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: Zendesk stock rallies on reports that suitors being courted for possible sale

Zendesk Inc. shares rallied Tuesday as the enterprise-software company headed back into the M&A spotlight following reports it has hired an advisor to explore a potential sale.

Zendesk
ZEN,
+6.11%

shares surged nearly 8% in Tuesday trading, and are up nearly 25% year-to-date, while the stock’s price is 12% off its price from 12 months ago. In comparison, the S&P 500 index
SPX,
+1.61%

was up 1.3%, is off nearly 7% year to date, but up 7% from 12 months ago.

Late Monday, Bloomberg News and Reuters reported that Zendesk had hired Qatalyst Partners to reach out to potential buyers, citing unnamed sources close to the matter.

Back in February, Zendesk dropped its bid to acquire SurveyMonkey parent Momentive Global Inc. 
MNTV,
+2.46%

after it failed to garner enough shareholder support, and had also rejected an unsolicited takeover bid from private equity firms.

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