Zendesk Inc (ZEN) Shares Sold by Sumitomo Mitsui Asset Management Company LTD

Sumitomo Mitsui Asset Management Company LTD cut its stake in shares of Zendesk Inc (NYSE:ZEN) by 50.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 66,100 shares of the software maker’s stock after selling 67,500 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Zendesk were worth $5,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc raised its stake in shares of Zendesk by 4.2% during the third quarter. Vanguard Group Inc now owns 8,930,795 shares of the software maker’s stock worth $634,087,000 after acquiring an additional 360,069 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Zendesk by 97.9% in the fourth quarter. Westfield Capital Management Co. LP now owns 1,498,026 shares of the software maker’s stock worth $87,440,000 after buying an additional 741,013 shares during the period. Polar Capital LLP increased its stake in shares of Zendesk by 30.8% in the fourth quarter. Polar Capital LLP now owns 1,379,322 shares of the software maker’s stock worth $80,511,000 after buying an additional 325,132 shares during the period. 1832 Asset Management L.P. increased its stake in shares of Zendesk by 80.6% in the fourth quarter. 1832 Asset Management L.P. now owns 1,317,500 shares of the software maker’s stock worth $75,062,000 after buying an additional 587,800 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Zendesk by 114.3% in the fourth quarter. Bank of New York Mellon Corp now owns 1,012,123 shares of the software maker’s stock worth $59,077,000 after buying an additional 539,839 shares during the period. Institutional investors and hedge funds own 94.16% of the company’s stock.

Zendesk stock traded up $3.66 during mid-day trading on Thursday, reaching $89.15. 326,291 shares of the company traded hands, compared to its average volume of 1,817,016. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 1.34. The company has a market cap of $9.23 billion, a P/E ratio of -93.84 and a beta of 1.64. Zendesk Inc has a 52-week low of $45.60 and a 52-week high of $89.07.

Zendesk (NYSE:ZEN) last issued its quarterly earnings data on Tuesday, April 30th. The software maker reported ($0.28) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.28). The business had revenue of $181.48 million for the quarter, compared to the consensus estimate of $179.53 million. Zendesk had a negative net margin of 22.52% and a negative return on equity of 25.37%. The company’s quarterly revenue was up 39.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.02 EPS. Analysts predict that Zendesk Inc will post -1.07 EPS for the current fiscal year.

Several research analysts recently commented on ZEN shares. Jefferies Financial Group lifted their target price on shares of Zendesk to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, February 6th. Bank of America lifted their target price on shares of Zendesk from $68.00 to $86.00 and gave the stock a “buy” rating in a research note on Wednesday, February 6th. Craig Hallum lifted their target price on shares of Zendesk from $68.00 to $84.00 and gave the stock a “buy” rating in a research note on Wednesday, February 6th. Canaccord Genuity lifted their target price on shares of Zendesk from $65.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, February 6th. Finally, Deutsche Bank lifted their target price on shares of Zendesk to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, February 6th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Zendesk presently has a consensus rating of “Buy” and a consensus target price of $90.93.

In other Zendesk news, SVP John Geschke sold 2,500 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $87.60, for a total transaction of $219,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mikkel Svane sold 50,000 shares of the business’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $78.61, for a total transaction of $3,930,500.00. Following the transaction, the chief executive officer now directly owns 1,470,029 shares in the company, valued at $115,558,979.69. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,787 shares of company stock worth $7,332,636. Insiders own 4.60% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: “Zendesk Inc (ZEN) Shares Sold by Sumitomo Mitsui Asset Management Company LTD” was published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this piece on another publication, it was illegally copied and republished in violation of U.S. and international copyright laws. The original version of this piece can be viewed at https://www.dispatchtribunal.com/2019/05/16/zendesk-inc-zen-shares-sold-by-sumitomo-mitsui-asset-management-company-ltd.html.

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.

Read More: How is the discount rate different from the Federal Funds rate?

Want to see what other hedge funds are holding ZEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zendesk Inc (NYSE:ZEN).

Institutional Ownership by Quarter for Zendesk (NYSE:ZEN)

Receive News & Ratings for Zendesk Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zendesk and related companies with MarketBeat.com's FREE daily email newsletter.