Point72 Asset Management L.P. Has $22.97 Million Position in Zendesk Inc (ZEN)
Point72 Asset Management L.P. reduced its stake in Zendesk Inc (NYSE:ZEN) by 56.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 421,500 shares of the software maker’s stock after selling 546,700 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.40% of Zendesk worth $22,968,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Catalyst Capital Advisors LLC lifted its holdings in shares of Zendesk by 2,509.9% during the second quarter. Catalyst Capital Advisors LLC now owns 2,114 shares of the software maker’s stock worth $115,000 after buying an additional 2,033 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Zendesk during the second quarter worth approximately $180,000. Cerebellum GP LLC acquired a new position in shares of Zendesk during the second quarter worth approximately $182,000. Pendal Group Ltd acquired a new position in shares of Zendesk during the first quarter worth approximately $188,000. Finally, BB&T Securities LLC acquired a new position in shares of Zendesk during the second quarter worth approximately $200,000. Hedge funds and other institutional investors own 92.24% of the company’s stock.
Shares of NYSE ZEN opened at $70.67 on Thursday. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.74 and a quick ratio of 2.74. Zendesk Inc has a one year low of $27.09 and a one year high of $71.76.
A number of brokerages have recently commented on ZEN. Morgan Stanley upped their price target on Zendesk from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. Stifel Nicolaus upped their price target on Zendesk from $60.00 to $68.00 and gave the stock a “hold” rating in a report on Tuesday. Craig Hallum upped their price target on Zendesk from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, August 1st. Evercore ISI reiterated a “buy” rating and set a $70.00 price target on shares of Zendesk in a report on Sunday, August 5th. Finally, KeyCorp reiterated a “buy” rating and set a $58.00 price target on shares of Zendesk in a report on Friday, May 18th. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Zendesk has a consensus rating of “Buy” and an average target price of $59.31.
In related news, CFO Elena Gomez sold 4,000 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $70.00, for a total value of $280,000.00. Following the completion of the transaction, the chief financial officer now directly owns 20,614 shares in the company, valued at $1,442,980. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Adrian Mcdermott sold 1,810 shares of the company’s stock in a transaction on Tuesday, June 19th. The shares were sold at an average price of $58.13, for a total value of $105,215.30. Following the completion of the transaction, the insider now owns 80,267 shares of the company’s stock, valued at $4,665,920.71. The disclosure for this sale can be found here. Insiders sold 101,270 shares of company stock valued at $6,293,098 over the last 90 days. 4.70% of the stock is currently owned by corporate insiders.
Zendesk, Inc, a software development company, provides SaaS products for organizations. Its flagship product is Zendesk Support, a system for tracking, prioritizing, and solving customer support tickets across various channels. The company also offers Zendesk Chat, a live chat software to connect with customers on Websites, in applications, and on mobile devices; Zendesk Talk, a cloud-based call center software; Zendesk Guide, a knowledge base that for customer self-service and support agent productivity; Zendesk Message, a customer messaging software; and Zendesk Explore that makes customer data accessible across an organization.
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