ZoomInfo Technologies Shares Rise Following Upgrade

On Thursday, shares of ZoomInfo Technologies Inc. (NASDAQ:ZI) experienced a notable increase of 7.2% after Canaccord Genuity Group raised its price target for the stock from $14.00 to $15.00. The firm currently holds a buy rating on the shares, which witnessed a peak trading price of $12.55 before closing at $12.58. During mid-day trading, the company saw a total volume of 5,627,040 shares exchanged, which is a decline of 21% compared to the average trading volume of 7,143,709 shares. The stock had previously closed at $11.73.

In the context of recent evaluations, ZoomInfo Technologies has drawn mixed reactions from analysts. KeyCorp recently downgraded the stock from a "sector weight" rating to "underweight" in a report published on December 13th. Conversely, Barclays upgraded its price target for the stock from $11.00 to $13.00 while assigning an "equal weight" rating. Additionally, Citigroup raised its price target from $8.50 to $9.00 but maintained a "sell" rating. Mizuho increased its price target from $9.00 to $11.00 with a "neutral" rating, and Wells Fargo & Company also lifted its price objective from $11.00 to $12.00 while maintaining an "equal weight" rating. Overall, a total of five analysts have given the stock a sell rating, thirteen have rated it as hold, and three offered a buy rating. According to MarketBeat.com, the average rating for ZoomInfo Technologies stands at "Hold" with a target price of $11.88.

Insider Transactions

In other developments, a significant transaction involving insider trading was reported. Director David Randall Winn sold 290,541 shares at an average price of $11.06, totaling $3,213,383.46. Post-transaction, he holds 1,266,807 shares worth approximately $14,010,885.42, reflecting an 18.66% reduction in his ownership. Subsequently, CTO Ali Dasdan also sold 4,898 shares at an average price of $11.01, resulting in a transaction value of $53,926.98. After this sale, he now possesses 118,659 shares of the company, valued at $1,306,435.59, signifying a 3.96% decrease in his holdings. Currently, company insiders hold 8.20% of the stock.

Institutional Activity

The activity of institutional investors indicates an active interest in ZoomInfo Technologies. Recently, Mirae Asset Global Investments Co. Ltd. acquired a new stake in the company, valued at $37,000 during the third quarter. Fifth Third Bancorp raised its position in the firm by 47.8% in the fourth quarter and now holds 3,836 shares worth approximately $40,000 after the acquisition of 1,241 additional shares. Similarly, GAMMA Investing LLC boosted its holdings by 29.1% and currently owns 5,152 shares valued at $54,000. Nisa Investment Advisors LLC made a substantial increase of 343.1% in their position during the fourth quarter, now holding 6,115 shares worth $64,000. SRS Capital Advisors Inc. grew its stake by 183.9% and now possesses 8,441 shares valued at $89,000. Overall, institutional investors own about 95.47% of ZoomInfo Technologies stock.

Company Overview

ZoomInfo Technologies Inc. operates a go-to-market intelligence and engagement platform, primarily serving sales and marketing teams in the U.S. and internationally. The platform is cloud-based, offering valuable insights into organizations and professionals helping users target potential customers, monitor purchasing signals, engage through automated sales tools, and track their progress throughout the sales process. Recently, the company reported its earnings results, revealing an EPS of $0.16, which was below the expected $0.23. Revenue for the quarter was reported at $309.10 million, surpassing the anticipated $297.64 million. As per analysts’ predictions, ZoomInfo Technologies is expected to achieve an EPS of $0.59 for the current fiscal year.

ZoomInfo, Stocks, Upgrade