California Public Employees Retirement System lowered its holdings in shares of Zendesk Inc (NYSE:ZEN) by 24.3% during the second quarter, HoldingsChannel reports. The firm owned 122,417 shares of the software maker’s stock after selling 39,340 shares during the period. California Public Employees Retirement System’s holdings in Zendesk were worth $6,671,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Catalyst Capital Advisors LLC boosted its position in Zendesk by 2,509.9% during the second quarter. Catalyst Capital Advisors LLC now owns 2,114 shares of the software maker’s stock worth $115,000 after purchasing an additional 2,033 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Zendesk during the second quarter worth approximately $180,000. Cerebellum GP LLC purchased a new position in Zendesk during the second quarter worth approximately $182,000. Tower Research Capital LLC TRC purchased a new position in Zendesk during the second quarter worth approximately $193,000. Finally, BB&T Securities LLC purchased a new position in Zendesk during the second quarter worth approximately $200,000. Institutional investors own 92.20% of the company’s stock.
In other Zendesk news, CFO Elena Gomez sold 1,000 shares of the stock in a transaction that occurred on Friday, October 5th. The stock was sold at an average price of $66.51, for a total transaction of $66,510.00. Following the completion of the transaction, the chief financial officer now owns 19,062 shares of the company’s stock, valued at $1,267,813.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Adrian Mcdermott sold 1,809 shares of the stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $60.33, for a total value of $109,136.97. Following the transaction, the insider now directly owns 80,267 shares of the company’s stock, valued at approximately $4,842,508.11. The disclosure for this sale can be found here. Insiders have sold 112,704 shares of company stock valued at $7,165,886 in the last three months. Insiders own 4.70% of the company’s stock.
A number of brokerages have issued reports on ZEN. Deutsche Bank began coverage on Zendesk in a research report on Monday, October 8th. They set a “buy” rating and a $85.00 price target on the stock. Jefferies Financial Group began coverage on Zendesk in a research report on Monday, October 1st. They set a “buy” rating and a $82.00 price target on the stock. Morgan Stanley increased their price target on Zendesk from $72.00 to $84.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 18th. Stifel Nicolaus increased their price target on Zendesk from $60.00 to $68.00 and gave the stock a “hold” rating in a research report on Tuesday, September 11th. Finally, Evercore ISI reiterated a “buy” rating and set a $70.00 price target on shares of Zendesk in a research report on Sunday, August 5th. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $65.00.
Shares of Zendesk stock opened at $61.61 on Friday. Zendesk Inc has a 12 month low of $29.45 and a 12 month high of $72.76. The company has a market cap of $7.52 billion, a price-to-earnings ratio of -59.82 and a beta of 1.61. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 1.10.
Zendesk (NYSE:ZEN) last announced its earnings results on Tuesday, July 31st. The software maker reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.29. Zendesk had a negative return on equity of 28.60% and a negative net margin of 23.24%. The business had revenue of $141.88 million during the quarter, compared to analysts’ expectations of $137.96 million. As a group, equities research analysts anticipate that Zendesk Inc will post -0.94 EPS for the current fiscal year.
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.
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