Exploring ZoomInfo Technologies Inc. (ZI) Investor Profile: Who’s Buying and Why?

You're looking at ZoomInfo Technologies Inc. and trying to figure out who's really in the driver's seat, and honestly, the answer is clear: it's the big institutions, which is defintely a double-edged sword for a growth stock.

As of late 2025, institutional ownership sits at a staggering 92.72% of the shares outstanding, meaning the stock's direction is dictated by the moves of giants like Vanguard Group Inc. and BlackRock, Inc., not retail traders. That's a lot of conviction, but it also means a small shift in sentiment can cause a big swing in a company with a market capitalization of roughly $2.83 billion. For example, in the third quarter of 2025, while BlackRock, Inc. added 830,615 shares, Vanguard Group Inc. trimmed its position by over 1.19 million shares, showing the major players are not in lockstep. But still, the overall institutional accumulation is happening against a backdrop of management guiding for full-year 2025 revenue between $1.237 billion and $1.240 billion, so the smart money is clearly betting on the Go-To-Market (GTM) platform's profitability and AI-driven future.

Who Invests in ZoomInfo Technologies Inc. (ZI) and Why?

You're looking at ZoomInfo Technologies Inc. (ZI) and wondering who is actually buying this stock as the company shifts its focus. The short answer is that this is overwhelmingly an institutional play, with nearly 86% of the company's shares held by large funds.

This high concentration means the stock's price action is driven by a handful of major players-mostly passive index funds and a few high-conviction hedge funds. Retail investors, while present, make up a smaller, though still significant, slice of the ownership pie.

Key Investor Types: The Institutional Dominance

The investor base in ZoomInfo Technologies Inc. (ZI) is heavily skewed toward institutional money, which owns approximately 85.99% of the shares outstanding as of October 2025. This is a massive percentage. By comparison, company insiders hold about 4.88%, leaving an estimated 9.13% for retail investors and other smaller entities.

The sheer size of the institutional holdings means you need to track the movements of the biggest players. They hold the voting power and dictate liquidity. The top institutional holders include colossal money managers like Vanguard Group Inc. and BlackRock, Inc., each owning over 8% of the company's shares. These are often passive index funds, so their position is less about a directional bet and more about tracking the Russell or S&P indices that ZoomInfo Technologies Inc. is part of.

• Vanguard Group Inc.: 8.26% ownership (approx. 25.7 million shares)
• BlackRock, Inc.: 8.21% ownership (approx. 25.5 million shares)
• FMR LLC: 5.98% ownership (approx. 18.6 million shares)

Investment Motivations: Cash Flow and AI Transformation

The primary attraction for institutional investors in 2025 isn't explosive growth-it's the company's durable profitability and its strategic pivot. ZoomInfo Technologies Inc. is a cash flow machine. For the full year 2025, the company's guidance points to Unlevered Free Cash Flow (UFCF) in the range of $424 million to $444 million, with an Adjusted Operating Income between $440 million and $443 million.

That's a lot of cash flow, even with revenue growth flatlining in the near term. The second major motivation is the strategic shift, symbolized by the new ticker, GTM. Investors are betting on the company's transformation into a core 'Go-To-Market' (GTM) intelligence platform, driven by new AI-powered products like Copilot and GTM Studio. This is a bet on market position and the long-term value of their proprietary data universe. They aren't paying a high multiple for this stock, so the stability is compelling. You can read more about the company's long-term vision here: Mission Statement, Vision, & Core Values of ZoomInfo Technologies Inc. (ZI).

Investment Strategies: Value and Event-Driven Plays

The strategies at play are a mix of passive indexing and active, value-oriented approaches. The index funds are simply long-term holders. But the hedge funds-like Glenview Capital Management, LLC and Sachem Head Capital Management LP, both top shareholders-are employing a more active strategy.

Here's the quick math: With the stock trading at a relatively low multiple of its UFCF, active funds see a classic value opportunity. They are buying a profitable company that is using its cash flow to retire shares, which is a key action for generating shareholder return when growth is slow. This is a 'Growth at a Reasonable Price' (GARP) or even a deep value play, waiting for the AI-driven 'upmarket' strategy to re-accelerate revenue growth, especially among the 1,887 customers with over $100,000 in Annual Contract Value (ACV).

The overall Wall Street consensus is a 'Hold' rating, reflecting a wait-and-see approach. This means the smart money is holding their position, waiting for proof that the investment in AI and the shift upmarket will translate the strong cash flow into renewed top-line growth. They're not rushing to sell, but they're defintely not piling in until the revenue numbers move.

Institutional Ownership and Major Shareholders of ZoomInfo Technologies Inc. (ZI)

You're looking at ZoomInfo Technologies Inc. (ZI) because institutional money drives the stock, and understanding who is buying-and why-is key to your own investment thesis. The direct takeaway is that ZI exhibits the high institutional concentration typical of a mature, but still growth-focused, Software-as-a-Service (SaaS) company. As of the most recent available data for the 2025 fiscal year, institutional ownership sits around 85% of the total shares outstanding. That's a massive stake.

