Brown Advisory Mid-Cap Growth Strategy's Q4 2025 Investor Letter: Zscaler, Inc. (NASDAQ:ZS) Stock Buy Amidst M&A Announcement

Brown Advisory's Mid-Cap Growth Strategy established a position in Zscaler (ZS) in Q4 2025, citing strong strategic rationale behind the company's growing SASE security software market and cross-sell strategy driving ARPU and margin growth. Zscaler's market capitalization is $24.408 billion, and its stock has a one-month return of 1.63% and a 52-week loss of 29.63%.