Should You Consider Adding ZoomInfo Technologies (ZI) to Your Portfolio?
Baron Funds, an investment management company, released its “Baron Opportunity Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund increased by 16.31% (Institutional Shares) outperforming the broader market including the Russell 3000 Growth Index and the S&P 500 Index, which gained 12.47% and 8.74% respectively. The Fund was up 37.21% year to date and 27.86% for the trailing 12 months, respectively, outperforming both indices. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Opportunity Fund highlighted stocks like ZoomInfo Technologies Inc. (NASDAQ:ZI) in the second quarter 2023 investor letter. Headquartered in Vancouver, Washington, ZoomInfo Technologies Inc. (NASDAQ:ZI) offers go-to-market intelligence and engagement platform for sales and marketing teams. On August 21, 2023, ZoomInfo Technologies Inc. (NASDAQ:ZI) stock closed at $17.55 per share. One-month return of ZoomInfo Technologies Inc. (NASDAQ:ZI) was -30.55%, and its shares lost 64.49% of their value over the last 52 weeks. ZoomInfo Technologies Inc. (NASDAQ:ZI) has a market capitalization of $11.412 billion.
Baron Opportunity Fund made the following comment about ZoomInfo Technologies Inc. (NASDAQ:ZI) in its second quarter 2023 investor letter:
"ZoomInfo Technologies Inc. (NASDAQ:ZI) provides go-to-market business intelligence software. We took advantage of continued weakness in ZoomInfo shares to rebuild our position at attractive prices following tax-loss sales earlier in the year. ZoomInfo is a highly profitable and cash-generative business with the most comprehensive platform of software and data to improve the go-to-market efforts of its customers, not to mention new products in the marketing and talent-acquisition verticals. When the macro headwinds abate, we believe ZoomInfo will accelerate growth as it continues to penetrate its $70 billion-plus total addressable market."
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ZoomInfo Technologies Inc. (NASDAQ:ZI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held ZoomInfo Technologies Inc. (NASDAQ:ZI) at the end of second quarter which was 40 in the previous quarter.
We discussed ZoomInfo Technologies Inc. (NASDAQ:ZI) in another article and shared the list of best affordable stocks under $30. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
