Zendesk Inc. (NYSE:ZEN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “Zendesk, Inc. is a software development company. It provides a software-as-a-service, or SaaS, customer service platform. The Company offers applications that allow clients to manage incoming support requests from end customers from any Internet connected computer. It provides customer service through its platform in approximately 40 languages to customers in various industries, such as business technology, telecommunications, education/non-profit, consumer technology, media/entertainment, and retail/ecommerce. Zendesk, Inc. is headquartered in San Francisco, California. “

Several other equities analysts have also weighed in on ZEN. Morgan Stanley restated a “buy” rating on shares of Zendesk in a research report on Sunday, July 17th. Piper Jaffray Cos. assumed coverage on shares of Zendesk in a research report on Tuesday, May 31st. They set an “overweight” rating and a $35.00 price target for the company. RBC Capital Markets restated an “outperform” rating and set a $33.00 price target (up previously from $27.00) on shares of Zendesk in a research report on Wednesday, July 27th. Summit Redstone assumed coverage on shares of Zendesk in a research report on Monday, July 18th. They set a “buy” rating and a $34.00 price target for the company. Finally, Stifel Nicolaus assumed coverage on shares of Zendesk in a research report on Monday, July 18th. They set a “hold” rating for the company. Two research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Zendesk has a consensus rating of “Buy” and an average target price of $32.13.

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Shares of Zendesk (NYSE:ZEN) traded up 0.07% during mid-day trading on Tuesday, reaching $29.86. 149,319 shares of the company’s stock traded hands. The firm has a 50-day moving average of $30.36 and a 200 day moving average of $25.76. Zendesk has a 12-month low of $14.39 and a 12-month high of $31.88. The company’s market cap is $2.80 billion.

Zendesk (NYSE:ZEN) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.06) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.03. The company earned $74.20 million during 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 revenue for the quarter was up 53.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.08) earnings per share. Equities analysts forecast that Zendesk will post ($0.04) EPS for the current year.

In related news, SVP Adrian Mcdermott sold 4,164 shares of the firm’s stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $27.61, for a total value of $114,968.04. Following the sale, the senior vice president now directly owns 88,899 shares of the company’s stock, valued at $2,454,501.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John Geschke sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $30.29, for a total transaction of $151,450.00. Following the completion of the sale, the senior vice president now directly owns 11,175 shares in the company, valued at $338,490.75. The disclosure for this sale can be found here. 17.00% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Franklin Resources Inc. increased its stake in shares of Zendesk by 48.9% in the first quarter. Franklin Resources Inc. now owns 3,881,877 shares of the company’s stock worth $81,248,000 after buying an additional 1,275,008 shares in the last quarter. 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 worth $27,962,000 after buying an additional 38,268 shares in the last quarter. Cupps Capital Management LLC increased its stake in shares of Zendesk by 58.3% in the first quarter. Cupps Capital Management LLC now owns 157,355 shares of the company’s stock worth $3,293,000 after buying an additional 57,936 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Zendesk by 26.8% in the first quarter. Goldman Sachs Group Inc. now owns 67,137 shares of the company’s stock worth $1,406,000 after buying an additional 14,178 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Zendesk by 2.2% in the first quarter. Geode Capital Management LLC now owns 346,760 shares of the company’s stock worth $7,257,000 after buying an additional 7,544 shares in the last quarter. 83.64% of the stock is currently owned by institutional investors and hedge funds.

About Zendesk

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.

5 Day Chart for NYSE:ZEN

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