Raymond James & Associates Sells 3,988 Shares of Zendesk, Inc. (NYSE:ZEN)

Raymond James & Associates lowered its stake in shares of Zendesk, Inc. (NYSE:ZEN) by 17.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,986 shares of the software maker’s stock after selling 3,988 shares during the period. Raymond James & Associates’ holdings in Zendesk were worth $2,210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in ZEN. Cambridge Investment Research Advisors Inc. increased its position in Zendesk by 9.1% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 6,740 shares of the software maker’s stock worth $784,000 after purchasing an additional 565 shares during the last quarter. Asset Management One Co. Ltd. increased its position in Zendesk by 1.4% in the third quarter. Asset Management One Co. Ltd. now owns 196,592 shares of the software maker’s stock worth $22,881,000 after purchasing an additional 2,733 shares during the last quarter. AE Wealth Management LLC increased its position in Zendesk by 8.5% in the third quarter. AE Wealth Management LLC now owns 1,951 shares of the software maker’s stock worth $227,000 after purchasing an additional 153 shares during the last quarter. Nordea Investment Management AB increased its position in Zendesk by 2,608.4% in the third quarter. Nordea Investment Management AB now owns 149,964 shares of the software maker’s stock worth $17,494,000 after purchasing an additional 144,427 shares during the last quarter. Finally, LA Financiere DE L Echiquier increased its position in Zendesk by 9.3% in the third quarter. LA Financiere DE L Echiquier now owns 146,500 shares of the software maker’s stock worth $17,052,000 after purchasing an additional 12,500 shares during the last quarter. Hedge funds and other institutional investors own 96.30% of the company’s stock.

ZEN has been the topic of several research reports. Cowen cut shares of Zendesk from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $140.00 to $115.00 in a research report on Friday, November 19th. Bank of America lowered shares of Zendesk from a “buy” rating to a “neutral” rating in a research note on Friday, October 29th. Piper Sandler dropped their price objective on shares of Zendesk from $122.00 to $112.00 and set a “neutral” rating for the company in a research note on Friday, November 19th. Stifel Nicolaus dropped their price objective on shares of Zendesk from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Friday, October 29th. Finally, Credit Suisse Group started coverage on shares of Zendesk in a research note on Tuesday, November 16th. They set a “neutral” rating and a $115.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $148.92.

Shares of ZEN opened at $100.41 on Friday. The firm has a market capitalization of $12.21 billion, a P/E ratio of -51.23 and a beta of 1.09. Zendesk, Inc. has a 12-month low of $90.51 and a 12-month high of $166.60. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 2.07. The firm has a fifty day moving average price of $100.42 and a 200-day moving average price of $117.63.

Zendesk (NYSE:ZEN) last released its quarterly earnings data on Thursday, October 28th. The software maker reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The firm had revenue of $346.97 million during the quarter, compared to the consensus estimate of $335.33 million. Zendesk had a negative return on equity of 31.60% and a negative net margin of 18.59%. The firm’s quarterly revenue was up 32.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.22) earnings per share. Analysts predict that Zendesk, Inc. will post -0.82 earnings per share for the current year.

In related news, CEO Mikkel Svane sold 43,875 shares of Zendesk stock in a transaction dated Monday, November 15th. The stock was sold at an average price of $103.65, for a total value of $4,547,643.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Soren Abildgaard sold 251 shares of Zendesk stock in a transaction dated Wednesday, October 20th. The shares were sold at an average price of $129.00, for a total value of $32,379.00. The disclosure for this sale can be found here. Insiders sold 110,972 shares of company stock valued at $11,255,112 over the last 90 days. 3.60% of the stock is currently owned by corporate insiders.

Zendesk Company Profile

Zendesk, Inc engages in the provision of customer service platform which enables companies to provide customer support. Its products and services include support; guide; chat; talk; message; inbox team email; explore; connect plus outbound; integrations and apps; embeddables; insights and analytics; and products update.

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Institutional Ownership by Quarter for Zendesk (NYSE:ZEN)

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