In a report released today, Brent Bracelin from KeyBanc reiterated a Buy rating on Zendesk (ZEN), with a price target of $102. The company’s shares opened today at $89.01, close to its 52-week high of $90.
Bracelin wrote:
“We came away from the Zendesk Showcase user event and financial analyst day with a greater appreciation for the broader expansion opportunity beyond the core cloud support market into cloud CRM (via Sell and Sunshine products) and omni-channel messaging APIs (via the Smooch acquisition). While the expansion strategy is early, customer feedback on the product road map was positive and suggests the share gain opportunity and growth trajectory for ZEN remains promising within a large $20B TAM.”
According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 29.8% and a 78.0% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Coupa Software Inc, and Salesforce.com.
Zendesk has an analyst consensus of Strong Buy, with a price target consensus of $101.92.
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Based on Zendesk’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $44.72 million. In comparison, last year the company had a GAAP net loss of $29.33 million.
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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.
