Zendesk, Inc. (ZEN) Price Target Raised to $35.00
Zendesk, Inc. (NYSE:ZEN) had its price objective hoisted by Morgan Stanley from $33.00 to $35.00 in a note issued to investors on Monday. The firm presently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s price objective suggests a potential upside of 16.20% from the company’s previous close.
A number of other research analysts have also recently issued reports on the stock. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $35.00 target price on shares of Zendesk in a report on Wednesday, October 18th. KeyCorp reaffirmed a “buy” rating and issued a $35.00 target price on shares of Zendesk in a report on Sunday, October 15th. Stephens cut shares of Zendesk from an “equal weight” rating to an “underweight” rating and set a $25.00 target price for the company. in a report on Monday, October 9th. Zacks Investment Research raised shares of Zendesk from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a report on Thursday, October 5th. Finally, ValuEngine cut shares of Zendesk from a “hold” rating to a “sell” rating in a report on Monday, October 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and fourteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $32.86.
Zendesk (ZEN) traded up 1.03% during midday trading on Monday, reaching $30.43. The company’s stock had a trading volume of 38,882 shares. Zendesk has a 52 week low of $19.77 and a 52 week high of $31.95. The firm’s market capitalization is $3.06 billion. The company’s 50-day moving average is $29.19 and its 200 day moving average is $28.03.
Zendesk (NYSE:ZEN) last issued its earnings results on Thursday, August 3rd. The software maker reported ($0.26) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.20). Zendesk had a negative net margin of 29.34% and a negative return on equity of 32.10%. The company had revenue of $101.30 million during the quarter, compared to analysts’ expectations of $99.47 million. During the same period last year, the business posted ($0.06) earnings per share. The company’s quarterly revenue was up 36.5% on a year-over-year basis. Analysts expect that Zendesk will post ($0.17) earnings per share for the current fiscal year.
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In other Zendesk news, insider Adrian Mcdermott sold 1,767 shares of Zendesk stock in a transaction that occurred on Thursday, October 19th. The shares were sold at an average price of $30.10, for a total value of $53,186.70. Following the completion of the sale, the insider now directly owns 80,726 shares of the company’s stock, valued at approximately $2,429,852.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Bryan Cox sold 5,000 shares of Zendesk stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $26.98, for a total transaction of $134,900.00. Following the completion of the sale, the executive now directly owns 19,743 shares of the company’s stock, valued at $532,666.14. The disclosure for this sale can be found here. Insiders sold a total of 87,516 shares of company stock valued at $2,480,779 over the last ninety days. 5.30% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Wasatch Advisors Inc. grew its stake in Zendesk by 26.5% in the 2nd quarter. Wasatch Advisors Inc. now owns 3,919,479 shares of the software maker’s stock worth $108,883,000 after acquiring an additional 820,465 shares during the period. Public Employees Retirement System of Ohio grew its stake in Zendesk by 54.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 110,492 shares of the software maker’s stock worth $3,069,000 after acquiring an additional 38,859 shares during the period. Verition Fund Management LLC purchased a new stake in Zendesk in the 2nd quarter worth approximately $278,000. Crosslink Capital Inc. grew its stake in Zendesk by 934.6% in the 2nd quarter. Crosslink Capital Inc. now owns 788,714 shares of the software maker’s stock worth $21,910,000 after acquiring an additional 712,480 shares during the period. Finally, Ameritas Investment Partners Inc. grew its stake in Zendesk by 21.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,533 shares of the software maker’s stock worth $237,000 after acquiring an additional 1,521 shares during the period. 95.97% of the stock is owned by hedge funds and other institutional investors.
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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