JMP Securities Raises Zendesk (ZEN) Price Target to $60.00
Zendesk (NYSE:ZEN) had its price target raised by investment analysts at JMP Securities from $55.00 to $60.00 in a research report issued on Friday. The brokerage currently has an “outperform” rating on the software maker’s stock. JMP Securities’ price objective would indicate a potential upside of 6.50% from the stock’s current price.
ZEN has been the topic of several other research reports. Piper Jaffray lifted their price target on shares of Zendesk to $60.00 and gave the company an “overweight” rating in a research report on Monday, March 12th. ValuEngine raised shares of Zendesk from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Cowen lifted their price target on shares of Zendesk from $53.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, May 2nd. Zacks Investment Research reaffirmed a “hold” rating on shares of Zendesk in a research report on Saturday, January 27th. Finally, Stifel Nicolaus lifted their price target on shares of Zendesk from $38.00 to $45.00 and gave the company a “hold” rating in a research report on Wednesday, May 2nd. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $48.13.
Shares of Zendesk stock traded up $1.23 on Friday, hitting $56.34. 1,010,983 shares of the company were exchanged, compared to its average volume of 1,548,303. The stock has a market cap of $5.76 billion, a P/E ratio of -54.70 and a beta of 1.51. The company has a debt-to-equity ratio of 1.10, a current ratio of 3.20 and a quick ratio of 3.20. Zendesk has a 1-year low of $24.49 and a 1-year high of $57.31.
In other Zendesk news, insider Adrian Mcdermott sold 1,425 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $43.00, for a total value of $61,275.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Elena Gomez sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, May 7th. The shares were sold at an average price of $53.84, for a total value of $134,600.00. Following the completion of the sale, the chief financial officer now directly owns 12,911 shares in the company, valued at approximately $695,128.24. The disclosure for this sale can be found here. In the last three months, insiders sold 62,771 shares of company stock worth $2,870,582. 4.70% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ZEN. BlackRock Inc. increased its position in shares of Zendesk by 31.2% during the first quarter. BlackRock Inc. now owns 9,533,969 shares of the software maker’s stock worth $456,391,000 after acquiring an additional 2,268,774 shares during the period. Wells Fargo & Company MN increased its position in shares of Zendesk by 14.0% during the fourth quarter. Wells Fargo & Company MN now owns 2,105,554 shares of the software maker’s stock worth $71,251,000 after acquiring an additional 258,469 shares during the period. Whale Rock Capital Management LLC increased its position in shares of Zendesk by 6.1% during the first quarter. Whale Rock Capital Management LLC now owns 1,916,448 shares of the software maker’s stock worth $91,740,000 after acquiring an additional 110,547 shares during the period. JPMorgan Chase & Co. increased its position in shares of Zendesk by 1.4% during the first quarter. JPMorgan Chase & Co. now owns 1,802,828 shares of the software maker’s stock worth $86,301,000 after acquiring an additional 24,640 shares during the period. Finally, EMS Capital LP increased its position in shares of Zendesk by 35.0% during the fourth quarter. EMS Capital LP now owns 1,620,000 shares of the software maker’s stock worth $54,821,000 after acquiring an additional 420,000 shares during the period. 89.75% of the stock is currently owned by institutional investors.
Zendesk Company Profile
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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