Zscaler, Inc. (NASDAQ:ZS) reported strong Q4 results quarter with minimal year-over-year billings and revenue deceleration against tough comps as all results were well above expectations. The company delivered a 57% revenue growth to $197.1 million, better than the consensus estimate of $186.8 million and billings growth of 70% to $332.2 million, compared to the consensus estimate of $278.1 million.

The company raised their expectations for the full 2022-year with revenue/billings growth now expected to be 40% and 33% at the midpoint, compared to their prior estimates of 36%/31%.

Analysts at RBC Capital increased their price target on the company’s shares to $326 from $300, mentioning that demand remains broad-based across both the enterprise and mid-market as they are increasingly bullish on the long-term prospects from the federal market, an area of increased investment as ZTNA is being prioritized.