Shares of ZoomInfo Technologies popped today after the company’s stock received an upgrade from hold to buy from Canaccord Genuity analyst David Hynes yesterday.
The company’s stock was up up to 15.5% in the current trading. But as of 2:22 p.m. EDT, the stock had gained 12.9%.
Hynes upgraded ZoomInfo’s stock to a buy and raised the stock’s price target to $50 within an investor report. Hynes believes demand for the business’s services could increase because organizations need additional insights as more employees are working from home.
Hynes also said he believes the company has a moat that is”legitimate surrounding its services, which investors had been clearly pleased to hear.
ZoomInfo became a publicly traded company on 4, but since its official listing the company’s stock happens to be very volatile june. ZoomInfo’s stock nearly doubled on its first day of trading, but the company’s share price has significantly declined since that pop that is initial.
Today’s share price jump helped ZoomInfo‘s stock gain some ground that is additional though, and the stock is up 16% since its IPO. There may be more volatility ahead for ZoomInfo, as investors continue steadily to sift through news concerning the U.S. economy and the coronavirus pandemic. Tech stocks were flying high between March and September, but some investors have cooled to the sector since the beginning of this month. Shares of ZoomInfo Technologies popped today after the company’s shares flew higher.
The need for ZM’s products has increased exponentially since the onset of the pandemic. At the conclusion of the financial quarter that is second July 2020, ZM had roughly 370,200 paid customers. This implied a 458% increase compared to the quarter that is year-ago. Total revenue of $663.5 million was up 355% year-over-year while EPS for the quarter came in $0.63, increasing 3050% year-over-year.
The stock has gained 588% year-to-date with robust development in virtual working and learning. This performance that is impressive the potential upside based on several facets have helped it earn a “Strong purchase” rating in our proprietary rating system.
