Zendesk, Inc. (ZEN) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Zendesk, Inc. (NYSE:ZEN) from a buy rating to a hold rating in a research report report published on Wednesday morning.

According to Zacks, “Zendesk, Inc. is a software development company. It provides a software-as-a-service, or SaaS, customer service platform. The Company offers applications that allow clients to manage incoming support requests from end customers from any Internet connected computer. It provides customer service through its platform in approximately 40 languages to customers in various industries, such as business technology, telecommunications, education/non-profit, consumer technology, media/entertainment, and retail/ecommerce. Zendesk, Inc. is headquartered in San Francisco, California. “

A number of other equities analysts also recently issued reports on the company. Stephens downgraded Zendesk from an equal weight rating to an underweight rating and set a $25.00 price target on the stock. in a research report on Monday, October 9th. Morgan Stanley increased their price target on Zendesk from $33.00 to $35.00 and gave the stock an overweight rating in a research report on Monday, October 23rd. Stifel Nicolaus reiterated a hold rating on shares of Zendesk in a research report on Friday, July 21st. Piper Jaffray Companies reiterated a buy rating and set a $33.00 price target on shares of Zendesk in a research report on Tuesday, September 12th. Finally, ValuEngine upgraded Zendesk from a sell rating to a hold rating in a research report on Wednesday, September 13th. Two analysts have rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the stock. Zendesk currently has an average rating of Buy and a consensus price target of $34.13.

Shares of Zendesk (NYSE:ZEN) opened at $35.27 on Wednesday. Zendesk has a one year low of $19.77 and a one year high of $35.89.

Zendesk (NYSE:ZEN) last issued its earnings results on Wednesday, November 1st. The software maker reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.04. Zendesk had a negative return on equity of 32.50% and a negative net margin of 27.43%. The firm had revenue of $112.79 million for the quarter, compared to the consensus estimate of $109.19 million. During the same quarter in the prior year, the business earned ($0.04) earnings per share. The company’s revenue was up 39.7% compared to the same quarter last year. analysts anticipate that Zendesk will post -1.03 EPS for the current fiscal year.

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In other news, Director Caryn Marooney sold 1,693 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $27.35, for a total value of $46,303.55. Following the transaction, the director now owns 56,061 shares in the company, valued at $1,533,268.35. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Elena Gomez sold 13,155 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $35.00, for a total value of $460,425.00. Following the completion of the transaction, the chief financial officer now owns 16,858 shares in the company, valued at approximately $590,030. The disclosure for this sale can be found here. In the last 90 days, insiders sold 69,178 shares of company stock worth $2,232,916. Company insiders own 5.30% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. acquired a new stake in shares of Zendesk in the first quarter valued at approximately $103,000. Advisor Group Inc. increased its holdings in shares of Zendesk by 44.3% in the second 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 last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Zendesk in the third quarter valued at approximately $105,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings 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 valued at $108,000 after purchasing an additional 352 shares during the last quarter. Finally, Fortaleza Asset Management Inc. acquired a new stake in shares of Zendesk in the second quarter valued at approximately $115,000. 96.07% of the stock is owned by hedge funds and other institutional investors.

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.

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