Zendesk Inc. (ZEN) Given “Buy” Rating at Rosenblatt Securities
Rosenblatt Securities restated their buy rating on shares of Zendesk Inc. (NYSE:ZEN) in a research note released on Wednesday morning. Rosenblatt Securities currently has a $33.00 price target on the stock.
A number of other brokerages have also commented on ZEN. Piper Jaffray Cos. restated an overweight rating and issued a $35.00 price target on shares of Zendesk in a report on Saturday, August 13th. Zacks Investment Research upgraded Zendesk from a hold rating to a strong-buy rating and set a $35.00 price target on the stock in a report on Thursday, August 11th. Morgan Stanley boosted their price target on Zendesk from $30.00 to $33.00 and gave the company an overweight rating in a report on Thursday, July 14th. Summit Redstone started coverage on Zendesk in a report on Monday, July 18th. They issued a buy rating and a $34.00 price target on the stock. Finally, Summit Research reiterated a buy rating and set a $34.00 target price on shares of Zendesk in a report on Monday, July 18th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $32.73.
Shares of Zendesk (NYSE:ZEN) opened at 30.99 on Wednesday. The stock’s 50 day moving average price is $30.49 and its 200-day moving average price is $26.23. The stock’s market capitalization is $2.91 billion. Zendesk has a 1-year low of $14.39 and a 1-year high of $31.88.
Zendesk (NYSE:ZEN) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.03. The company 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 company’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.08) earnings per share. Equities research analysts anticipate that Zendesk will post ($0.04) EPS for the current fiscal year.
In other news, SVP Adrian Mcdermott sold 68,470 shares of the stock in a transaction on Friday, July 8th. The stock was sold at an average price of $28.07, for a total value of $1,921,952.90. Following the completion of the transaction, the senior vice president now directly owns 134,592 shares in the company, valued at approximately $3,777,997.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John Geschke sold 10,000 shares of the stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $29.50, for a total value of $295,000.00. Following the completion of the transaction, 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. 17.00% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC raised its position in shares of Zendesk by 1.4% in the second quarter. FMR LLC now owns 13,761,463 shares of the company’s stock valued at $363,027,000 after buying an additional 185,361 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Zendesk by 6.9% in the second quarter. Vanguard Group Inc. now owns 5,388,105 shares of the company’s stock valued at $142,138,000 after buying an additional 347,654 shares in the last quarter. Jericho Capital Asset Management L.P. raised its position in shares of Zendesk by 5.4% in the first quarter. Jericho Capital Asset Management L.P. now owns 4,449,324 shares of the company’s stock valued at $93,124,000 after buying an additional 227,274 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Zendesk by 348.6% in the first quarter. Wellington Management Group LLP now owns 4,370,342 shares of the company’s stock valued at $91,471,000 after buying an additional 3,396,128 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Zendesk by 48.9% in the first quarter. Franklin Resources Inc. now owns 3,881,877 shares of the company’s stock valued at $81,248,000 after buying an additional 1,275,008 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.
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.
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