--- title: "Zscaler officers sold 39 times in six months and never bought; the rally came on reaffirmed guidance" description: "Zscaler's October investor day lifted the stock past analyst targets, and its chief product officer sold roughly $7.7 million of shares into that rally in under a month. Nothing the company presented that day was new guidance." publisher: "The Inference" section: "Money" published: 2026-10-14T19:10:14.890Z modified: 2026-10-14T19:10:14.890Z canonical: https://theinference.org/article/zscaler-officers-sold-39-times-in-six-months-and-never-bought-the-rally-came-on-reaffirmed-guidance language: en keywords: "Insider Selling, Cybersecurity, Guidance, Zscaler, Form 4" --- # Zscaler officers sold 39 times in six months and never bought; the rally came on reaffirmed guidance > Zscaler's October investor day lifted the stock past analyst targets, and its chief product officer sold roughly $7.7 million of shares into that rally in under a month. Nothing the company presented that day was new guidance. The people running [Zscaler](https://theinference.org/markets/companies/zscaler)'s product are selling the stock faster than the company is giving anyone a new reason to buy it. On October 13, [Chief Product Officer Adam Geller's filings](https://www.sec.gov/Archives/edgar/data/1713683/000171368326000202/0001713683-26-000202-index.htm) showed him selling 23,958 shares at an average $225.87 on October 9, [about $5.4 million](https://theinference.org/article/zscaler-s-product-chief-filed-a-5-4-million-sale-notice-36-minutes-after-the-close), and [1,042 more](https://www.stocktitan.net/sec-filings/ZS/144-zscaler-inc-sec-filing-ea3c9b09975f.html) at $235.95 on October 12, after exercising options struck at $205.61 [1][2]. The rally he sold into was built on little: a reaffirmation. On October 6, Zscaler held its investor day and [reaffirmed first-quarter and fiscal 2027 guidance](https://www.quiverquant.com/news/Zscaler+gains+as+investor-day+outlook+and+analyst+target+hikes+support+shares) it had already published, adding a long-term path toward $8 billion in annual recurring revenue with an upside case tied to AI adoption [3]. TD Cowen, Baird, Stephens and Needham raised targets, and the stock climbed past the $195 median analyst target to around $230 [3]. But at least one recent sell-side note still rates the shares HOLD and calls the fiscal 2027 net-new-ARR outlook weak, citing seat-based pricing exposure and competition from [CrowdStrike](https://theinference.org/markets/companies/crowdstrike) and Palo Alto [6]. *Chart: **Five sales in four weeks put Geller's proceeds at about $7.7 million** Bars of Adam Geller's reported Zscaler sale proceeds by date from September 16 to October 12, 2026, dominated by the October 9 sale.* *Gross proceeds of Adam Geller's reported Zscaler open-market sales, per his Form 144 and Form 4 filings, US dollars. [1][2]* ## 39 sales, zero buys, and a plan written before the drops None of this is insider confidence. Quiver counts 39 open-market sales and zero purchases by Zscaler officers in the past six months [3]. Geller's sales sit under a 10b5-1 trading plan adopted March 20, 2026, before both of this year's drops [1]. Those drops were real: a 31.5% fall on May 27 after a quarterly revenue guide of $875–878 million missed consensus, and a 10% fall on September 25 after Chief Revenue Officer Mike Rich's departure [4]. [Pomerantz is now investigating whether officers misled investors](https://markets.chroniclejournal.com/chroniclejournal/article/gnwcq-2026-10-13-investor-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-zscaler-inc-zs) around those events [4][5]. What the buyer at $230 is paying for is a story; what the seller took was cash. The guidance was reaffirmed, not raised, the sales seat is empty, and the officers building the product have sold for six straight months without buying once. ## Takeaway Zscaler's stock rallied past analyst targets on reaffirmed guidance alone, and its officers have sold 39 times without buying once, chief product officer Adam Geller taking about $7.7 million in five filings since mid-September; a law firm is now investigating the company's earlier drops. ## Sources 1. [SEC EDGAR, Form 4, Adam Geller, Zscaler Inc., filed 13 October 2026](https://www.sec.gov/Archives/edgar/data/1713683/000171368326000202/0001713683-26-000202-index.htm) 2. [Stock Titan, Zscaler officer Adam Geller lists 1,042 shares for sale (Form 144), 13 October 2026](https://www.stocktitan.net/sec-filings/ZS/144-zscaler-inc-sec-filing-ea3c9b09975f.html) 3. [Quiver Quantitative, Zscaler gains as investor-day outlook and analyst target hikes support shares, 13 October 2026](https://www.quiverquant.com/news/Zscaler+gains+as+investor-day+outlook+and+analyst+target+hikes+support+shares) 4. [Pomerantz LLP via GlobeNewswire, Investor alert: Pomerantz Law Firm investigates claims on behalf of investors of Zscaler, Inc., 13 October 2026](https://markets.chroniclejournal.com/chroniclejournal/article/gnwcq-2026-10-13-investor-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-zscaler-inc-zs) 5. [Pluang, Law firm investigates Zscaler for possible securities fraud, 14 October 2026](https://pluang.com/en/news-feed/peringatan-investor-pomerantz-lawan-zscaler-inc) 6. [Pluang, Zscaler rated HOLD due to weak FY27 guidance, 14 October 2026](https://pluang.com/en/news-feed/nilai-terbaik-siber-keamanan-zscaler-sudah-mendapat-penilaian-ulang) --- Zscaler officers sold 39 times in six months and never bought; the rally came on reaffirmed guidance — The Inference. Canonical: https://theinference.org/article/zscaler-officers-sold-39-times-in-six-months-and-never-bought-the-rally-came-on-reaffirmed-guidance