California Public Employees Retirement System reduced its holdings in shares of Zendesk Inc (NYSE:ZEN) by 24.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,417 shares of the software maker’s stock after selling 39,340 shares during the period. California Public Employees Retirement System owned approximately 0.12% of Zendesk worth $6,671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Catalyst Capital Advisors LLC increased its position in Zendesk by 2,509.9% during the 2nd quarter. Catalyst Capital Advisors LLC now owns 2,114 shares of the software maker’s stock valued at $115,000 after buying an additional 2,033 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Zendesk during the 2nd quarter valued at about $180,000. Cerebellum GP LLC acquired a new position in Zendesk during the 2nd quarter valued at about $182,000. Tower Research Capital LLC TRC acquired a new position in Zendesk during the 2nd quarter valued at about $193,000. Finally, BB&T Securities LLC acquired a new position in Zendesk during the 2nd quarter valued at about $200,000. 92.20% of the stock is currently owned by institutional investors.
In other news, CFO Elena Gomez sold 1,000 shares of the company’s stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $66.51, for a total value of $66,510.00. Following the sale, the chief financial officer now owns 19,062 shares in the company, valued at $1,267,813.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Adrian Mcdermott sold 1,809 shares of the company’s stock in a transaction dated Wednesday, July 18th. The stock was sold at an average price of $60.33, for a total value of $109,136.97. Following the completion of the sale, the insider now owns 80,267 shares in the company, valued at approximately $4,842,508.11. The disclosure for this sale can be found here. Insiders sold 112,704 shares of company stock worth $7,165,886 in the last 90 days. Company insiders own 4.70% of the company’s stock.
Zendesk (NYSE:ZEN) last posted its quarterly earnings results on Tuesday, July 31st. The software maker reported $0.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.26) by $0.29. The business had revenue of $141.88 million for the quarter, compared to the consensus estimate of $137.96 million. Zendesk had a negative return on equity of 28.60% and a negative net margin of 23.24%. On average, research analysts forecast that Zendesk Inc will post -0.94 earnings per share for the current year.
ZEN has been the topic of several recent analyst reports. Morgan Stanley upped their target price on Zendesk from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, June 27th. Bank of America boosted their price target on Zendesk from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Monday, July 23rd. Royal Bank of Canada boosted their price target on Zendesk to $68.00 and gave the company an “outperform” rating in a research note on Monday, July 30th. KeyCorp boosted their price target on Zendesk from $58.00 to $71.00 and gave the company an “overweight” rating in a research note on Wednesday, August 1st. Finally, Stifel Nicolaus boosted their price target on Zendesk from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Wednesday, August 1st. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Zendesk presently has a consensus rating of “Buy” and a consensus price target of $65.00.
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.
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