Cadian Capital Management LP Boosts Stock Position in Zendesk, Inc. (NYSE:ZEN)

Cadian Capital Management LP lifted its position in Zendesk, Inc. (NYSE:ZENGet Rating) by 7.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,040,500 shares of the software maker’s stock after buying an additional 70,500 shares during the period. Zendesk makes up 6.2% of Cadian Capital Management LP’s holdings, making the stock its 4th largest position. Cadian Capital Management LP owned about 0.85% of Zendesk worth $125,162,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Donoghue Forlines LLC raised its position in shares of Zendesk by 34.4% during the fourth quarter. Donoghue Forlines LLC now owns 5,907 shares of the software maker’s stock worth $616,000 after purchasing an additional 1,512 shares during the period. Toronto Dominion Bank raised its position in shares of Zendesk by 11.0% during the first quarter. Toronto Dominion Bank now owns 23,607 shares of the software maker’s stock worth $2,840,000 after purchasing an additional 2,337 shares during the period. IHT Wealth Management LLC acquired a new stake in shares of Zendesk during the fourth quarter worth $270,000. Laurel Wealth Advisors Inc. acquired a new stake in shares of Zendesk during the fourth quarter worth $257,000. Finally, Bank of Nova Scotia raised its position in shares of Zendesk by 505.8% during the first quarter. Bank of Nova Scotia now owns 66,707 shares of the software maker’s stock worth $8,024,000 after purchasing an additional 55,696 shares during the period. Institutional investors own 90.15% of the company’s stock.

Insider Activity at Zendesk

In related news, insider Norman Gennaro sold 7,000 shares of the stock in a transaction that occurred on Friday, June 24th. The stock was sold at an average price of $75.50, for a total transaction of $528,500.00. Following the completion of the sale, the insider now owns 29,813 shares in the company, valued at approximately $2,250,881.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Zendesk news, insider Norman Gennaro sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, June 24th. The stock was sold at an average price of $75.50, for a total value of $528,500.00. Following the completion of the transaction, the insider now owns 29,813 shares of the company’s stock, valued at approximately $2,250,881.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Mikkel Svane sold 101,930 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $75.28, for a total value of $7,673,290.40. Following the completion of the transaction, the chief executive officer now directly owns 751,983 shares of the company’s stock, valued at approximately $56,609,280.24. The disclosure for this sale can be found here. Insiders sold a total of 173,743 shares of company stock worth $13,115,598 in the last 90 days. 2.92% of the stock is owned by company insiders.

Zendesk Trading Down 0.3 %

ZEN opened at $76.56 on Friday. The stock has a 50-day moving average of $75.74 and a 200-day moving average of $94.00. Zendesk, Inc. has a 52-week low of $54.16 and a 52-week high of $136.30. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 3.48.

Zendesk (NYSE:ZENGet Rating) last announced its earnings results on Thursday, July 28th. The software maker reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.12). Zendesk had a negative net margin of 18.33% and a negative return on equity of 42.82%. The business had revenue of $407.21 million for the quarter, compared to the consensus estimate of $404.68 million. During the same quarter in the previous year, the company earned ($0.35) EPS. Zendesk’s revenue for the quarter was up 28.0% compared to the same quarter last year. Equities analysts forecast that Zendesk, Inc. will post -0.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ZEN shares. Jefferies Financial Group cut their target price on Zendesk from $120.00 to $110.00 in a research report on Monday, May 23rd. Canaccord Genuity Group lowered Zendesk from a “buy” rating to a “hold” rating in a research report on Friday, June 24th. Stifel Nicolaus lowered Zendesk from a “buy” rating to a “hold” rating in a research report on Tuesday, July 26th. Craig Hallum lowered Zendesk from a “buy” rating to a “hold” rating and dropped their price target for the company from $140.00 to $77.50 in a research report on Wednesday, June 29th. Finally, UBS Group dropped their price target on Zendesk from $128.00 to $77.50 in a research report on Friday, June 24th. Fifteen equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Zendesk presently has an average rating of “Hold” and a consensus target price of $95.69.

Zendesk Profile

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Zendesk, Inc, a software development company, provides software as a service solutions for organizations in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. Its flagship product is Zendesk Support, a system for tracking, prioritizing, and solving customer support tickets across various channels.

See Also

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Institutional Ownership by Quarter for Zendesk (NYSE:ZEN)

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