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Zoominfo (No, Not That Zoom) Jumps on Goldman’s Multi-Billion Sales Forecast

Stock Markets1 hour ago (Mar 22, 2021 02:18PM ET)

(C) Reuters.

By Christiana Sciaudone

Investing.com — Zoominfo Technologies Inc (NASDAQ:ZI) — not to be confused with theZoom Video Communications Inc (NASDAQ:ZM) that we are all way too familiar with at this point — jumped 11% after Goldman said it should grow into a multi-billion-dollar revenue business.

That’s a far cry from recent quarterly earnings, which ranged from $104 million to $140 million for each of the past three periods, according to data compiled by Investing.com.

Goldman initiated coverage on the marketing and sales software company with a buy rating and price target of $65, the same as the average price target of 12 analysts. The shares have 10 buy ratings, two holds and no sells. The company went public in mid-2020.

ZoomInfo built a go-to-market data intelligence platform for digital selling, providing sales reps with a broad, deep and highly accurate data set to streamline the lead generation process, Goldman Sachs (NYSE:GS) analyst Kash Rangan said in a note according to StreetInsider.

“The return on investment by customers from using ZoomInfo is tangible and measured in increased sales productivity and revenues,” Rangan said. “Based on a large and early market, we believe ZoomInfo could grow into a multi-billion dollar revenue business.”

Zoominfo (No, Not That Zoom) Jumps on Goldman’s Multi-Billion Sales Forecast

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