Zacks Investment Research cut shares of Zendesk Inc. (NYSE:ZEN) from a buy rating to a hold rating in a research report sent 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 research analysts have also weighed in on ZEN. Piper Jaffray Cos. started coverage on Zendesk in a research report on Tuesday, May 31st. They set an overweight rating and a $35.00 price target on the stock. Canaccord Genuity reissued a buy rating on shares of Zendesk in a report on Friday, June 10th. Morgan Stanley boosted their target price on Zendesk from $30.00 to $33.00 and gave the stock an overweight rating in a report on Thursday, July 14th. Summit Research reissued a buy rating and set a $34.00 target price on shares of Zendesk in a report on Monday, July 18th. Finally, Summit Redstone began coverage on Zendesk in a report on Monday, July 18th. They set a buy rating and a $34.00 target price on the stock. Two analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Zendesk has a consensus rating of Buy and an average target price of $32.13.

Zendesk (NYSE:ZEN) opened at 29.75 on Tuesday. The company has a 50-day moving average price of $30.35 and a 200 day moving average price of $25.83. Zendesk has a 12 month low of $14.39 and a 12 month high of $31.88. The company’s market capitalization is $2.79 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, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.03. The firm had revenue of $74.20 million for the quarter, compared to analyst estimates of $72.34 million. Zendesk had a negative return on equity of 30.61% and a negative net margin of 37.10%. The business’s quarterly revenue was up 53.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.08) EPS. On average, equities research analysts forecast that Zendesk will post ($0.04) EPS for the current fiscal year.

In related news, Chairman Mikkel Svane sold 150,000 shares of the company’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $30.59, for a total transaction of $4,588,500.00. Following the completion of the sale, the chairman now directly owns 3,421,984 shares in the company, valued at approximately $104,678,490.56. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP John Geschke sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $29.50, for a total value of $295,000.00. Following the sale, the senior vice president now owns 11,175 shares of the company’s stock, valued at $329,662.50. The disclosure for this sale can be found here. Insiders own 17.00% of the company’s stock.

Several hedge funds have recently made changes to their positions in ZEN. BlackRock Inc. increased its stake in shares of Zendesk by 100.5% in the second quarter. BlackRock Inc. now owns 7,675 shares of the company’s stock valued at $202,000 after buying an additional 3,847 shares in the last quarter. Amalgamated Bank acquired a new stake in shares of Zendesk during the second quarter valued at $264,000. Capstone Investment Advisors LLC acquired a new stake in shares of Zendesk during the second quarter valued at $232,000. AQR Capital Management LLC acquired a new stake in shares of Zendesk during the second quarter valued at $242,000. Finally, ProShare Advisors LLC acquired a new stake in shares of Zendesk during the second quarter valued at $262,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Zendesk Company Profile

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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