Zscaler, Inc. (NASDAQ:ZS) shares were trading around 9% lower Wednesday afternoon, despite the company’s reported Q2 beat, with revenues growing 62% to $230.5 million, compared to the consensus estimate of $212 million. Quarterly billings grew 71% to $247.7 million, beating the consensus estimate of $203.6 million.

The company raised its 2022 revenue/billings guidance to +49%/+39% from +41%/+34% as the land and expand motion shows no signs of slowing. Analysts at RBC Capital increased their price target to $408 from $380 on the company's shares following the earnings results.