Dan Spaulding Sells 3,169 Shares of Zillow Group (NASDAQ:Z) Stock

Zillow Group, Inc. (NASDAQ:Z) insider Dan Spaulding sold 3,169 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $35.37, for a total value of $112,087.53. Following the completion of the sale, the insider directly owned 44,561 shares in the company, valued at approximately $1,576,122.57. The trade was a 6.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Dan Spaulding also recently made the following trade(s):

• On Thursday, August 13th, Dan Spaulding sold 1,966 shares of Zillow Group stock. The stock was sold at an average price of $34.24, for a total transaction of $67,315.84.

Zillow Group Trading Up 2.5%

Shares of NASDAQ:Z opened at $34.57 on Wednesday. The stock has a market capitalization of $7.77 billion, a P/E ratio of 157.14, a price-to-earnings-growth ratio of 1.51 and a beta of 1.98. Zillow Group, Inc. has a 12-month low of $29.23 and a 12-month high of $93.88. The stock’s 50-day moving average price is $32.87 and its 200-day moving average price is $39.73.

Zillow Group (NASDAQ:Z) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.07. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.The business had revenue of $772.00 million for the quarter, compared to analyst estimates of $758.10 million. As a group, research analysts predict that Zillow Group, Inc. will post 0.89 EPS for the current year.

Key Stories Impacting Zillow Group

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

• Positive Sentiment: Rents are accelerating: Zillow’s Observed Rent Index showed typical U.S. asking rent reached $1,962 in July, up 2.3% year over year—the fastest growth in more than a year. Strong rental demand could support Zillow’s listings, advertising and property-manager businesses. Rents near $2,000, rising at the fastest pace in over a year
• Neutral Sentiment: Rental conditions are mixed: Although rents are rising, 39.8% of Zillow-listed rentals offered concessions in July, compared with 35.9% a year earlier. This suggests demand is healthy but property managers still face enough competition to provide discounts, potentially limiting revenue benefits.
• Neutral Sentiment: Insider sales were largely tax-related: Executives and insiders, including CEO Jeremy Wacksman, CFO Jeremy Hofmann, CAO Jennifer Rock, CTO David Beitel and others, sold a combined 35,373 shares worth roughly $1.21 million. The transactions occurred under a pre-arranged trading plan or to cover tax withholding on vested equity awards, reducing—but not eliminating—the bearish significance. Zillow Group insider trading report
• Negative Sentiment: Analyst views remain cautious: Recent target-price reductions and an Evercore downgrade to “hold” indicate concern about Zillow’s outlook and valuation. The consensus rating remains “Moderate Buy,” but the stock’s elevated earnings multiple and price well below its 200-day moving average highlight ongoing investor concerns.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Morgan Stanley set a $60.00 price target on shares of Zillow Group in a report on Thursday, August 6th. Sanford C. Bernstein lowered Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. reduced their price objective on shares of Zillow Group from $76.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, August 11th. Jefferies Financial Group decreased their price target on Zillow Group from $75.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, July 14th. Finally, Weiss Ratings cut shares of Zillow Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $66.75.

Hedge Funds Weigh In On Zillow Group

A number of hedge funds have recently made changes to their positions in Z. Independent Franchise Partners LLP boosted its holdings in shares of Zillow Group by 0.9% during the 4th quarter. Independent Franchise Partners LLP now owns 10,953,405 shares of the financial services provider’s stock valued at $747,241,000 after purchasing an additional 94,569 shares during the last quarter. Capital World Investors raised its holdings in Zillow Group by 1.8% during the 4th quarter. Capital World Investors now owns 10,826,066 shares of the financial services provider’s stock valued at $738,554,000 after buying an additional 191,058 shares during the period. Tiger Global Management LLC lifted its holdings in shares of Zillow Group by 21.7% in the 1st quarter. Tiger Global Management LLC now owns 7,368,957 shares of the financial services provider’s stock worth $304,927,000 after acquiring an additional 1,312,000 shares during the last quarter. State Street Corp boosted its position in shares of Zillow Group by 3.9% during the fourth quarter. State Street Corp now owns 3,838,788 shares of the financial services provider’s stock valued at $261,882,000 after buying an additional 143,726 shares during the period. Finally, Geode Capital Management LLC grew its position in Zillow Group by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 3,363,657 shares of the financial services provider’s stock valued at $228,898,000 after acquiring an additional 55,323 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

About Zillow Group

Zillow Group, Inc is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company’s platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company’s automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.