Morgan Stanley Raises Zendesk (ZEN) Price Target to $48.00

Zendesk (NYSE:ZEN) had its price objective raised by Morgan Stanley from $41.00 to $48.00 in a research note issued to investors on Wednesday. The firm currently has an overweight rating on the software maker’s stock.

ZEN has been the topic of several other reports. Royal Bank of Canada reiterated a buy rating and issued a $35.00 target price on shares of Zendesk in a report on Wednesday, October 18th. Zacks Investment Research cut Zendesk from a buy rating to a hold rating in a report on Wednesday, November 8th. Wells Fargo & Co restated an outperform rating and set a $40.00 price target (up from $32.00) on shares of Zendesk in a report on Thursday, November 2nd. Stifel Nicolaus restated a neutral rating on shares of Zendesk in a report on Friday, November 3rd. Finally, UBS Group restated a neutral rating and set a $38.00 price target (up from $37.00) on shares of Zendesk in a report on Thursday, November 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $40.31.

Shares of Zendesk (NYSE:ZEN) opened at $39.10 on Wednesday. Zendesk has a twelve month low of $24.49 and a twelve month high of $42.35. The company has a market capitalization of $4,107.99, a P/E ratio of -35.23 and a beta of 1.87.

Zendesk (NYSE:ZEN) last announced its earnings results 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 return on equity of 32.88% and a negative net margin of 25.70%. The business had revenue of $123.43 million for the quarter, compared to analysts’ expectations of $119.68 million. During the same period in the prior year, the business posted ($0.04) earnings per share. The firm’s revenue was up 39.3% on a year-over-year basis. equities analysts expect that Zendesk will post -1.07 EPS for the current fiscal year.

In other news, Chairman Mikkel Svane sold 50,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chairman now directly owns 1,734,891 shares of the company’s stock, valued at $59,524,110.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adrian Mcdermott sold 1,593 shares of the company’s stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $36.27, for a total value of $57,778.11. Following the transaction, the insider now directly owns 81,081 shares in the company, valued at $2,940,807.87. The disclosure for this sale can be found here. Insiders have sold a total of 101,426 shares of company stock worth $3,543,308 over the last 90 days. Company insiders own 5.30% of the company’s stock.

Large investors have recently modified their holdings of the company. Advisor Group Inc. raised its position in shares of Zendesk by 44.3% during the second quarter. Advisor Group Inc. now owns 3,701 shares of the software maker’s stock worth $103,000 after purchasing an additional 1,137 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of Zendesk during the third quarter worth approximately $105,000. Cerebellum GP LLC acquired a new position in shares of Zendesk during the fourth quarter worth approximately $132,000. SG Americas Securities LLC acquired a new position in shares of Zendesk during the third quarter worth approximately $193,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Zendesk by 47.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,723 shares of the software maker’s stock worth $194,000 after purchasing an additional 1,836 shares during the period. 93.94% of the stock is currently owned by institutional investors.

TRADEMARK VIOLATION WARNING: “Morgan Stanley Raises Zendesk (ZEN) Price Target to $48.00” was originally posted by Sports Perspectives and is the sole property of of Sports Perspectives. If you are accessing this piece of content on another site, it was copied illegally and reposted in violation of U.S. and international copyright and trademark laws. The correct version of this piece of content can be viewed at https://sportsperspectives.com/2018/02/10/morgan-stanley-raises-zendesk-zen-price-target-to-48-00.html.

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)

Receive News & Ratings for Zendesk Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zendesk and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply