Zoominfo Technologies’ (ZI) adjusted EPS outlook was increased for the entire year. This drove shares of ZI modestly higher postmarket.

The software-as-a-service company (SaaS) reported better than expected Q1 adjusted EPS of 18c, up from 13c in the year-ago period and the consensus estimates of 15c per share. Revenue was $241.7million, an increase of 58% YoY. This is higher than the analyst estimates of $227.7 millions.

The company anticipates that adjusted EPS will be in the 17c-18c range for Q2, missing the 17c expected. Analysts were expecting revenue to range from $253 million-$255 million.

Zoominfo said that it also bought an employer branding and recruitment platform.

BofA analyst Koji Ikeda noted “strong Q1” and raised guidance that prompted him to raise the price target to $76.00 per share.

“We believe ZoomInfo’s Q1 results were very good, as the business delivered an upper software echelon Rule-of-109 profile (58% revenue growth + 51% uFCF margins, demonstrating its attractive value proposition and efficient operating structure. We are encouraged by ZoomInfo’s four pronged product approach (SalesOS, MarketingOS, TalentOS, and OperationsOS) that creates an attractive end-market monetization opportunity,” Ikeda wrote to clients.

J. Parke Lane Stifel analyst, cut the price target by $75.00 from the $85.00 prior to reflect multiple compression in this group. He remains positive however.

“Considering the scale of the opportunity and the use-case the company’s platform serves, we believe ZoomInfo is one of the most compelling names in our coverage. We maintain our Buy rating,” the analyst said.

By Senad Karaahmetovic