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David Steinberg, the Chief Executive Officer of Zeta Global Holdings Corp. (NYSE:ZETA), recently acquired 53,676 shares of the company's Class A common stock. The shares were purchased at a weighted average price of $19.24, amounting to a total transaction value of approximately $1.03 million. This acquisition increases Steinberg's direct ownership to 65,310 shares. Additionally, ACI Investment Partners, LLC, where Steinberg serves as managing member, holds 3,381,684 shares, while his spouse owns 79,236 shares indirectly.
In other recent news, Zeta Global, an AI-powered marketing technology company, reported a 42% year-over-year increase in Q3 2024 revenue to $268 million and a 59% rise in adjusted EBITDA to $54 million. This led to an upward revision of its full-year 2024 revenue outlook to $986 million. Amid these developments, Zeta Global faced a downgrade from KeyBanc Capital Markets from Overweight to Sector Weight due to short-term market dynamics.
In response to a short-seller report, Zeta Global initiated a $100 million share repurchase program. B.Riley and DA Davidson reaffirmed their Buy ratings on Zeta Global, while Canaccord Genuity adjusted its price target for Zeta, reducing it to $24 from the previous $42, but maintained a Buy rating.
Needham also reiterated its Buy rating and a $43.00 price target on Zeta Global. Furthermore, Craig-Hallum increased its price target for Zeta Global, highlighting the company's AI and sales force expansion. Truist Securities also raised its price target following strong Q3 results, while Oppenheimer maintained an Outperform rating, projecting steady 20% organic growth.
These are recent developments for Zeta Global, which also announced that its Co-Founder, Chairman, and CEO David A. Steinberg, alongside other company leaders and Board of Directors members, intend to purchase approximately $3 million of the company's Class A common stock. This collective investment by Zeta's insiders is a gesture of confidence in the firm's stability and future prospects.
InvestingPro Insights
David Steinberg's recent purchase of Zeta Global Holdings Corp. (NYSE:ZETA) shares aligns with several positive indicators highlighted by InvestingPro. The company's revenue growth is particularly noteworthy, with a 29.97% increase over the last twelve months as of Q3 2024, and an even more impressive 41.97% quarterly growth in Q3 2024. This strong performance supports the InvestingPro Tip that analysts anticipate sales growth in the current year.
Despite the recent stock price volatility, with a significant 52.15% drop in the past week, Zeta's long-term performance remains robust. The company has delivered a remarkable 107.56% price total return over the past year, reinforcing the InvestingPro Tip that the stock has shown a high return over the last year.
It's worth noting that while Zeta is not currently profitable, with an operating income margin of -11.33% in the last twelve months, InvestingPro Tips suggest that analysts predict the company will be profitable this year. This optimism is further reflected in the fact that 11 analysts have revised their earnings upwards for the upcoming period.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Zeta Global Holdings Corp., providing a deeper understanding of the company's financial health and market position.
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