Bank of America Increases Zendesk (ZEN) Price Target to $45.00

Zendesk (NYSE:ZEN) had its target price raised by equities research analysts at Bank of America from $38.00 to $45.00 in a research note issued on Wednesday. The brokerage presently has a “buy” rating on the software maker’s stock. Bank of America’s price target would suggest a potential upside of 16.88% from the company’s previous close.

Several other research analysts have also commented on ZEN. KeyCorp raised their price objective on shares of Zendesk from $42.00 to $43.00 and gave the company an “overweight” rating in a research note on Wednesday. Craig Hallum reissued a “buy” rating and issued a $45.00 price objective (up previously from $37.00) on shares of Zendesk in a research note on Wednesday. Stifel Nicolaus raised their price objective on shares of Zendesk from $33.00 to $38.00 and gave the company a “hold” rating in a research note on Wednesday. Zacks Investment Research reissued a “hold” rating on shares of Zendesk in a research note on Saturday, January 27th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $35.00 price objective on shares of Zendesk in a research note on Wednesday, October 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company’s stock. Zendesk presently has an average rating of “Buy” and an average price target of $40.31.

Zendesk (ZEN) opened at $38.50 on Wednesday. Zendesk has a 12 month low of $24.49 and a 12 month high of $42.35. The company has a market cap of $3,900.92, a P/E ratio of -34.68 and a beta of 1.87.

Zendesk (NYSE:ZEN) last posted its quarterly earnings data on Tuesday, February 6th. The software maker reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. Zendesk had a negative net margin of 25.70% and a negative return on equity of 32.88%. The business had revenue of $123.43 million during the quarter, compared to analyst estimates of $119.68 million. During the same quarter last year, the firm posted ($0.04) earnings per share. The business’s revenue for the quarter was up 39.3% compared to the same quarter last year. analysts anticipate that Zendesk will post -1.07 earnings per share for the current fiscal year.

In related news, insider Adrian Mcdermott sold 1,593 shares of Zendesk stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $36.27, for a total value of $57,778.11. Following the completion of the transaction, the insider now owns 81,081 shares in the company, valued at $2,940,807.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John Geschke sold 9,727 shares of Zendesk stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $35.09, for a total transaction of $341,320.43. Following the completion of the transaction, the senior vice president now owns 16,195 shares of the company’s stock, valued at approximately $568,282.55. The disclosure for this sale can be found here. Insiders sold 101,426 shares of company stock valued at $3,543,308 in the last quarter. 5.30% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Zendesk by 10.9% during the second quarter. Vanguard Group Inc. now owns 7,365,549 shares of the software maker’s stock worth $204,615,000 after purchasing an additional 721,652 shares in the last quarter. Wasatch Advisors Inc. raised its holdings in Zendesk by 26.5% during the second quarter. Wasatch Advisors Inc. now owns 3,919,479 shares of the software maker’s stock worth $108,883,000 after purchasing an additional 820,465 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Zendesk by 14.0% during the fourth quarter. Wells Fargo & Company MN now owns 2,105,554 shares of the software maker’s stock worth $71,251,000 after purchasing an additional 258,469 shares in the last quarter. State Street Corp raised its holdings in Zendesk by 22.6% during the second quarter. State Street Corp now owns 1,813,976 shares of the software maker’s stock worth $50,395,000 after purchasing an additional 334,769 shares in the last quarter. Finally, Calamos Advisors LLC raised its holdings in Zendesk by 8.8% during the third quarter. Calamos Advisors LLC now owns 1,645,329 shares of the software maker’s stock worth $47,896,000 after purchasing an additional 133,346 shares in the last quarter. 93.94% 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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