Ali Dasdan, Chief Technology Officer of ZoomInfo (NASDAQ:ZI) Technologies Inc. (NASDAQ:ZI), sold 4,898 shares of the company's common stock on December 3, according to a recent filing with the Securities and Exchange Commission. The company, which maintains impressive gross profit margins of 88%, currently appears undervalued according to InvestingPro analysis. The shares were sold at a weighted average price of $11.0069, totaling approximately $53,911. Following this transaction, Dasdan holds 118,659 shares of ZoomInfo. The sale was conducted under a prearranged Rule 10b5-1 trading plan, allowing executives to sell stock at predetermined times. While this insider sale occurred, InvestingPro data shows management has been actively buying back shares, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US stocks.
In other recent news, ZoomInfo Technologies surpassed prior forecasts with a GAAP revenue of $304 million and an adjusted operating income of $112 million for the third quarter. Despite a 2% sequential decline in adjusted revenue growth, the company demonstrated effective operating controls, contributing to a robust operating margin of 37%, a significant increase from 28% in the previous quarter. This disciplined approach supported the company's bottom line, with earnings per share growing by 9% year-over-year.
Citi analyst Tyler Radke raised the target price for ZoomInfo shares to $8.50 while maintaining a sell rating, citing concerns over the company's growth trajectory extending into 2025 due to increasing competition and SMB churn. Similarly, Piper Sandler and DA Davidson also adjusted their outlooks on ZoomInfo. Piper Sandler increased the price target from $10.00 to $11.00, maintaining a neutral rating, while DA Davidson raised the shares target from the previous $9.50 to $13.00, also maintaining a neutral rating.
ZoomInfo forecasts GAAP revenue between $296 million and $299 million for the fourth quarter, with full-year 2024 GAAP revenue anticipated to be between $1.201 billion and $1.204 billion. These recent developments reflect a company navigating its way through a challenging market environment.
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