This high percentage means the stock's daily price movements are heavily influenced by the trading desks of a few dozen major firms, not individual retail investors. You need to watch their quarterly 13F filings closely.

Top Institutional Investors and Their Holdings

The top institutional investors in ZoomInfo Technologies Inc. are a predictable mix of passive index funds and active, growth-oriented asset managers. These are the giants that hold enough shares to move the needle on a quarterly basis. While specific Q3 2025 share counts are still being finalized in regulatory filings, the top holders generally remain consistent. Here is a look at the typical structure of the largest holders, based on the latest available data for the 2025 fiscal year, which shows a strong preference for passive investment vehicles:

• Vanguard Group: Focuses on broad market exposure, holding a large passive stake.
• BlackRock: Another index-fund powerhouse, often the second-largest holder.
• Fidelity Management & Research Co.: A key active manager with a significant growth mandate.
• T. Rowe Price Associates: Known for its long-term, growth-stock focus.

Here's the quick math: when the top five institutions collectively own over 30% of the company, their collective sentiment is a major factor in the stock's valuation. This concentration offers stability, but also means a single large fund manager selling off can create a sharp, short-term price drop.

Recent Shifts in Institutional Ownership

The trend in the 2025 fiscal year has been a slight but defintely noticeable shift. We've seen a pattern of net institutional selling in the first half of 2025, with total institutional holdings decreasing by about 3.2%. This isn't a panic, but it is a cooling-off period.

The selling pressure largely came from active managers who were trimming their positions, likely due to concerns over the pace of enterprise spending and the B2B data market's competitive landscape. On the flip side, passive funds like Vanguard and BlackRock, which track indices ZI is a part of, have generally maintained or slightly increased their holdings through routine index rebalancing. That's the difference between an active bet and a systematic allocation. For a deeper dive into the company's foundation, see ZoomInfo Technologies Inc. (ZI): History, Ownership, Mission, How It Works & Makes Money.

Impact of Institutional Investors on ZI's Strategy

These large investors play two crucial roles: they stabilize the stock price and they exert pressure on corporate strategy. Their sheer volume of shares acts as a floor, reducing day-to-day volatility. More importantly, they demand financial discipline.

Because the largest holders are growth-focused, they push ZoomInfo Technologies Inc. to maintain a balance between revenue growth and profitability. You saw this play out in 2024 and into 2025 with ZI's focus on expanding its platform capabilities (like generative AI features) while simultaneously emphasizing free cash flow (FCF) generation. These institutions are the ones who will call management if the FCF margin-which was projected to be around 35% for the 2025 fiscal year-starts to slip. They want the growth story, but they want it to be profitable growth. That's why management is so focused on high-value customer retention and expanding Annual Contract Value (ACV) rather than just chasing low-margin volume.

Key Investors and Their Impact on ZoomInfo Technologies Inc. (ZI)

You're looking for the real drivers behind ZoomInfo Technologies Inc. (ZI) stock, and honestly, the story is a classic mix of passive giants and focused, value-driven activists. The biggest players are the index funds, but the most interesting action comes from the hedge funds pushing for change. Institutional investors hold about 95.47% of the stock, so their moves defintely matter.

The core of the shareholder base is comprised of the world's largest asset managers, the ones who buy ZI because it's in the index. These are passive investors, meaning they generally don't try to change management's strategy; they just want the company to perform. The top three institutional holders as of the most recent filings in Q3 2025 are:

• Vanguard Group Inc.: Holding approximately 25,747,180 shares, representing about 8.26% of the company.
• BlackRock, Inc.: Holding approximately 25,575,012 shares, or about 8.21% of the stock.
• FMR LLC (Fidelity): Holding approximately 18,641,939 shares, which is around 5.98%.

These massive holdings provide a stable floor for the stock, but their primary influence is through proxy voting on management-backed proposals, not through day-to-day strategic pressure. They are long-term holders, betting on the company's core business model to deliver on its full-year 2025 revenue guidance of $1.237 - $1.240 billion and Adjusted Operating Income of $440 - $443 million.

The Activist Pressure Cooker: HighSage and Sachem Head

Where the real influence comes in is from the activist investors. These funds take a large stake and push for operational or strategic changes to unlock shareholder value. ZoomInfo has two major players here, and their presence keeps management focused on capital efficiency.

HighSage Ventures is the most recent notable entry, disclosing a beneficial ownership of 16,910,148 shares in August 2025, which translates to a 5.3% stake. The aggregate cost for this position was roughly $195.3 million. This is a Schedule 13D filing (an active stake), and their influence is direct: HighSage's Chief Investment Officer, Owen Wurzbacher, already serves on the ZoomInfo board, giving them a seat at the table to push their agenda.

Another key activist is Sachem Head Capital Management LP, which held 15,100,000 shares (about 4.77%) as of Q2 2025. Sachem Head is known for its value-oriented and activist strategy, often advocating for operational improvements. Their investment signals a belief that ZI is undervalued and needs a catalyst, even with the company's strong focus on its Mission Statement, Vision, & Core Values of ZoomInfo Technologies Inc. (ZI).

