NEW YORK — Friday, December 26, 2025 (10:17 a.m. ET).
Zeta Global Holdings Corp. (NYSE: ZETA) is trading around $19.12 in late-morning action, essentially flat on the day after opening near $19.05, with early trading ranging roughly between $18.70 and $19.20.
Today’s tape has the familiar post-holiday feel: U.S. stocks opened mixed as traders returned from the Christmas break, and volumes were widely expected to be lighter into year-end. [1] Seasonality watchers also point out that Dec. 26 has historically been one of the strongest calendar days for U.S. equities, though history is not a trade plan. [2]
For Zeta Global stock, the “why now” is less about a single headline this morning and more about a stacked narrative investors have been repricing for weeks: the completed Marigold enterprise acquisition, raised guidance, and an ongoing push to position Zeta as an “agentic AI” marketing platform—with a high-visibility CES 2026 event just ahead.
Zeta Global stock: what the company does and why it trades like a “growth + data” name
Zeta Global operates an omnichannel, data-driven marketing and customer intelligence platform that helps brands acquire and retain customers across channels like email, web, connected TV and more—one reason the stock often moves with broader sentiment around software, advertising budgets, and AI-driven automation. [3]
That positioning matters on a day like today: with the S&P 500 and Nasdaq nudging higher in early trading and Big Tech again providing lift, markets are still rewarding “AI-adjacent” stories—while also punishing anything that looks like hype without measurable ROI. [4]
Zeta’s strategy has been to show receipts: cash flow, guidance, and claimed performance outcomes—not just glossy demos.
The Marigold acquisition is the centerpiece catalyst—and it’s now in the numbers
Zeta’s biggest 2025 strategic swing was acquiring Marigold’s enterprise software business—a portfolio that includes Marigold Loyalty, Cheetah Digital, Selligent, Sailthru, Liveclicker, and Grow—in a deal valued at up to $325 million across cash, stock, and a seller note structure. [5]
From Zeta’s own framing, the acquisition is designed to do four things that investors actually care about:
- Increase enterprise reach (Marigold’s business serves 100+ global enterprise brands, including Fortune 500 exposure)
- Create cross-sell/up-sell lanes for Zeta’s “One Zeta” operating model
- Expand internationally (notably EMEA, with an entry point into APAC)
- Improve financial quality (Zeta said Marigold’s enterprise business carried a low cost of revenue and high subscription mix) [6]
The market’s key question isn’t whether the deal sounds logical—it’s whether integration produces durable subscription revenue + expanding cash flow without customer churn or margin leakage.
Raised guidance: the fast way Wall Street “scores” the deal
After completing the acquisition, Zeta increased guidance for 2025 and 2026. In its November update, the company guided to 2025 revenue of $1.289–$1.292 billion, with adjusted EBITDA of $274.2–$275.1 million and free cash flow of $156.9–$157.9 million. [7]
For 2026, Zeta forecast revenue of at least $1.73 billion, including roughly $190 million attributed to Marigold, alongside adjusted EBITDA of $385.4 million and free cash flow of $224.0 million. [8]
CEO David A. Steinberg characterized the acquisition as a “1+1=4” opportunity and argued it could increase client ROI over time as the combined platform scales. [9]
Zeta’s operating cadence: “beat-and-raise” plus a buyback narrative
On its Q3 2025 report, Zeta said it delivered $337 million in revenue (up 26% year over year), with operating cash flow of $58 million and free cash flow of $47 million, also sharply higher year over year. [10]
The company also highlighted its “rule of 40” style framing (growth plus cash flow margin), and it announced a share repurchase program authorization of up to $200 million through Dec. 31, 2027. [11]
In a market that’s increasingly allergic to “growth at any cost,” Zeta is plainly trying to trade more like a cash-flowing software business than a story stock.
The AI angle: “agentic” marketing, holiday performance claims, and CES 2026
Zeta is leaning hard into the idea that marketing software is shifting from dashboards to AI agents—systems that don’t just analyze but also execute campaigns, QA checks, audience creation, and optimization loops.
Holiday weekend metrics: big numbers, but treat them as company-claimed signals
In early December, Zeta reported record platform performance over the Thanksgiving-to–Cyber Monday shopping period, citing:
- 153% year-over-year platform usage growth
- 25x year-over-year increase in AI agent activity
- 87% time savings on repetitive tasks for enterprises using its AI agents
- 100% uptime during the peak period [12]
Important nuance: these metrics come from Zeta’s own reporting, so investors typically look for follow-through in retention, expansion, and revenue-per-customer in subsequent quarters.
A Forrester-commissioned study adds an “ROI wrapper”
Zeta also promoted findings from a commissioned Total Economic Impact (TEI) study conducted by Forrester Consulting, claiming enterprises using the Zeta Marketing Platform achieved a six-time return on ad spend, 295% return on tech investment, and $21.4 million net present value over three years, with payback in under six months. [13]
Commissioned studies aren’t the same as independent academic research, but they can influence buyer behavior—especially when marketing leaders need budget justification in a tighter spending environment.
CES 2026: a near-term visibility catalyst
Zeta announced it will host an invite-only CES 2026 event on Tuesday, January 6, 2026 (4:00–5:30 p.m. PT) at its Athena suite at the ARIA in Las Vegas, featuring a fireside chat between CEO David A. Steinberg and tech analyst Dan Ives (identified in the release as Chairman of Eightco). [14]
While CES doesn’t directly change quarterly revenue, it can amplify narrative momentum—particularly for a company trying to “own” a category shift like AI agents in marketing.
