Zeta Global Shares Rise 7% After Q3 Results and Analyst Updates

Zeta Global Holdings Corp. shares rose about 7% Tuesday, Nov. 10, after the company reported 46% year-over-year third-quarter revenue growth and raised its 2026 outlook. Analysts also maintained or increased their price targets for the stock.

Revenue reached $492.7 million, up 46% from a year earlier, and exceeded estimates of $474 million. GAAP net income was $38.3 million, compared with a $3.6 million loss a year earlier. GAAP earnings were $0.14 per share, while adjusted earnings were $0.38 per share.

Adjusted EBITDA totaled $121 million, a 24.6% margin. Operating cash flow was $91.3 million, and free cash flow reached $81.5 million, up 73% year over year. The results marked the company’s 21st consecutive quarter of beating estimates and raising its outlook.

Revenue growth excluding Marigold and political candidate revenue accelerated to 30% from 28% in the prior quarter. Zeta had 212 super-scaled customers, an 18% increase from a year earlier. Average revenue per user among those customers rose 22% to $2 million.

Zeta raised its 2026 revenue forecast to a range of $1.853 billion to $1.857 billion and its GAAP earnings-per-share outlook to $0.22 to $0.24. The company also raised its adjusted EBITDA and free cash flow forecasts, which stand at $414.6 million and $271 million, respectively.

For fiscal 2027, Zeta projected organic growth of 20% to 21%, excluding political revenue. Needham viewed that projection as modestly above consensus.

KeyBanc reiterated its Overweight rating and $38 price target. Needham maintained a Buy rating and $40 target, while Truist raised its target to $40 and kept its Buy rating.