These Analysts Increase Their Forecasts On ZoomInfo After Upbeat Earnings

ZoomInfo Technologies Inc. ZI reported stronger-than-expected fourth-quarter financial results on Monday.

ZoomInfo Technologies reported quarterly earnings of 26 cents per share which beat the analyst consensus estimate of 25 cents by 4% and is unchanged from the same period last year. The company reported quarterly sales of $316.4 million, beating the analyst consensus estimate of $310.64 million, according to data from Benzinga Pro.

The company said it sees fiscal year 2024 adjusted operating income of between $492 million and $502 million and earnings of between 99 cents and $1.01 per share.

"We ended the year strong, with better-than-expected sequential revenue growth, while we delivered another year of profitability and free cash flow," said Henry Schuck, ZoomInfo Founder and CEO. "I am excited to introduce ZoomInfo Copilot, our GenAI-powered solution that turns every seller into your best seller. Copilot delivers AI powered recommendations about who to contact, when to engage them, and even what to say across channels. It gives revenue teams a substantial advantage so they can get to buyers faster."

ZoomInfo shares gained 12.5% to trade at $18.01 on Tuesday.

These analysts made changes to their price targets on ZoomInfo after the company reported quarterly results.

• Piper Sandler increased the price target on ZoomInfo from $23 to $24. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
• DA Davidson boosted the price target on ZoomInfo from $25 to $27. DA Davidson analyst Gil Luria maintained a Buy rating.
• RBC Capital analyst Rishi Jaluria, meanwhile, reiterated ZoomInfo with an Underperform and maintained a $14 price target.
• Needham analyst Joshua Reilly reiterated ZoomInfo with a Buy and maintained a $25 price target.

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