Coinbase Received an Analyst Upgrade and Zscaler Reported Great Earnings
Coinbase is a popular stock because it is linked to cryptocurrencies. Coinbase provides a platform to trade a variety of cryptos, and it has benefitted massively from the boom in digital assets.
On Tuesday, JPMorgan analyst Kenneth Worthington upgraded Coinbase to Overweight with a price target of $371, which is much higher than the current price. Worthington wrote that he believes the cryptocurrency market will continue to grow, with Coinbase being the main benefactor of that. He also noted that Coinbase’s marketing campaign has been very strong, and their ability to convince people to use the platform gives them an advantage.
Coinbase closed the day at $242.21, up 7.59%.
Zscaler is a cloud security company located in Silicon Valley, the home of tech. Their market cap is $23.482 billion, and like many tech names, they have had a wild year with massive earnings jumps.
On Tuesday, Zscaler reported their earnings, beating expectations. Their revenue rose to $176.4 million, slightly higher than analyst estimates, and a quarterly loss of 43 cents per share. More importantly, they increased their guidance for the future quarter, which encouraged many shareholders.
Zscaler rose by 8.37% to $187.20 after hours.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.