Should You Sell ZoomInfo Technologies (ZI)?
Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, its Investor Class fund ARTMX returned 12.37%, Advisor Class fund APDMX posted a return of 12.43%, and Institutional Class fund APHMX returned 12.43%, compared to a 9.14% return for the Russell Midcap Growth Index. Positive stock selection drove the portfolio to outperform in the quarter and was most pronounced in the information technology and healthcare sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like ZoomInfo Technologies Inc. (NASDAQ:ZI) in the first quarter 2023 investor letter. Headquartered in Vancouver, Washington, ZoomInfo Technologies Inc. (NASDAQ:ZI) provides sales and marketing solutions. On June 21, 2023, ZoomInfo Technologies Inc. (NASDAQ:ZI) stock closed at $23.97 per share. One-month return of ZoomInfo Technologies Inc. (NASDAQ:ZI) was 3.90%, and its shares lost 34.65% of their value over the last 52 weeks. ZoomInfo Technologies Inc. (NASDAQ:ZI) has a market capitalization of $10.252 billion.
Artisan Mid Cap Fund made the following comment about ZoomInfo Technologies Inc. (NASDAQ:ZI) in its first quarter 2023 investor letter:
"We ended our investment campaigns in BILL Holdings, ZoomInfo Technologies Inc. (NASDAQ:ZI) and First Republic Bank during the quarter. ZoomInfo is a leading provider of contact databases and associated marketing automation tools for business-to-business sellers. Our thesis was that the company’s combination of data, insights and digital tools was being well received by companies looking to increase sales force productivity and enhance the returns on their substantial customer relationship management (CRM) software investments. However, we have grown increasingly skeptical about the durability of its top-line growth in a challenging economic environment as customers potentially look to cut costs and the company is unproven in a downturn. Given these concerns, we decided to harvest the position."
garagestock/Shutterstock.com
ZoomInfo Technologies Inc. (NASDAQ:ZI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held ZoomInfo Technologies Inc. (NASDAQ:ZI) at the end of first quarter 2023 which was 31 in the previous quarter.
We discussed ZoomInfo Technologies Inc. (NASDAQ:ZI) in another article and shared Baron Asset Fund's views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
