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Jul 2, 2021 at 4:54PMShares of Zscaler (NASDAQ:ZS) rose 12.7% in June, according to data provided by S&P Global Market Intelligence, thanks to favorable market conditions and momentum from great earnings and positive media attention in May. Zscaler's June results weren't driven by any news in the month -- investors were just bullish about enterprise software-as-a-service stocks and cybersecurity.Zscaler provides cloud-based cybersecurity solutions that are implemented at data centers, primarily by enterprise customers. Cybersecurity was a popular topic among investors and executives in May following the Colonial Pipeline attack. Zscaler then closed out the month with its third-quarter earnings report. It smashed analyst estimates and substantially increased guidance for the full year.
Image source: Getty Images.There wasn't any major news about Zscaler in June, but the momentum from the prior month carried over. Software companies performed well across the board, and cybersecurity stocks had an especially strong month. Zscaler's returns were highly correlated to peers CrowdStrike Holdings, Fortinet, and Okta.
ZS Total Return Level data by YCharts
Investors rotated from growth stocks to value stocks early in the year, but it seems that there's a renewed appetite for risk in the market as economies recover and the Federal Reserve's timeline becomes more clear. That's always subject to change, but growth stocks are enjoying a positive stretch at the moment.Zombieville USA