David Beitel Sells 1,879 Shares of Zillow Group (NASDAQ:ZG) Stock

Zillow Group, Inc. (NASDAQ:ZG) CTO David Beitel sold 1,879 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $37.93, for a total transaction of $71,270.47. Following the sale, the chief technology officer owned 134,811 shares of the company’s stock, valued at approximately $5,113,381.23. This represents a 1.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Zillow Group Price Performance

Shares of NASDAQ:ZG opened at $38.06 on Friday. The stock has a market cap of $8.71 billion, a P/E ratio of 152.24, a P/E/G ratio of 1.78 and a beta of 2.04. The firm has a fifty day moving average price of $42.99 and a 200 day moving average price of $56.54. Zillow Group, Inc. has a 1-year low of $37.26 and a 1-year high of $90.22.

Zillow Group (NASDAQ:ZG) last issued its quarterly earnings results on Wednesday, May 6th. The technology company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.10. The firm had revenue of $708.00 million during the quarter, compared to analysts’ expectations of $705.17 million. Zillow Group had a net margin of 2.27% and a return on equity of 1.41%. Zillow Group’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.41 EPS. Sell-side analysts expect that Zillow Group, Inc. will post 0.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ZG has been the subject of a number of recent research reports. Barclays decreased their price target on shares of Zillow Group from $58.00 to $54.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. Cantor Fitzgerald lowered their target price on shares of Zillow Group from $56.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday, March 25th. Weiss Ratings raised shares of Zillow Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, May 7th. Wells Fargo & Company lowered their target price on shares of Zillow Group from $60.00 to $45.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. Finally, Canaccord Genuity Group lowered their target price on shares of Zillow Group from $72.00 to $52.00 and set a “hold” rating on the stock in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Zillow Group presently has an average rating of “Moderate Buy” and an average target price of $71.24.

More Zillow Group News

Here are the key news stories impacting Zillow Group this week:

• Positive Sentiment: Zillow highlighted survey results showing most prospective home sellers want broad public exposure rather than private listing networks. The company said 85% of soon-to-be sellers are more likely to hire an agent who can pre-market to the broadest online audience, reinforcing Zillow’s core pitch that open-market listings benefit sellers. Article Title
• Positive Sentiment: Zillow also emphasized its data showing sellers lose money in same-agent dual agency deals and off-MLS listings, a message that could support demand for Zillow’s public-listing ecosystem and advertising tools. Article Title
• Neutral Sentiment: JPMorgan/other analyst commentary pointed to a lower price target for Zillow Group, suggesting Wall Street expectations have softened and may be limiting upside sentiment. Article Title
• Negative Sentiment: Multiple Zillow insiders, including the CEO, COO, CTO, CAO, general counsel, and another executive, sold shares this week. The company said the sales were mainly to cover tax withholding tied to vesting equity awards and some were made under a 10b5-1 plan, but the cluster of insider selling can still create a bearish overhang for investors. Article Title
• Negative Sentiment: Rosen Law Firm said it is investigating potential securities claims against Zillow, adding legal uncertainty that may be a headwind for the stock. Article Title

Institutional Trading of Zillow Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. DoubleLine ETF Adviser LP increased its holdings in shares of Zillow Group by 4.9% in the 3rd quarter. DoubleLine ETF Adviser LP now owns 3,214 shares of the technology company’s stock valued at $239,000 after purchasing an additional 150 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Zillow Group by 4.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 3,657 shares of the technology company’s stock valued at $256,000 after purchasing an additional 156 shares in the last quarter. Signaturefd LLC increased its holdings in shares of Zillow Group by 10.4% in the 4th quarter. Signaturefd LLC now owns 1,711 shares of the technology company’s stock valued at $117,000 after purchasing an additional 161 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Zillow Group by 78.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 424 shares of the technology company’s stock worth $33,000 after acquiring an additional 187 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its holdings in shares of Zillow Group by 23.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,033 shares of the technology company’s stock worth $80,000 after acquiring an additional 194 shares during the period. Hedge funds and other institutional investors own 20.32% of the company’s stock.

Zillow Group Company Profile

Zillow Group (NASDAQ:ZG) is a U.S.-based online real estate marketplace that connects consumers, real estate professionals and mortgage lenders through a suite of digital products and advertising services. Founded in 2006 by Rich Barton and Lloyd Frink and headquartered in Seattle, Washington, the company operates a portfolio of consumer-facing brands and tools designed to simplify home search, rental discovery, valuation and mortgage shopping.

Zillow’s core products include its consumer websites and mobile apps that list homes for sale and rent, the Zestimate automated home value estimate, and marketplaces that connect buyers and renters with agents and lenders.