income of −$63,179,000 labelled fiscal 2026 (a loss), and its assets of $7,866,714,000 labelled fiscal 2026 — all three fields carry the same fiscal year in the file. The market value of about $34.61 billion uses that file's October 6, 2026 price ($212.25) and reported share count; our daily-close file ends October 2, 2026 at $196.60, and we keep the two files' figures separate rather than blending them.
- Prices: our own daily-close file for Zscaler through October 2, 2026 ($196.60 close, −12.6% year to date on that file; 252-session closing high $336.27 on November 3, 2025; 252-session closing low $118.05 on April 10, 2026; closes of $140.29 at March 31, 2026 and $141.15 at June 30, 2026, a second-quarter change of +0.6%; change from June 30 to October 2 of +39.3% ((196.60 / 141.15) − 1)). The drawdown from the 252-session closing high is −41.5%, and the gain from the 252-session closing low is +66.5% ((196.60 / 118.05) − 1).
- Market context sources: fiscal fourth-quarter 2026 results (annual recurring revenue of $3.77 billion, up 25% year over year, reported September 3, 2026) and the October 6, 2026 investor day, at which the company reaffirmed fiscal 2027 guidance (first-quarter revenue of $935 million to $939 million; full-year revenue of $3.91 billion to $3.94 billion; ARR of $4.4 billion to $4.43 billion; free-cash-flow margin of 23.0% to 23.5%) — the company's announcement as carried by Markets Daily and American Banking News from the SEC 8-K release, checked October 11, 2026, summarised in our own words; investor-day trading and the sales-leadership transition (stock up 2.9% to $207.79 on Tuesday, October 6, 2026; shares up 19% since the September 3 earnings; Ross Tackett assumed the chief revenue officer role on October 1, 2026 after the announced departure of Mike Rich, news of which had triggered a 10% single-day drop, the worst since May 27 at the time) — Barron's coverage, checked October 11, 2026; the analyst target wave (a long list of October 7 increases, including Wells Fargo to $260, Stephens and Citizens JMP's line to $265, Citigroup to $245, UBS to $250 and Barclays to $225; JPMorgan from $215 to $245 in a report released Wednesday and reported October 9, 2026; Citizens JMP from $210 to $265, reported October 9, 2026) — MarketBeat's analyst table and American Banking News via Benzinga, checked October 11, 2026; October trading after our price file ends (close of $218.00 on October 8, 2026, up 2.08% on the day and 28.57% over the past month on Zacks' count) — Zacks, checked October 11, 2026; search and attention ranking (Zscaler named first among three trending stocks in TipRanks' October 9, 2026 list, ahead of Marvell Technology and Constellation Brands; the Insider Monkey Google search-volume top 20 and the AltIndex Reddit leaders were each fully covered or skipped in this series, and the most recent earlier Benzinga radar list's first name, Novavax, was skipped in this run for having no fundamentals record, no full-market 13F row and no price file) — TipRanks via BizToc, Insider Monkey, AltIndex and Benzinga via TradingView, checked October 11, 2026. Figures we could not confirm against two sources were left out.
- Zscaler is in the GetCoattail stock-page universe: Zscaler, Inc. (ZS) stock page. Series data: zs_lens_data.csv · zs_short_interest_series.csv. Earlier audits: Caterpillar Inc. · Applied Digital Corp. · IREN.
Past patterns are not a promise of future results. For education only — not investment advice.
This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.
Revision history
- v1.0 — October 11, 2026: first publication.
- v1.1 — October 11, 2026: corrected the full-market methodology note on the entered/exited fields: the by-CUSIP aggregation does not publish those fields, so an earlier attribution of comparison figures to it was removed. No figures or conclusions changed.