Piper Sandler analyst Brent Bracelin repeated his Overweight rating on ZoomInfo stock.
Scott Eisen/BloombergZoomInfo Technologies shares are trading lower despite better-than-expected first-quarter financial results.
A provider of databases used by corporate sales and marketing teams, ZoomInfo (ticker: ZI) posted first-quarter revenue of $153.3 million, up 50% from a year ago, and ahead of the Street consensus forecast of $145.5 million. Adjusted profits were 13 cents a share, ahead of the Street’s call for 10 cents a share. Under generally accepted accounting principles, the company earned 2 cents a share.
“The first quarter was a strong start to the year that built on our momentum from 2020,” ZoomInfo CEO Henry Schuck said in a statement on Monday.
For the second quarter, the company sees revenue of $161 million to $163 million with non-GAAP profits of 11 to 12 cents a share. The consensus expectation had been for $154.1 million of revenue and a per-share profit of 11 cents.
For the full year, ZoomInfo now sees revenue ranging from $670 million to $676 million, ahead of its previous forecast of $645 million to $655 million. The company lifted its forecast for adjusted earnings to a range of 49 to 50 cents, from a previous 47 to 49 cents.
Piper Sandler analyst Brent Bracelin repeated his Overweight rating on ZoomInfo shares on Tuesday, while lifting his target for the stock price to $72, from $70. The analyst noted that it was the third consecutive quarter of accelerating revenue growth, “driven by solid execution, broad-based demand, early international traction, and new product success.”
Bracelin added: “We remain buyers,” given strong underlying demand.
Despite the strong results, a surge in selling pressure in the broad market was weighing on ZoomInfo shares. The stock was down 2.7%, to $48.57, leaving it flat year to date.
Write to Eric J. Savitz at eric.savitz@barrons.com
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May 04, 2021 at 10:46PM
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