Wells Fargo & Company Reiterates “Outperform” Rating for Zendesk, Inc. (ZEN)

Zendesk, Inc. (NYSE:ZEN)‘s stock had its “outperform” rating restated by equities research analysts at Wells Fargo & Company in a research note issued to investors on Thursday. They currently have a $40.00 price objective on the software maker’s stock, up from their prior price objective of $32.00. Wells Fargo & Company’s price target suggests a potential upside of 17.75% from the stock’s previous close.

A number of other research analysts also recently commented on the company. Morgan Stanley increased their target price on Zendesk from $33.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, October 23rd. Royal Bank Of Canada reiterated a “buy” rating and set a $35.00 target price on shares of Zendesk in a research report on Wednesday, October 18th. KeyCorp reiterated a “buy” rating and set a $35.00 target price on shares of Zendesk in a research report on Sunday, October 15th. Stephens downgraded Zendesk from an “equal weight” rating to an “underweight” rating and set a $25.00 target price for the company. in a research report on Monday, October 9th. Finally, Zacks Investment Research upgraded Zendesk from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Thursday, October 5th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and fourteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $33.80.

Zendesk (NYSE:ZEN) traded down $0.38 during mid-day trading on Thursday, reaching $33.97. The company’s stock had a trading volume of 1,890,000 shares, compared to its average volume of 867,189. Zendesk has a 1-year low of $19.77 and a 1-year high of $35.00.

Zendesk (NYSE:ZEN) last posted its earnings results on Wednesday, November 1st. The software maker reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.04. The firm had revenue of $112.79 million during the quarter, compared to the consensus estimate of $109.19 million. Zendesk had a negative return on equity of 32.55% and a negative net margin of 27.43%. The company’s quarterly revenue was up 39.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.04) EPS. equities analysts anticipate that Zendesk will post -1.07 earnings per share for the current fiscal year.

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In related news, Chairman Mikkel Svane sold 50,000 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $28.10, for a total transaction of $1,405,000.00. Following the sale, the chairman now owns 1,730,990 shares in the company, valued at approximately $48,640,819. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Elena Gomez sold 1,431 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $27.06, for a total value of $38,722.86. Following the sale, the chief financial officer now owns 6,157 shares in the company, valued at approximately $166,608.42. The disclosure for this sale can be found here. Insiders have sold a total of 85,823 shares of company stock worth $2,429,819 in the last 90 days. 5.30% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board purchased a new stake in Zendesk in the third quarter worth $105,000. Oppenheimer Asset Management Inc. purchased a new stake in Zendesk in the first quarter worth $103,000. Advisor Group Inc. increased its stake in Zendesk by 44.3% in 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. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Zendesk by 10.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,887 shares of the software maker’s stock worth $108,000 after purchasing an additional 352 shares during the period. Finally, Fortaleza Asset Management Inc. purchased a new stake in Zendesk in the second quarter worth $115,000. Institutional investors and hedge funds own 96.23% of the company’s stock.

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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