Shares of Luminar Technologies Inc (LAZR) increased by more than 27% to $22.98 after it started trading as a public company on Thursday. The company is involved in the manufacturing of Light Detection and Ranging (LIDAR) technologies used in autonomous vehicles.
McKinsey’s Autonomous Car Industry research indicates that the market for LIDAR sensors will expand by more than 80 percent annually. The use of sensors in related areas will also support the drive.
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Another key gainer on the day was Zscaler Inc. (ZS) which rose by 26.45% to conclude the trading at $185.61. According to the investment bank Credit Suisse, the maker of cloud-based cybersecurity solutions has a potential for sustainable development.
Analysts at Credit Suisse recently lifted their recommendation from “Neutral” to “Outperform” for ZS shares and raised their target price from $140 to $160. The COVID-19 crisis has proved to be a more relevant trigger for cloud adoption, according to Credit Suisse, and as many businesses make the transition to the cloud, the trend will continue. More and more companies are seeking to adapt their approach to using information technology, according to research by Credit Suisse. This will ensure long-term growth in sales of related services on a sustained basis.
Zscaler is one of the potential winners of this trend, and the company will be able to achieve steady growth through a differentiated portfolio of solutions. Zscaler stocks have shown an upward trend, confirming the optimistic Wall Street expectations. In 2021, Zscaler plans to continue to grow its market, for which the company has extended its representative network.
The power of Zscaler is the presence of Zscaler Private Access (ZPA) technology, its own analogue of private virtual networks, VPNs. When deploying remote work ecosystems, Zscaler architecture has advantages.
Zscaler Inc. (ZS) has a greater degree of data security than a VPN, has built-in encryption and protection against distributed denial-of-service (DDoS) attack, and the ability to work with various cloud providers.