Zendesk’s (ZEN) Buy Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reaffirmed their buy rating on shares of Zendesk (NYSE:ZEN) in a research note published on Wednesday. Royal Bank of Canada currently has a $42.00 price target on the software maker’s stock.

Several other equities research analysts also recently commented on ZEN. ValuEngine downgraded Zendesk from a hold rating to a sell rating in a report on Monday, October 2nd. Canaccord Genuity lifted their price objective on Zendesk from $34.00 to $36.00 and gave the stock a buy rating in a report on Thursday, November 2nd. Morgan Stanley lifted their price objective on Zendesk from $35.00 to $38.00 and gave the stock an overweight rating in a report on Thursday, November 2nd. Stifel Nicolaus restated a neutral rating on shares of Zendesk in a research note on Friday, November 3rd. Finally, Zacks Investment Research upgraded Zendesk from a hold rating to a buy rating and set a $38.00 price target for the company in a research note on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of Buy and an average price target of $34.86.

Zendesk (NYSE ZEN) traded down $0.11 during midday trading on Wednesday, reaching $36.38. The company had a trading volume of 604,875 shares, compared to its average volume of 756,183. Zendesk has a 52 week low of $22.88 and a 52 week high of $38.83. The company has a market cap of $3,690.00, a P/E ratio of -33.07 and a beta of 1.83.

Zendesk (NYSE:ZEN) last released its quarterly earnings data on Wednesday, November 1st. The software maker reported ($0.02) EPS for the quarter, topping the consensus estimate 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 company had revenue of $112.79 million during the quarter, compared to the consensus estimate of $109.19 million. During the same period last year, the company earned ($0.04) EPS. Zendesk’s revenue for the quarter was up 39.7% on a year-over-year basis. sell-side analysts anticipate that Zendesk will post -1.03 EPS for the current fiscal year.

In other Zendesk news, Chairman Mikkel Svane sold 50,000 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $34.31, for a total transaction of $1,715,500.00. Following the completion of the sale, the chairman now directly owns 1,734,891 shares in the company, valued at approximately $59,524,110.21. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John Geschke sold 30,200 shares of Zendesk stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $34.36, for a total value of $1,037,672.00. Following the transaction, the senior vice president now directly owns 16,195 shares in the company, valued at $556,460.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 165,833 shares of company stock valued at $5,778,410. Corporate insiders own 5.30% of the company’s stock.

Several hedge funds have recently bought and sold shares of ZEN. Advisor Group Inc. lifted its position in shares of Zendesk by 44.3% during the 2nd quarter. Advisor Group Inc. now owns 3,701 shares of the software maker’s stock valued at $103,000 after buying an additional 1,137 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Zendesk during the 3rd quarter valued at about $105,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Zendesk by 10.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,887 shares of the software maker’s stock valued at $108,000 after buying an additional 352 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Zendesk by 8.8% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 3,998 shares of the software maker’s stock valued at $111,000 after buying an additional 323 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Zendesk during the 3rd quarter valued at about $193,000. 95.67% of the stock is currently owned by hedge funds and other institutional investors.

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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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