Zscaler (NASDAQ: ZS) stock continues to get clobbered even as the cybersecurity company puts up sizzling sales growth. Investors are dialing back exposure to high-growth-but-no-profit tech stocks during this bear market. Zscaler, unfortunately, matches that description thanks to a high rate of employee stock-based compensation, so the market hasn't cared much about the business's continued momentum.

Share prices fell 65% in calendar year 2022 and ended near multi-year lows. There is talk that things can potentially take a turn for the better in 2023. Does that make now the right time to buy Zscaler stock?

Cloud computing (data and apps housed in a remote data center and accessed via the internet) enabled a new era of work where employees can access data and applications from anywhere there's an internet connection. But it's also exposed new vulnerabilities. To help keep their operations safe from cyberattacks, organizations have been adopting services like Zscaler's that take a zero-trust approach to IT security (one that requires constant validation of parties requesting access to data). 

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Source Fool.com