ZoomInfo tumbles as Q3 report prompts wave of Wall Street PT cuts

ZoomInfo Technologies

02/11/2022 12:23

** ZoomInfo Technologies Inc's  ZI.O  shares down 21.2% at
$34.29 premarket as qtrly report fails to enthuse
    ** ZI on course for biggest one-day pct drop ever, if losses
hold
    ** Cloud-based market research firm late Tues posted Q3 top
and bottom-line beat as rev grew 46% yr/yr to $288 mln
 urn:newsml:reuters.com:*:nTUA7VH6QB
    ** But at least 15 analysts reduce PTs; Raymond James
slashes PT by $24 to $41, lowest on the Street, per Refinitiv
    ** Q3 results showed slowing growth trends, including
double-digit deceleration in both billings and cRPO (current
remaining performance obligation), Raymond James says in note
    ** BofA Global Research says focus will be on Q3 billings
growth slowdown along with management commentary of tougher
macro environment and elongating sales cycles at end-qtr have
bled into Q4
    ** ZI boosted its FY22 rev forecast to $1.094-$1.096 bln and
adj EPS to 83-84 cents; consensus called for $1.09 bln / 80
cents/sh
    ** 19 of 21 analysts rate ZI "buy" or higher, 2 have "hold",
per Refinitiv; median PT of $52 down from $65 on Oct 2
    ** Shares have lost 32% YTD through Tues close vs Nasdaq's
 .IXIC  30% decline
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))