Shares of Zendesk Inc (NYSE:ZEN) reached a new 52-week high on Wednesday after KeyCorp raised their price target on the stock from $43.00 to $53.00. KeyCorp currently has an overweight rating on the stock. Zendesk traded as high as $48.21 and last traded at $48.21, with a volume of 1090734 shares trading hands. The stock had previously closed at $46.04.

Several other brokerages also recently issued reports on ZEN. Royal Bank of Canada reissued a “buy” rating and set a $42.00 price target on shares of Zendesk in a report on Wednesday, January 17th. Zacks Investment Research raised shares of Zendesk from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a report on Sunday, January 21st. Stephens raised shares of Zendesk from an “underweight” rating to an “equal weight” rating in a report on Wednesday, February 7th. Piper Jaffray Companies reissued a “buy” rating and set a $42.00 price target on shares of Zendesk in a report on Tuesday, January 23rd. Finally, Bank of America boosted their price target on shares of Zendesk from $38.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $42.33.

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In related news, insider Adrian Mcdermott sold 50,000 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $39.08, for a total value of $1,954,000.00. Following the completion of the sale, the insider now owns 1,614,969 shares of the company’s stock, valued at $63,112,988.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Elena Gomez sold 1,200 shares of the company’s stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $33.66, for a total transaction of $40,392.00. Following the completion of the sale, the chief financial officer now directly owns 2,535 shares of the company’s stock, valued at approximately $85,328.10. The disclosure for this sale can be found here. Insiders sold 196,858 shares of company stock valued at $7,930,928 in the last ninety days. Corporate insiders own 5.30% of the company’s stock.

A number of hedge funds have recently bought and sold shares of ZEN. First Trust Advisors LP lifted its holdings in Zendesk by 7.7% in the third quarter. First Trust Advisors LP now owns 41,061 shares of the software maker’s stock worth $1,195,000 after purchasing an additional 2,934 shares during the period. Canada Pension Plan Investment Board acquired a new stake in Zendesk in the third quarter worth about $105,000. Swiss National Bank lifted its holdings in Zendesk by 2.4% in the 3rd quarter. Swiss National Bank now owns 165,452 shares of the software maker’s stock valued at $4,816,000 after acquiring an additional 3,800 shares during the last quarter. Sei Investments Co. lifted its holdings in Zendesk by 86.5% in the 3rd quarter. Sei Investments Co. now owns 28,544 shares of the software maker’s stock valued at $831,000 after acquiring an additional 13,242 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in Zendesk by 9.1% in the 3rd quarter. New York State Common Retirement Fund now owns 113,308 shares of the software maker’s stock valued at $3,298,000 after acquiring an additional 9,408 shares during the last quarter. 93.22% of the stock is owned by institutional investors and hedge funds.

The stock has a market capitalization of $4,939.56, a price-to-earnings ratio of -43.49 and a beta of 1.64.

Zendesk (NYSE:ZEN) last issued its quarterly earnings results on Tuesday, February 6th. The software maker reported ($0.01) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.03. Zendesk had a negative net margin of 25.70% and a negative return on equity of 32.48%. The company had revenue of $123.43 million during the quarter, compared to the consensus estimate of $119.68 million. During the same period in the prior year, the company earned ($0.04) EPS. Zendesk’s revenue was up 39.3% on a year-over-year basis. analysts anticipate that Zendesk Inc will post -1 EPS for the current fiscal year.

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About Zendesk

Zendesk, Inc (Zendesk) is a software development company. The Zendesk family of products is built to work together to help organizations understand and manage customer relationships. All Zendesk products share a common interface and are being developed to support a shared services infrastructure and common customer data platform.

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