2023-03-14 06:10:23 ET
- ZoomInfo ( NASDAQ: ZI ) has approved up to $100M share repurchase program.
- The company intends to fund repurchases from available working capital and cash provided by operating activities.
- The exact number of shares of common stock to be repurchased under the program is not guaranteed, and it may be suspended, modified, or discontinued at any time without prior notice.
- “Based on our continued success generating a strong combination of growth, profitability, and free cash flow at scale, we have the opportunity to invest in the business and enhance shareholder value through a share repurchase program,” ZoomInfo Founder and CEO Henry Schuck said. “We expect to be opportunistic with this initial share repurchase program, and while the current economic environment remains uncertain, we are confident in our ability to drive sustainable growth while compounding free cash flow over the long-term.”
- Meanwhile, ZI gets a Sell rating from SA Quant rating system as it is overpriced and has decelerating momentum when compared to other Communication Services stocks.
- So far this year, shares have seen downside of more than 27% .
- ZI is down 1% in Tuesday's premarket session.
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ZoomInfo announces $100M share buyback program