Zendesk (ZEN) PT Raised to $180 at Stifel on Successful Suite Based Selling Driving Visibility
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Stifel analyst Tom Roderick raised the price target on Zendesk (NYSE: ZEN) to $180.00 (from $170.00) after the company successfully achieved the $1bn 2020 revenue target that management laid in 4Q15. Total revenue of $283.5mn (+23% y/y) beat consensus of $278.0mn. Total remaining performance obligation grew 44% y/y to $925mn. Calculated bookings of $339.2mn (+30% y/y) beat consensus of $315.3mn. Zendesk also offered a new metric, percentage of ARR from >$100k customers. This figure checked in at 49% during 4Q and reflects revenue across all product areas.
The analyst reiterated a Buy rating, stating "As the company moves into 2021 with more significant enterprise presence and a new suite-based product approach, management is now focused on more than tripling the company's revenue over the next five years. With customers embracing self-service, automation, and messaging capabilities at a greater velocity, and with solutions like Sales and Sunshine potentially coming into their own in the coming years, we believe Zendesk is well positioned to capture share and drive sustainable top-line growth in the mid-20s."
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