ZoomInfo Technologies (NASDAQ:ZI) cratered in after-hours trading on Monday, with shares dropping 20% at the time of writing. This was after the software and data company trimmed its annual revenue and earnings projections. The firm now anticipates full-year adjusted earnings to hover around $0.99 to $1 per share, a subtle shift from the previous $0.99 to $1.01 per share.
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Sales aren’t looking as rosy either, with annual revenue predictions being revised from the initial $1.275 to $1.285 billion to a softer $1.2235 to $1.225 billion. For the third quarter, ZoomInfo expects sales to be somewhere between $309 million and $312 million. On the brighter side, ZoomInfo outperformed analyst expectations in the second quarter, raking in an adjusted $0.26 per share against a forecasted $0.23 and revenue of $308.6 million versus the predicted $310.8 million. Furthermore, the company announced a hefty $500 million share buyback program. Unfortunately, this wasn’t enough to please investors.
What is the Price Target for ZI Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on ZI stock based on 15 Buys, four Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. In addition, the average price target of $31.47 per share implies 23.07% upside potential.
