Jericho Capital Asset Management L.P. Sells 3,569,765 Shares of ZoomInfo Technologies Inc. $ZI

Key Points

• Jericho Capital Asset Management L.P. reduced its stake in ZoomInfo Technologies Inc. by 32.2%, now holding approximately 7.5 million shares.
• Other hedge funds have increased their positions in ZoomInfo, with UMB Bank n.a. up by 125.3% and Brooklyn Investment Group by 180.5% in the first quarter.
• Analysts have updated their price targets for ZoomInfo Technologies, with Barclays and Piper Sandler setting their targets at $11.00, and the current consensus rating for the stock is "Hold".

Jericho Capital Asset Management L.P. lessened its position in ZoomInfo Technologies Inc. (NASDAQ:ZI - Free Report) by 32.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,526,518 shares of the company's stock after selling 3,569,765 shares during the quarter. ZoomInfo Technologies makes up about 1.4% of Jericho Capital Asset Management L.P.'s investment portfolio, making the stock its 22nd largest holding. Jericho Capital Asset Management L.P. owned about 2.20% of ZoomInfo Technologies worth $75,265,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ZI. Deutsche Bank AG grew its holdings in ZoomInfo Technologies by 21,345.2% in the fourth quarter. Deutsche Bank AG now owns 10,228,951 shares of the company's stock worth $107,506,000 after purchasing an additional 10,181,253 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new position in ZoomInfo Technologies during the first quarter valued at $51,933,000. AQR Capital Management LLC raised its stake in ZoomInfo Technologies by 1,632.1% during the first quarter. AQR Capital Management LLC now owns 5,407,960 shares of the company's stock valued at $53,674,000 after buying an additional 5,095,746 shares during the last quarter. RPD Fund Management LLC purchased a new position in ZoomInfo Technologies during the fourth quarter valued at $43,264,000. Finally, LSV Asset Management raised its stake in shares of ZoomInfo Technologies by 2,528.2% in the first quarter. LSV Asset Management now owns 3,159,047 shares of the company's stock worth $31,590,000 after purchasing an additional 3,038,847 shares during the last quarter. Hedge funds and other institutional investors own 95.47% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Barclays increased their price objective on ZoomInfo Technologies from $9.00 to $11.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 13th. Wells Fargo & Company increased their price objective on ZoomInfo Technologies from $8.00 to $10.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 13th. Finally, Piper Sandler increased their price objective on ZoomInfo Technologies from $8.00 to $11.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $11.18.

ZoomInfo Technologies Stock Performance

ZoomInfo Technologies stock traded down $0.10 during mid-day trading on Wednesday, reaching $10.55. 3,943,446 shares of the stock traded hands, compared to its average volume of 7,578,001. The stock has a market capitalization of $3.61 billion, a PE ratio of 351.78, a price-to-earnings-growth ratio of 13.05 and a beta of 1.02. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.63 and a quick ratio of 0.63. ZoomInfo Technologies Inc. has a 12-month low of $7.01 and a 12-month high of $13.39. The business's 50-day moving average is $10.42 and its 200-day moving average is $9.95.

About ZoomInfo Technologies

ZoomInfo Technologies Inc, together with its subsidiaries, provides go-to-market intelligence and engagement platform for sales and marketing teams in the United States and internationally. The company's cloud-based platform provides information on organizations and professionals to help users identify target customers and decision makers, obtain continually updated predictive lead and company scoring, monitor buying signals and other attributes of target companies, craft messages, engage through automated sales tools, and track progress through the deal cycle.