Hunt Lane Capital LP Takes $18.92 Million Position in Zendesk, Inc. (ZEN)
Hunt Lane Capital LP bought a new position in Zendesk, Inc. (NYSE:ZEN) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 681,000 shares of the software maker’s stock, valued at approximately $18,918,000. Zendesk accounts for about 3.4% of Hunt Lane Capital LP’s holdings, making the stock its 13th largest holding. Hunt Lane Capital LP owned about 0.68% of Zendesk as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of ZEN. Oppenheimer Asset Management Inc. purchased a new position in shares of Zendesk during the first quarter valued at $103,000. Advisor Group Inc. raised its position in Zendesk by 44.3% during the second quarter. Advisor Group Inc. now owns 3,701 shares of the software maker’s stock valued at $103,000 after buying an additional 1,137 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Zendesk by 10.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,887 shares of the software maker’s stock valued at $108,000 after buying an additional 352 shares during the period. Fortaleza Asset Management Inc. acquired a new stake in Zendesk during the 2nd quarter worth about $115,000. Finally, Independent Portfolio Consultants Inc. acquired a new stake in Zendesk during the 2nd quarter worth about $153,000. 96.24% of the stock is owned by institutional investors and hedge funds.
In related news, Chairman Mikkel Svane sold 50,000 shares of the stock in a transaction dated 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 directly owns 1,730,990 shares in the company, valued at $48,640,819. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Adrian Mcdermott sold 1,766 shares of Zendesk stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $29.11, for a total value of $51,408.26. Following the completion of the sale, the insider now directly owns 80,290 shares in the company, valued at approximately $2,337,241.90. The disclosure for this sale can be found here. Insiders sold a total of 91,315 shares of company stock worth $2,587,980 in the last three months. Company insiders own 5.30% of the company’s stock.
Several equities analysts have weighed in on ZEN shares. Zacks Investment Research raised Zendesk from a “sell” rating to a “hold” rating in a research note on Thursday, June 8th. BidaskClub downgraded Zendesk from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 29th. Stifel Nicolaus reissued a “hold” rating on shares of Zendesk in a research report on Friday, July 21st. KeyCorp reissued a “buy” rating and issued a $35.00 price target on shares of Zendesk in a research report on Friday, August 4th. Finally, Piper Jaffray Companies set a $33.00 price target on shares of Zendesk and gave the stock a “buy” rating in a report on Saturday, August 5th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $33.09.
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Zendesk, Inc. (NYSE ZEN) traded up 0.492% during trading on Tuesday, reaching $29.605. The company had a trading volume of 113,156 shares. The company has a 50 day moving average price of $27.91 and a 200 day moving average price of $27.73. Zendesk, Inc. has a 52-week low of $19.77 and a 52-week high of $31.36. The company’s market capitalization is $2.98 billion.
Zendesk (NYSE:ZEN) last announced its earnings results on Thursday, August 3rd. The software maker reported ($0.26) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.20). The company had revenue of $101.30 million during the quarter, compared to analyst estimates of $99.47 million. Zendesk had a negative return on equity of 32.10% and a negative net margin of 29.34%. Zendesk’s revenue for the quarter was up 36.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.06) earnings per share. On average, equities analysts forecast that Zendesk, Inc. will post ($0.17) EPS for the current fiscal year.
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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