ZoomInfo Technologies Stock Dives On Heels Of Q1 Earnings: ‘Investors Need To Carefully Monitor The Macro’
Shares of ZoomInfo Technologies Inc (NASDAQ:ZI) continued to tank on Wednesday, after having lost more than 21% in the premarket session.
The company reported results amid an exciting earnings season. Here are some key analyst takeaways.
- Goldman Sachs analyst Kash Rangan downgraded the rating from Neutral to sell, while cutting the price target from $19.50 to $12.00.
- Stifel analyst Parker Lane maintained a Buy rating, while reducing the price target from $24 to $20.
- DA Davidson analyst Gil Luria reiterated a Buy rating, while slashing the price target from $27 to $20.
- Needham analyst Joshua Reilly reaffirmed a Buy rating and price target of $25.
Check out other analyst stock ratings.
Goldman Sachs: ZoomInfo’s first-quarter results indicate continued macro challenges and execution hurdles, and there is “increased lack of visibility around an inflection,” Rangan said in a note. He added that the company’s net-new revenue continues to contract and cRPO growth is waning.
“With 4Q and 1Q being large renewal quarters for multi-year enterprise deals and SMB, we note that NRR was pressured as seat contraction was driven by headcount reductions over the …
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