Shares of ZoomInfo Technologies (NASDAQ:ZI) jumped as much as 12% higher on Monday, lifted by a bullish report from a Goldman Sachs analyst. As of 1:21 p.m. EDT, the stock was up 9.2%.
Goldman analyst Kash Rangan started covering ZoomInfo's stock early Monday morning with a buy rating and a price target of $65 per share. That's 33% above Friday's closing price.
Rangan argues that ZoomInfo's data intelligence platform gives sales representatives at its client companies "broad, deep, and highly accurate data" that delivers measurable revenue and productivity benefits. He sees ZoomInfo as a potential "multi-billion dollar revenue business," up from $476 million over the last four quarters.
The company was founded in 2007 and went public in June 2020. ZoomInfo shares have gained 59% in the jittery style that is typical of high-growth stocks with minimal or negative bottom-line earnings. It's no surprise to see investors embracing Rangan's glowing report today.