Wedbush Reiterates Outperform Rating for Zendesk (ZEN)

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Wedbush reissued their outperform rating on shares of Zendesk (NYSE:ZEN) in a research note issued to investors on Thursday, The Fly reports. Wedbush currently has a $103.00 price objective on the software maker’s stock, up from their prior price objective of $95.00.

A number of other analysts also recently weighed in on the stock. Oppenheimer started coverage on shares of Zendesk in a report on Thursday, January 24th. They issued a market perform rating and a $71.70 price target for the company. KeyCorp reissued a buy rating on shares of Zendesk in a report on Tuesday, February 5th. Royal Bank of Canada increased their price target on shares of Zendesk to $90.00 and gave the company an outperform rating in a report on Wednesday, February 6th. Wells Fargo & Co increased their price target on shares of Zendesk from $80.00 to $90.00 and gave the company an outperform rating in a report on Wednesday, February 6th. Finally, Deutsche Bank increased their price target on shares of Zendesk to $88.00 and gave the company a buy rating in a report on Wednesday, February 6th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $91.46.

NYSE:ZEN opened at $86.66 on Thursday. Zendesk has a 1 year low of $45.60 and a 1 year high of $90.00. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 1.34. The firm has a market capitalization of $9.66 billion, a P/E ratio of -91.22 and a beta of 1.64.

Zendesk (NYSE:ZEN) last posted its earnings results on Tuesday, April 30th. The software maker reported ($0.28) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.28). Zendesk had a negative net margin of 22.52% and a negative return on equity of 25.37%. The business had revenue of $181.48 million for the quarter, compared to analyst estimates of $179.53 million. During the same period last year, the business posted $0.02 EPS. Zendesk’s revenue was up 39.8% compared to the same quarter last year. Research analysts forecast that Zendesk will post -1.07 EPS for the current year.

In related news, SVP John Geschke sold 2,500 shares of Zendesk stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $82.02, for a total transaction of $205,050.00. Following the completion of the transaction, the senior vice president now directly owns 21,353 shares of the company’s stock, valued at approximately $1,751,373.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Jeffrey J. Titterton sold 503 shares of Zendesk stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $88.16, for a total transaction of $44,344.48. Following the transaction, the chief marketing officer now directly owns 16,141 shares of the company’s stock, valued at $1,422,990.56. The disclosure for this sale can be found here. Insiders have sold a total of 84,882 shares of company stock valued at $7,225,838 over the last ninety days. 4.60% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the stock. TIAA CREF Investment Management LLC boosted its holdings in Zendesk by 5.1% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 807,879 shares of the software maker’s stock valued at $57,359,000 after purchasing an additional 39,199 shares in the last quarter. Vanguard Group Inc boosted its holdings in Zendesk by 4.2% in the 3rd quarter. Vanguard Group Inc now owns 8,930,795 shares of the software maker’s stock valued at $634,087,000 after purchasing an additional 360,069 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in Zendesk by 3,529.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,085 shares of the software maker’s stock valued at $180,000 after purchasing an additional 3,000 shares in the last quarter. Strs Ohio boosted its holdings in Zendesk by 16.5% in the 4th quarter. Strs Ohio now owns 4,528 shares of the software maker’s stock valued at $264,000 after purchasing an additional 640 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new stake in shares of Zendesk during the 4th quarter valued at approximately $13,488,000. 97.28% of the stock is owned by hedge funds and other 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, applications, and mobile devices; Zendesk Talk, a cloud-based call center software; Zendesk Guide, a knowledge base that powers customer self-service and support agent productivity; Zendesk Sell, a sales force automation software to enhance productivity, processes, and pipeline visibility for sales teams; Zendesk Connect that manages customer communication across channels; and Zendesk Explore, which provides analytics for businesses to measure and enhance the customer experience.

Further Reading: Insider Trading

The Fly

Analyst Recommendations for Zendesk (NYSE:ZEN)

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