Cowen & Co. Believes Zendesk (NYSE: ZEN) Still Has Room to Grow

By Jason Carr

Cowen & Co. analyst Derrick Wood reiterated a Buy rating on Zendesk (NYSE: ZEN) yesterday and set a price target of $37. The company’s shares opened today at $33.97, close to its 52-week high of $35.

According to TipRanks.com, Wood is a 5-star analyst with an average return of 20.6% and a 84.3% success rate. Wood covers the Technology sector, focusing on stocks such as Microstrategy Inc, Informatica Corp, and Citrix Systems.

Currently, the analyst consensus on Zendesk is Moderate Buy and the average price target is $34.67, representing a 2.1% upside.

In a report issued on October 18, RBC Capital also reiterated a Buy rating on the stock with a $35 price target.

Based on Zendesk’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $113 million and GAAP net loss of $27.69 million. In comparison, last year the company earned revenue of $80.72 million and had a GAAP net loss of $25.83 million.

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Zendesk, Inc. offers software-as-a-service, or SaaS, customer service platform which enables companies to provide customer support. It offers customer support, customer self-service help center, customer engagement, strategic analytics, Zendesk Embeddables, subscription plans, analytics software, and subscription plans.