Analyst forecasts for ZETA stock: where Wall Street sees upside—and what it hinges on
Analyst targets have generally leaned constructive after the Marigold integration and guidance raises, but the targets vary widely—typical for a name with both strong growth claims and elevated controversy risk.
Recent target moves tied to Marigold
- BofA Securities raised its price target to $30 (from $28) while keeping a Buy rating, citing the completed acquisition and forecasting 34% total revenue growth in 2026, with a meaningful portion attributed to Marigold’s contribution. [15]
- DA Davidson raised its target to $29 (from $27) and maintained Buy, estimating Marigold could add $190+ million revenue in 2026, while also noting an EBITDA margin headwind. [16]
- Other firms referenced in analyst coverage around the deal include Needham (Buy, $25 target cited) and William Blair (Outperform cited). [17]
Consensus snapshots (aggregators)
TipRanks shows an average target around the high-$20s with a wide band (roughly low-$20s to mid-$40s) and a consensus skewing bullish. [18]
Separately, Nasdaq-hosted coverage summarizing third-party estimates also reflects broad upside expectations (again with a wide dispersion). [19]
What investors should infer: the “bull case” is less about a single multiple expansion and more about executing integration + sustaining organic growth + maintaining cash conversion as the company scales beyond $1B+ revenue.
Positioning and volatility: short interest and insider/affiliate filings
Short interest remains meaningful
As of mid-December, Zeta had about 22.88 million shares sold short, roughly ~11% of float, with days-to-cover around 5 by one widely followed compilation. [20]
That level of short interest can act like accelerant in either direction: strong execution can force covering; negative surprises can cascade fast.
Recent filing-driven headlines
Recent Reuters/Refinitiv brief items also highlighted insider/affiliate-related filings:
- A Form 4 disclosed gifts involving shares associated with Chairman David A. Steinberg (not necessarily open-market selling). [21]
- A shareholder entity (“Family Trust No S4”) filed a Form 144 proposing to sell shares under a 10b5-1 plan (a planned-trading mechanism). [22]
- A director filing also referenced a proposed sale via Form 144. [23]
Key point: Form 144 filings are intent to sell, not proof of completed sales, but they can influence sentiment during low-liquidity holiday tape.
Risk factors investors still price into Zeta Global stock
Zeta is not a “clean narrative only” ticker. The company has been dealing with reputational overhang and legal noise dating back to a short-seller report in November 2024 that knocked the stock sharply and triggered follow-on investor scrutiny. [24]
Zeta publicly rejected the short-seller claims and stated it does not operate “consent farms,” emphasizing compliance and governance around data practices. [25]
Separately, there has been ongoing securities litigation activity referenced in public dockets related to Zeta. [26]
For investors, the practical takeaway is simple: ZETA can trade with higher headline sensitivity than a typical mid-cap software peer—especially in thin markets.
Is the stock market open right now—and what matters before the next session?
Yes. As of 10:17 a.m. ET in New York, U.S. markets are in the core trading session (9:30 a.m. to 4:00 p.m. ET). [27]
The NYSE holiday calendar shows markets were closed for Christmas Day (Dec. 25) and resumed normal trading today (Dec. 26). [28]
What ZETA investors should watch into the close (and into the next trading day)
Because this is a post-holiday, end-of-year environment, three dynamics tend to matter more than usual:
- Liquidity and spreads: Holiday-thinned trading can exaggerate moves—up or down—especially in mid-cap names with meaningful short interest. [29]
- Deal digestion: Investors will keep mapping commentary about Marigold integration onto the raised 2026 outlook—especially the implied balance between growth and margins. [30]
- Near-term catalysts: CES 2026 is close enough to influence narrative trading, even if it’s not a “fundamentals day.” [31]
Calendar note: the next big closure is New Year’s Day
U.S. stock markets are expected to be closed Thursday, Jan. 1, 2026, for New Year’s Day. [32]
Bottom line on Zeta Global (ZETA) stock today
Zeta Global stock is trading quietly this morning near $19, but the underlying setup is anything but quiet: the company has raised guidance following a major acquisition, is pushing a measurable AI-agent productivity story, and is heading into a CES moment designed to amplify its “Athena” narrative. [33]
Meanwhile, Wall Street price targets generally sit above the current share price, but with wide dispersion—reflecting a classic split-screen reality: strong growth/cash-flow ambition vs. integration and controversy risk. [34]
References
1. apnews.com, 2. www.marketwatch.com, 3. www.reuters.com, 4. apnews.com, 5. zetaglobal.com, 6. zetaglobal.com, 7. investors.zetaglobal.com, 8. investors.zetaglobal.com, 9. investors.zetaglobal.com, 10. investors.zetaglobal.com, 11. investors.zetaglobal.com, 12. zetaglobal.com, 13. zetaglobal.com, 14. zetaglobal.com, 15. www.investing.com, 16. www.investing.com, 17. www.investing.com, 18. www.tipranks.com, 19. www.nasdaq.com, 20. www.marketbeat.com, 21. www.tradingview.com, 22. www.tradingview.com, 23. www.tradingview.com, 24. www.tradingview.com, 25. investors.zetaglobal.com, 26. www.courtlistener.com, 27. www.nyse.com, 28. www.nyse.com, 29. apnews.com, 30. investors.zetaglobal.com, 31. zetaglobal.com, 32. www.investopedia.com, 33. investors.zetaglobal.com, 34. www.investing.com
