Zendesk, Inc. (NYSE:ZEN) Cut to Buy at BidaskClub

Zendesk, Inc. (NYSE:ZEN) was downgraded by equities research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday.

Several other analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Zendesk from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 13th. Guggenheim reiterated a “buy” rating and set a $33.00 target price on shares of Zendesk in a research note on Tuesday, April 18th. Stifel Nicolaus reiterated a “hold” rating on shares of Zendesk in a research note on Friday, July 21st. KeyCorp restated a “buy” rating and set 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 research report on Saturday, August 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $33.00.

Shares of Zendesk (NYSE ZEN) traded down 2.59% during mid-day trading on Thursday, reaching $25.24. 248,539 shares of the company were exchanged. Zendesk has a 12 month low of $19.77 and a 12 month high of $31.88. The company’s 50-day moving average is $28.43 and its 200 day moving average is $27.34. The firm’s market capitalization is $2.54 billion.

Zendesk (NYSE:ZEN) last released its earnings results on Thursday, August 3rd. The software maker reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.06) by $0.20. Zendesk had a negative net margin of 29.34% and a negative return on equity of 32.10%. The business had revenue of $101.30 million for the quarter, compared to the consensus estimate of $99.47 million. During the same quarter in the previous year, the firm earned ($0.06) EPS. The firm’s revenue for the quarter was up 36.5% on a year-over-year basis. Analysts predict that Zendesk will post ($0.17) EPS for the current year.

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In related news, Chairman Mikkel Svane sold 50,000 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $28.10, for a total value of $1,405,000.00. Following the completion of the sale, the chairman now owns 1,730,990 shares of the company’s stock, valued at $48,640,819. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Elena Gomez sold 1,780 shares of the company’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $27.17, for a total transaction of $48,362.60. The disclosure for this sale can be found here. Insiders sold 148,834 shares of company stock valued at $4,098,844 in the last ninety days. Corporate insiders own 5.30% of the company’s stock.

Large investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. acquired a new stake in shares of Zendesk during the first quarter worth $103,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Zendesk by 10.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,887 shares of the software maker’s stock worth $108,000 after buying an additional 352 shares during the last quarter. Fortaleza Asset Management Inc. acquired a new stake in shares of Zendesk during the second quarter worth $115,000. Independent Portfolio Consultants Inc. acquired a new stake in shares of Zendesk during the second quarter worth $153,000. Finally, Ameritas Investment Partners Inc. acquired a new stake in shares of Zendesk during the first quarter worth $197,000. 92.69% of the stock is owned by institutional investors.

Zendesk Company Profile

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.

Analyst Recommendations for Zendesk (NYSE:ZEN)

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