The stock of Zendesk, Inc. (NYSE:ZEN) is now priced at $103.1 and the shares are 6.72 points up or 6.97% higher compared to its previous closing price of $96.38. The stock had 2.546 million contracts set over the past session. ZEN shares’ daily volume is compared to its average trading volume at 1.998 million shares. However, it has a float of 114 million and although its performance was 17.76% over the week, it’s one to watch. Analysts have given the ZEN stock a yearly average price target of $108.17 per share. It means the stock’s upside potential is 4.92% with the ZEN share price recently placing at $98.01 to $103.97. However, some brokerage firms have priced the stock below the average, including one that has called $90.
The shorts are running away from the Zendesk, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ZEN shares have declined. Short interest in the stock represents just 9.05% of its float, but the volume has dropped by 0.
In the last trading session, Zendesk, Inc. (NYSE:ZEN) raised by $15.55 over the week and gained $11.72 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $103.97. The stock recorded its established 52-week high on 09/01/20.
Since 03/17/20, the stock has traded to a low of $50.23 at 105.26%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.31. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Zendesk, Inc.’s two-week RSI is 72.72. This suggests that the stock is oversold at the moment and that ZEN shares’ price movement remains not stable. The stochastic readings are equally revealing at 92.98% meaning the ZEN share price is currently in oversold territory.
The technical chart shows that the ZEN stock will likely settle at between $105.38 and $107.65 per share. However, if the stock dips below $99.42, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $95.73.
Currently, the stock is trading in the green of MACD, with a reading of 6.01. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Piper Sandler raised their recommendation for ZEN from Neutral to Overweight in September 01 review while maintain their target price of $87 to $123. Citigroup analysts see the stock as a Neutral with a target price of $100 in a flash note released to investors on July 16 initiating covering the stock. Piper Sandler seeing the stock struggling downgraded it from Overweight to Neutral on May 01 placing it at $76.
The average rating for the ZEN equity is 2 and is currently gathering a bullish momentum. Of 21 analysts tracking Zendesk, Inc. polled by Reuters, 4 rated ZEN as a hold. The remaining 17 analysts were split evenly. However, the split wasn’t equal as a majority (17) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the ZEN stock price is 147.71X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 6367.1. Zendesk, Inc. has its P/E ratio at 29, which means that the stock is currently trading at a premium relative to the 11.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Zendesk, Inc. (NYSE:ZEN) will decrease by about -99.9%, which will see them reach $254 million. The company’s full-year revenues are, however, expected to increase by about 23.71%, up from $816 million to $1010 million. ZEN’s expected adjusted earnings should drop almost -8.33% to end up at $0.11 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 51.61% to record $0.47/share.