Elzie Jene, a director at Zeta Global (NYSE:ZETA) Holdings Corp. (NYSE:ZETA), recently acquired 1,260 shares of the company's Class A common stock. The shares were purchased at an average price of $19.7327 each, totaling approximately $24,863. Following this transaction, Jene now holds 64,768 shares directly. This acquisition reflects Jene's continued investment in the company, based in New York, which operates in the prepackaged software services sector.
In other recent news, Zeta Global has been in the spotlight due to substantial financial achievements and market dynamics. The company reported a 42% year-over-year increase in Q3 2024 revenue to $268 million and a 59% rise in adjusted EBITDA to $54 million, which led to an upward revision of its full-year 2024 revenue outlook to $986 million. Amid these positive developments, Zeta Global experienced a downgrade from KeyBanc Capital Markets from Overweight to Sector Weight.
In response to a report containing claims against the company, Zeta Global initiated a new $100 million share repurchase program, while also announcing that insiders, including CEO David A. Steinberg, intend to purchase approximately $3 million of the company's Class A common stock. Reactions from analyst firms varied; B.Riley and DA Davidson reaffirmed their Buy ratings, while Canaccord Genuity (TSX:CF) adjusted its price target for Zeta, reducing it to $24 from the previous $42, but maintained a Buy rating.
Needham also reiterated its Buy rating and a $43.00 price target on Zeta Global. Further, Craig-Hallum increased its price target for Zeta Global, emphasizing the company's AI and sales force expansion. Truist Securities also raised its price target following strong Q3 results, while Oppenheimer maintained an Outperform rating, projecting steady 20% organic growth. These recent developments reflect the ongoing market interest in Zeta Global's financial performance and future prospects.
InvestingPro Insights
Elzie Jene's recent purchase of Zeta Global Holdings Corp. (NYSE:ZETA) shares aligns with several positive indicators highlighted by InvestingPro. According to InvestingPro Tips, analysts anticipate sales growth for Zeta in the current year, and 11 analysts have revised their earnings upwards for the upcoming period. This optimistic outlook may have influenced Jene's decision to increase his stake in the company.
Despite the recent acquisition by the director, it's worth noting that Zeta's stock has experienced significant volatility. InvestingPro data shows that the stock has taken a big hit over the last week, with a 1-week price total return of -52.15%. This sharp decline presents a stark contrast to the company's impressive year-to-date performance, which stands at a 99.32% price total return.
From a financial perspective, Zeta's revenue growth is noteworthy. The company reported revenue of $901.4 million for the last twelve months as of Q3 2023, with a robust revenue growth rate of 29.97%. This strong top-line performance supports the InvestingPro Tip indicating that analysts predict the company will be profitable this year, despite not being profitable over the last twelve months.
For investors seeking more comprehensive insights, InvestingPro offers additional tips and data points that could provide a fuller picture of Zeta's financial health and market position. The platform currently lists 13 tips for Zeta, offering a deeper analysis for those looking to make informed investment decisions.
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