Zendesk (ZEN) Earns Buy Rating from Royal Bank of Canada

Royal Bank of Canada restated their buy rating on shares of Zendesk (NYSE:ZEN) in a research note issued to investors on Wednesday morning. The brokerage currently has a $42.00 target price on the software maker’s stock.

Other equities research analysts have also recently issued reports about the company. KeyCorp reissued a buy rating and issued a $35.00 target price on shares of Zendesk in a research note on Sunday, October 15th. Zacks Investment Research raised Zendesk from a hold rating to a buy rating and set a $33.00 target price on the stock in a research note on Thursday, October 5th. Canaccord Genuity increased their target price on Zendesk from $34.00 to $36.00 and gave the stock a buy rating in a research note on Thursday, November 2nd. UBS Group reissued a neutral rating and issued a $38.00 target price (up from $37.00) on shares of Zendesk in a research note on Thursday, November 9th. Finally, Stifel Nicolaus reissued a neutral rating on shares of Zendesk in a research note on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. Zendesk presently has a consensus rating of Buy and a consensus target price of $34.86.

Shares of Zendesk (ZEN) opened at $37.07 on Wednesday. Zendesk has a 12 month low of $22.88 and a 12 month high of $38.83.

Zendesk (NYSE:ZEN) last released 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 analysts’ expectations of $109.19 million. During the same period in the prior year, the firm posted ($0.04) earnings per share. The company’s quarterly revenue was up 39.7% on a year-over-year basis. equities analysts anticipate that Zendesk will post -1.03 EPS for the current fiscal year.

In related news, SVP John Geschke sold 30,200 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $34.36, for a total transaction of $1,037,672.00. Following the sale, the senior vice president now directly owns 16,195 shares of the company’s stock, valued at $556,460.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Mikkel Svane sold 50,000 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $34.31, for a total value of $1,715,500.00. Following the sale, the chairman now directly owns 1,734,891 shares in the company, valued at $59,524,110.21. The disclosure for this sale can be found here. Insiders have sold 165,833 shares of company stock worth $5,778,410 over the last ninety days. 5.30% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. FMR LLC lifted its holdings in Zendesk by 2.0% in the second quarter. FMR LLC now owns 14,844,224 shares of the software maker’s stock valued at $412,372,000 after acquiring an additional 293,055 shares during the period. BlackRock Inc. lifted its holdings in Zendesk by 54.9% in the second quarter. BlackRock Inc. now owns 8,835,508 shares of the software maker’s stock valued at $245,450,000 after acquiring an additional 3,133,287 shares during the period. Vanguard Group Inc. lifted its holdings in Zendesk by 10.9% in the second quarter. Vanguard Group Inc. now owns 7,365,549 shares of the software maker’s stock valued at $204,615,000 after acquiring an additional 721,652 shares during the period. Janus Henderson Group PLC bought a new position in Zendesk in the second quarter valued at about $137,975,000. Finally, Wasatch Advisors Inc. lifted its holdings in Zendesk by 26.5% in the second quarter. Wasatch Advisors Inc. now owns 3,919,479 shares of the software maker’s stock valued at $108,883,000 after acquiring an additional 820,465 shares during the period. 95.67% of the stock is currently owned by institutional investors.

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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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