Rosenblatt Securities Reaffirms Buy Rating for Zendesk Inc. (ZEN)
A number of other research firms have also issued reports on ZEN. Zacks Investment Research upgraded shares of Zendesk from a hold rating to a buy rating and set a $30.00 target price on the stock in a report on Thursday, July 7th. Morgan Stanley restated a buy rating on shares of Zendesk in a report on Sunday, July 17th. Canaccord Genuity restated a buy rating on shares of Zendesk in a report on Friday, June 10th. RBC Capital Markets restated an outperform rating and issued a $33.00 price objective (up from $27.00) on shares of Zendesk in a report on Wednesday, July 27th. Finally, Piper Jaffray Cos. assumed coverage on shares of Zendesk in a report on Tuesday, May 31st. They issued an overweight rating and a $35.00 price objective on the stock. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $32.73.
Zendesk (NYSE:ZEN) opened at 30.71 on Wednesday. The firm’s market capitalization is $2.88 billion. Zendesk has a 52-week low of $14.39 and a 52-week high of $31.88. The company’s 50-day moving average is $30.49 and its 200-day moving average is $26.33.
Zendesk (NYSE:ZEN) last released its earnings results on Tuesday, August 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.03. The company had revenue of $74.20 million for the quarter, compared to analyst estimates of $72.34 million. Zendesk had a negative net margin of 37.10% and a negative return on equity of 30.61%. The firm’s quarterly revenue was up 53.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.08) EPS. On average, analysts predict that Zendesk will post ($0.04) EPS for the current year.
In other news, SVP Adrian Mcdermott sold 71,945 shares of Zendesk stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $29.31, for a total value of $2,108,707.95. Following the sale, the senior vice president now owns 134,592 shares of the company’s stock, valued at $3,944,891.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Caryn Marooney sold 1,693 shares of Zendesk stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $31.19, for a total transaction of $52,804.67. Following the completion of the sale, the director now directly owns 24,911 shares in the company, valued at approximately $776,974.09. The disclosure for this sale can be found here. 17.00% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of ZEN. BlackRock Institutional Trust Company N.A. increased its stake in shares of Zendesk by 2.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,335,980 shares of the company’s stock valued at $27,962,000 after buying an additional 38,268 shares during the last quarter. Hunt Lane Capital LP increased its stake in shares of Zendesk by 1,046.8% in the first quarter. Hunt Lane Capital LP now owns 1,422,000 shares of the company’s stock valued at $29,762,000 after buying an additional 1,298,000 shares during the last quarter. Jericho Capital Asset Management L.P. increased its stake in shares of Zendesk by 5.4% in the first quarter. Jericho Capital Asset Management L.P. now owns 4,449,324 shares of the company’s stock valued at $93,124,000 after buying an additional 227,274 shares during the last quarter. Thrax Management LLC increased its stake in shares of Zendesk by 38.7% in the first quarter. Thrax Management LLC now owns 549,550 shares of the company’s stock valued at $11,502,000 after buying an additional 153,336 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Zendesk by 348.6% in the first quarter. Wellington Management Group LLP now owns 4,370,342 shares of the company’s stock valued at $91,471,000 after buying an additional 3,396,128 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.
Zendesk, Inc is a software development company. The Company provides software as a service (SaaS) customer service platform. The Company’s platform consolidates the data from customer interactions and provides organizations with analytics and performance benchmarking. The Company also provides SaaS live chat software that can be utilized independently to facilitate communications between organizations and their customers.
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