Recent Investor Moves and Company Response

The activist interest is a direct response to the company's growth slowdown and a high price-to-sales multiple compared to its industry. The company's own actions in 2025 show they are listening to the market's call for better capital allocation.

The most concrete recent move by the company itself has been a significant share repurchase program. This is a common way to boost earnings per share and signal confidence to investors, especially activists who want to see capital returned. Here's the quick math on the buybacks in 2025:

What this estimate hides is the challenge the activists face: ZI has a classified board, which is a strong defense mechanism that makes it very hard for outside investors to gain control quickly. It means only a fraction of the board is up for election each year, slowing down any attempt to force a sale or a major strategic shift. Still, the presence of a board member from HighSage Ventures shows the activists are already inside the tent, influencing the move toward a greater focus on the higher-margin 'Upmarket' segment, which represented 72% of Annual Contract Value (ACV) in Q2 2025.

Market Impact and Investor Sentiment

You're looking at ZoomInfo Technologies Inc. (ZI) and wondering if the big money still believes in the story. The short answer is yes, but with a clear shift in focus. Investor sentiment is currently neutral-to-positive, driven by the company's commitment to the higher-margin 'upmarket' segment and its strong cash flow generation, even as top-line growth slows.

Institutional ownership remains incredibly high, sitting at approximately 87.95% as of April 2025, which shows conviction from major funds. This isn't a stock retail investors are driving; it's a battleground for titans. For instance, as of the third quarter of 2025, Vanguard Group Inc. held about 26.9 million shares, and BlackRock, Inc. held 26.2 million shares, confirming their massive, foundational stakes.

The sentiment also got a tailwind from the short-sellers backing off. In late 2024, the total short interest dropped by 21.3% to 25,210,000 shares by December 31st, a clear sign that the bearish case was losing steam heading into 2025. When the shorts retreat, it defintely signals a turning point in the market narrative.

Recent Market Reactions to Ownership and News

The stock market has been very responsive to ZoomInfo Technologies Inc.'s strategic pivots and financial performance in 2025. The positive reaction isn't about massive growth anymore; it's about execution and profitability.

For example, when the company reported its Q1 2025 earnings, beating expectations with $306 million in revenue and $0.23 in earnings per share (EPS), the stock surged 10.53% in aftermarket trading. This pattern repeated in Q2 2025, with the stock jumping 6.95% after hours on an EPS beat of $0.25 against an estimated $0.2323. That's a classic sign of a market that has priced in the bad news and is now rewarding operational efficiency.

Another major market event was the ticker change in May 2025 from ZI to GTM (reflecting their 'Go-To-Market' focus). The stock was up more than 10% (or 96 cents) on the news, which was coupled with an expanded focus on AI-powered tools like Copilot. This shows investors are keenly watching the shift toward the enterprise segment, which now represents 72% of Annual Contract Value (ACV), up from prior periods.

Here's the quick math on their improved 2025 outlook following the Q3 2025 results:

• FY2025 Sales Guidance: Raised from $1.215 billion-$1.225 billion to $1.237 billion-$1.240 billion.
• FY2025 Adjusted EPS Guidance: Raised from $0.99-$1.01 to $1.04-$1.06.

This is a company delivering on its promise of profitability and efficiency. If you want a deeper dive into these financials, you should check out Breaking Down ZoomInfo Technologies Inc. (ZI) Financial Health: Key Insights for Investors.

Analyst Perspectives: The Impact of Key Investors

Analysts are generally 'holding' the stock, but the price targets show a clear upside opportunity if the strategy works. The current consensus rating is a 'hold,' with 4 'buy' ratings, 7 'hold' ratings, and 3 'sell' ratings from 14 Wall Street analysts. That's a mixed bag, but the average 12-month price target is $11.31, with a high estimate of $16.00.

The impact of key investors-the institutional giants-is primarily felt through the stability they provide. When Vanguard and BlackRock hold such large, passive stakes, it reduces volatility. They are essentially betting on the long-term shift to the higher-margin upmarket business, where ACV growth accelerated to 4% year-over-year in Q2 2025. The analysts see this too, which is why the average price target of $11.31 represents a forecasted upside of 19.41% from a recent share price of $9.47.

What this estimate hides is the risk in the smaller, 'downmarket' segment, which declined 11% year-over-year in Q2 2025 as the company intentionally shifts resources. The analysts know the turnaround depends on the enterprise side picking up the slack, and the big investors are signaling confidence that it will.

Here is a snapshot of the recent analyst view from April 2025, which shows the target price volatility:

The wide range-from a low of $8.00 to a high of $15.00-tells you the market is still debating the speed of the transition to an enterprise-focused, AI-driven platform. Your next step should be to monitor the Q4 2025 earnings call for any further acceleration in the upmarket ACV growth; that's the key metric now.