Royal Bank of Canada Lowers Zendesk (NYSE:ZEN) Price Target to $110.00

Zendesk (NYSE:ZEN) had its price objective dropped by research analysts at Royal Bank of Canada from $120.00 to $110.00 in a research note issued on Friday, The Fly reports. The firm presently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 20.68% from the company’s previous close.

ZEN has been the topic of a number of other reports. Goldman Sachs Group upped their price target on shares of Zendesk from $96.00 to $113.00 in a research note on Monday, June 29th. Citigroup assumed coverage on Zendesk in a research report on Thursday, July 16th. They issued a “neutral” rating and a $100.00 target price on the stock. Stifel Nicolaus reduced their price target on Zendesk from $85.00 to $75.00 and set a “hold” rating for the company in a report on Friday, May 1st. Bank of America increased their price objective on Zendesk from $75.00 to $82.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. Finally, Zacks Investment Research cut shares of Zendesk from a “buy” rating to a “hold” rating in a research note on Friday, July 24th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $99.75.

Shares of ZEN opened at $91.15 on Friday. The company has a market capitalization of $10.41 billion, a price-to-earnings ratio of -58.06 and a beta of 1.33. Zendesk has a fifty-two week low of $50.23 and a fifty-two week high of $101.94. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.44 and a quick ratio of 1.44. The business’s 50-day moving average is $88.52 and its 200-day moving average is $79.73.

Zendesk (NYSE:ZEN) last announced its quarterly earnings data on Thursday, July 30th. The software maker reported $0.14 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.34. The firm had revenue of $246.66 million for the quarter, compared to the consensus estimate of $239.82 million. Zendesk had a negative net margin of 19.24% and a negative return on equity of 22.07%. Equities research analysts expect that Zendesk will post -0.76 earnings per share for the current fiscal year.

In other Zendesk news, CAO Ying Christina Liu sold 439 shares of Zendesk stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $83.87, for a total value of $36,818.93. Following the transaction, the chief accounting officer now directly owns 1,068 shares of the company’s stock, valued at approximately $89,573.16. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Elena Gomez sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $89.77, for a total value of $448,850.00. Following the transaction, the chief financial officer now owns 21,560 shares of the company’s stock, valued at $1,935,441.20. The disclosure for this sale can be found here. Insiders have sold 142,594 shares of company stock valued at $11,218,424 over the last 90 days. Corporate insiders own 4.30% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in ZEN. Comerica Bank boosted its holdings in Zendesk by 12.5% in the 2nd quarter. Comerica Bank now owns 18,085 shares of the software maker’s stock valued at $1,736,000 after purchasing an additional 2,010 shares during the period. Flagship Harbor Advisors LLC increased its holdings in shares of Zendesk by 7.1% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 1,814 shares of the software maker’s stock worth $160,000 after purchasing an additional 121 shares during the period. Kovack Advisors Inc. acquired a new position in shares of Zendesk during the second quarter valued at about $200,000. UBS Group AG lifted its stake in shares of Zendesk by 12.8% in the second quarter. UBS Group AG now owns 89,413 shares of the software maker’s stock valued at $7,915,000 after buying an additional 10,126 shares during the period. Finally, LA Financiere DE L Echiquier lifted its stake in shares of Zendesk by 99.6% in the second quarter. LA Financiere DE L Echiquier now owns 9,381 shares of the software maker’s stock valued at $830,000 after buying an additional 4,680 shares during the period. Hedge funds and other institutional investors own 98.84% of the company’s stock.

About Zendesk

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, applications, and mobile devices; Zendesk Talk, a cloud-based call center software; Zendesk Guide, a knowledge base that powers customer self-service and support agent productivity; Zendesk Sell, a sales force automation software to enhance productivity, processes, and pipeline visibility for sales teams; Zendesk Connect that manages customer communication across channels; and Zendesk Explore, which provides analytics for businesses to measure and enhance the customer experience.

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