Zendesk, Inc. (ZEN) Given New $36.00 Price Target at Canaccord Genuity
Zendesk, Inc. (NYSE:ZEN) had its price target raised by analysts at Canaccord Genuity from $34.00 to $36.00 in a report released on Thursday. The brokerage currently has a “buy” rating on the software maker’s stock. Canaccord Genuity’s price target would suggest a potential upside of 16.13% from the stock’s current price.
Several other equities analysts have also weighed in on the stock. Morgan Stanley boosted their target price on shares of Zendesk from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Thursday. Wells Fargo & Company reiterated an “outperform” rating and issued a $40.00 target price (up from $32.00) on shares of Zendesk in a report on Thursday. Royal Bank Of Canada reiterated a “buy” rating and issued a $35.00 target price on shares of Zendesk in a report on Wednesday, October 18th. KeyCorp reiterated a “buy” rating and issued a $35.00 target price on shares of Zendesk in a report on Sunday, October 15th. Finally, Stephens lowered shares of Zendesk from an “equal weight” rating to an “underweight” rating and set a $25.00 target price on the stock. in a report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and fourteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $33.80.
Zendesk (NYSE:ZEN) last announced its quarterly earnings data on Wednesday, November 1st. The software maker reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.04. The company had revenue of $112.79 million during the quarter, compared to analysts’ expectations of $109.19 million. Zendesk had a negative net margin of 29.34% and a negative return on equity of 32.10%. Zendesk’s revenue was up 39.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.04) EPS.
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In other news, CFO Elena Gomez sold 1,431 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $27.06, for a total value of $38,722.86. Following the transaction, the chief financial officer now directly owns 6,157 shares in the company, valued at approximately $166,608.42. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Mikkel Svane sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $28.10, for a total transaction of $1,405,000.00. Following the completion of the transaction, the chairman now owns 1,730,990 shares in the company, valued at $48,640,819. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 85,823 shares of company stock worth $2,429,819. Company insiders own 5.30% of the company’s stock.
Several hedge funds have recently modified their holdings of ZEN. BlackRock Inc. lifted its holdings in shares of Zendesk by 81,570.3% in the 1st quarter. BlackRock Inc. now owns 5,702,221 shares of the software maker’s stock worth $159,888,000 after acquiring an additional 5,695,239 shares during the last quarter. Janus Henderson Group PLC acquired a new stake in Zendesk during the 2nd quarter worth approximately $137,975,000. JPMorgan Chase & Co. lifted its holdings in Zendesk by 77.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,110,503 shares of the software maker’s stock worth $58,629,000 after buying an additional 923,875 shares in the last quarter. Wasatch Advisors Inc. lifted its holdings in Zendesk by 26.5% during the 2nd quarter. Wasatch Advisors Inc. now owns 3,919,479 shares of the software maker’s stock worth $108,883,000 after buying an additional 820,465 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Zendesk by 10.9% during the 2nd quarter. Vanguard Group Inc. now owns 7,365,549 shares of the software maker’s stock worth $204,615,000 after buying an additional 721,652 shares in the last quarter. Hedge funds and other institutional investors own 96.23% of the company’s stock.
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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