Zendesk’s (ZEN) “Buy” Rating Reaffirmed at Piper Jaffray Companies

Piper Jaffray Companies restated their buy rating on shares of Zendesk, Inc. (NYSE:ZEN) in a research note published on Tuesday morning. The firm currently has a $33.00 target price on the software maker’s stock.

Other equities research analysts have also recently issued reports about the company. BidaskClub cut Zendesk from a strong-buy rating to a buy rating in a research report on Thursday, August 10th. Zacks Investment Research upgraded shares of Zendesk from a sell rating to a hold rating in a research report on Tuesday, July 4th. KeyCorp restated a buy rating and issued a $35.00 price objective on shares of Zendesk in a research report on Friday, August 25th. Stifel Nicolaus restated a hold rating on shares of Zendesk in a research report on Friday, July 21st. Finally, Evercore ISI started coverage on shares of Zendesk in a research report on Friday, September 8th. They issued an outperform rating and a $34.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $33.09.

Shares of Zendesk (ZEN) opened at 29.22 on Tuesday. The firm’s market capitalization is $2.94 billion. The firm’s 50-day moving average is $27.85 and its 200-day moving average is $27.60. Zendesk has a 52 week low of $19.77 and a 52 week high of $31.36.

Zendesk (NYSE:ZEN) last announced its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.26) earnings per share for the quarter, missing the Thomson Reuters’ 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 company had revenue of $101.30 million for the quarter, compared to the consensus estimate of $99.47 million. During the same quarter in the prior year, the company earned ($0.06) earnings per share. The company’s quarterly revenue was up 36.5% on a year-over-year basis. Equities analysts anticipate that Zendesk will post ($0.17) EPS for the current year.

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In other Zendesk news, insider Adrian Mcdermott sold 1,766 shares of the company’s stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $27.61, for a total value of $48,759.26. Following the completion of the sale, the insider now owns 80,145 shares of the company’s stock, valued at $2,212,803.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP John Geschke sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $29.34, for a total value of $293,400.00. Following the completion of the sale, the senior vice president now directly owns 19,810 shares of the company’s stock, valued at approximately $581,225.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 117,085 shares of company stock valued at $3,294,504. 5.30% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of ZEN. BlackRock Inc. boosted its stake in Zendesk by 81,570.3% in the first quarter. BlackRock Inc. now owns 5,702,221 shares of the software maker’s stock worth $159,888,000 after buying an additional 5,695,239 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in Zendesk in the second quarter worth approximately $137,975,000. JPMorgan Chase & Co. boosted its stake in Zendesk by 77.9% in the second quarter. JPMorgan Chase & Co. now owns 2,110,503 shares of the software maker’s stock worth $58,629,000 after buying an additional 923,875 shares in the last quarter. Wasatch Advisors Inc. boosted its stake in Zendesk by 26.5% in the second quarter. Wasatch Advisors Inc. now owns 3,919,479 shares of the software maker’s stock worth $108,883,000 after buying an additional 820,465 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Zendesk by 10.9% in the second quarter. Vanguard Group Inc. now owns 7,365,549 shares of the software maker’s stock worth $204,615,000 after buying an additional 721,652 shares in the last quarter. 96.06% of the stock is owned by institutional investors and hedge funds.

About Zendesk

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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