Zendesk’s (ZEN) “Outperform” Rating Reaffirmed at Wells Fargo & Company
Wells Fargo & Company reaffirmed their outperform rating on shares of Zendesk, Inc. (NYSE:ZEN) in a report issued on Thursday. The firm currently has a $40.00 price target on the software maker’s stock, up from their prior price target of $32.00.
Other analysts have also recently issued research reports about the company. BidaskClub cut Zendesk from a strong-buy rating to a buy rating in a research report on Thursday, August 10th. Morgan Stanley lifted their price objective on Zendesk from $33.00 to $35.00 and gave the company an overweight rating in a research report on Monday, October 23rd. Zacks Investment Research raised Zendesk from a hold rating to a buy rating and set a $33.00 price objective for the company in a research report on Thursday, October 5th. KeyCorp reaffirmed a buy rating and issued a $35.00 price target on shares of Zendesk in a research report on Sunday, October 15th. Finally, Piper Jaffray Companies set a $33.00 price target on Zendesk and gave the stock a buy rating in a research report on Saturday, August 5th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and fourteen have assigned a buy rating to the stock. Zendesk presently has a consensus rating of Buy and a consensus target price of $33.80.
Shares of Zendesk (ZEN) traded down $0.38 during trading hours on Thursday, reaching $33.97. The company’s stock had a trading volume of 1,890,000 shares, compared to its average volume of 867,189. Zendesk has a 12 month low of $19.77 and a 12 month high of $35.00.
Zendesk (NYSE:ZEN) last released its quarterly earnings data on Wednesday, November 1st. The software maker reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.04. The firm had revenue of $112.79 million during the quarter, compared to analysts’ expectations of $109.19 million. Zendesk had a negative return on equity of 32.55% and a negative net margin of 27.43%. The business’s revenue for the quarter was up 39.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.04) earnings per share. sell-side analysts anticipate that Zendesk will post -1.07 EPS for the current fiscal year.
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In related news, insider Adrian Mcdermott sold 1,767 shares of the business’s stock in a transaction dated Thursday, October 19th. The stock was sold at an average price of $30.10, for a total transaction of $53,186.70. Following the transaction, the insider now directly owns 80,726 shares in the company, valued at $2,429,852.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John Geschke sold 10,000 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $29.33, for a total value of $293,300.00. Following the transaction, the senior vice president now owns 20,595 shares in the company, valued at $604,051.35. The disclosure for this sale can be found here. Insiders sold 85,823 shares of company stock worth $2,429,819 over the last quarter. 5.30% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. bought a new stake in shares of Zendesk in the 1st quarter valued at approximately $103,000. Advisor Group Inc. grew its stake in shares of Zendesk by 44.3% in the 2nd quarter. Advisor Group Inc. now owns 3,701 shares of the software maker’s stock valued at $103,000 after purchasing an additional 1,137 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Zendesk in the 3rd quarter valued at approximately $105,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Zendesk by 10.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,887 shares of the software maker’s stock valued at $108,000 after purchasing an additional 352 shares during the period. Finally, Fortaleza Asset Management Inc. bought a new stake in shares of Zendesk in the 2nd quarter valued at approximately $115,000. 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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