Zendesk (NYSE:ZEN) Given New $60.00 Price Target at Piper Jaffray

Zendesk (NYSE:ZEN) had its target price increased by equities researchers at Piper Jaffray to $60.00 in a note issued to investors on Monday, March 12th, The Fly reports. The firm currently has an “overweight” rating on the software maker’s stock. Piper Jaffray’s target price would suggest a potential upside of 33.07% from the company’s current price.

ZEN has been the subject of several other research reports. Royal Bank of Canada reissued a “buy” rating and issued a $42.00 price target on shares of Zendesk in a research report on Wednesday, January 17th. Bank of America raised their price objective on shares of Zendesk from $38.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Zacks Investment Research upgraded shares of Zendesk from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a report on Sunday, January 21st. Guggenheim restated a “buy” rating and issued a $44.00 price objective on shares of Zendesk in a report on Wednesday, February 7th. Finally, Craig Hallum restated a “buy” rating and issued a $45.00 price objective (up from $37.00) on shares of Zendesk in a report on Wednesday, February 7th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $42.33.

ZEN stock traded down $1.26 during midday trading on Monday, hitting $45.09. The company’s stock had a trading volume of 1,033,644 shares, compared to its average volume of 1,208,924. Zendesk has a 52-week low of $24.49 and a 52-week high of $50.15. The stock has a market capitalization of $4,842.38, a PE ratio of -43.78 and a beta of 1.51.

Zendesk (NYSE:ZEN) last issued its quarterly 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 net margin of 25.70% and a negative return on equity of 32.48%. The company had revenue of $123.43 million during the quarter, compared to analysts’ expectations of $119.68 million. During the same quarter last year, the company posted ($0.04) EPS. The firm’s revenue was up 39.3% compared to the same quarter last year. sell-side analysts predict that Zendesk will post -1 earnings per share for the current fiscal year.

In related news, SVP John Geschke sold 1,493 shares of Zendesk stock in a transaction on Monday, January 8th. The shares were sold at an average price of $35.17, for a total transaction of $52,508.81. Following the sale, the senior vice president now directly owns 13,288 shares in the company, valued at approximately $467,338.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Adrian Mcdermott sold 1,593 shares of Zendesk stock in a transaction on Friday, January 19th. The stock was sold at an average price of $36.27, for a total transaction of $57,778.11. Following the sale, the insider now 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 196,936 shares of company stock worth $8,032,434 over the last quarter. 5.30% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. acquired a new stake in Zendesk during the 3rd quarter worth $9,017,000. AXA increased its stake in Zendesk by 301.0% in the fourth quarter. AXA now owns 388,975 shares of the software maker’s stock valued at $13,163,000 after purchasing an additional 291,975 shares during the period. New York State Common Retirement Fund increased its stake in Zendesk by 9.1% in the third quarter. New York State Common Retirement Fund now owns 113,308 shares of the software maker’s stock valued at $3,298,000 after purchasing an additional 9,408 shares during the period. Legal & General Group Plc increased its stake in Zendesk by 12.5% in the third quarter. Legal & General Group Plc now owns 40,365 shares of the software maker’s stock valued at $1,170,000 after purchasing an additional 4,488 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Zendesk by 15.9% in the third quarter. Bank of New York Mellon Corp now owns 604,805 shares of the software maker’s stock valued at $17,605,000 after purchasing an additional 82,956 shares during the period. Hedge funds and other institutional investors own 93.22% of the company’s stock.

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Zendesk Company Profile

Zendesk, Inc, a software development company, provides SaaS products for organizations. Its flagship product is Zendesk Support, a system for tracking, prioritizing, and solving customer support tickets across various channels. The company also offers Zendesk Chat, a live chat software to connect with customers on Websites, in applications, and on mobile devices; Zendesk Talk, a cloud-based call center software; Zendesk Guide, a knowledge base that for customer self-service and support agent productivity; Zendesk Message, a customer messaging software; and Zendesk Explore that makes customer data accessible across an organization.

The Fly

Analyst Recommendations for Zendesk (NYSE:ZEN)

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