Why ZoomInfo Technologies Shares Are Falling Today

ZoomInfo Technologies, Inc. ZI shares are trading lower Tuesday after the company issued weak guidance and several analysts lowered their ZI price targets.

The Details:

ZoomInfo reported its second quarter financial results on Monday and cut its anticipated fiscal year 2023 revenue to between $1.225 billion and $1.235 billion, down from between $1.275 billion and $1.285 billion. 

Several analysts have lowered their price targets for ZI following the release of its financial reports.

• Truist Securities analyst Terry Tillman maintained ZoomInfo Technologies with a Hold and lowered the price target from $28 to $24.
• Stifel analyst Parker Lane maintained ZoomInfo with a Buy and lowered the price target from $30 to $27.
• RBC Capital analyst Rishi Jaluria maintained ZoomInfo Technologies with a Sector Perform rating and lowered the price target from $28 to $22.
• Goldman Sachs analyst Kash Rangan maintained ZoomInfo with a Buy and lowered the price target from $34 to $30.
• Bank of America Securities analyst Koji Ikeda maintained ZoomInfo Technologies with a Neutral and lowered the price target from $30 to $28.
• Mizuho analyst Siti Panigrahi maintained ZoomInfo with a Buy and lowered the price target from $36 to $30.
• Wells Fargo analyst Michael Turrin maintained ZoomInfo Technologies with an Overweight and lowered the price target from $34 to $28.
• Raymond James analyst Brian Peterson maintained ZoomInfo with an Outperform and lowered the price target from $28 to $26.
• Barclays analyst Raimo Lenschow maintained ZoomInfo Technologies with an Overweight and lowered the price target from $34 to $25.
• Needham analyst Joshua Reilly reiterated ZoomInfo with a Buy and maintained $35 price target.
• Deutsche Bank analyst Brad Zelnick downgraded ZoomInfo Technologies from Buy to Hold and announced a $20 price target.
• Piper Sandler analyst Brent Bracelin maintained ZoomInfo with an Overweight and lowered the price target from $30 to $26.

Related News: What's Going On With ABVC BioPharma Stock?

ZI Price Action: According to Benzinga Pro, ZoomInfo shares are trading 25.3% lower at $19.10 at the time of publication.

Image: OpenClipart-Vectors from Pixabay