David Beitel Sells 1,798 Shares of Zillow Group (NASDAQ:ZG) Stock

Zillow Group, Inc. (NASDAQ:ZG) CTO David Beitel sold 1,798 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $34.24, for a total transaction of $61,563.52. Following the sale, the chief technology officer directly owned 133,013 shares of the company’s stock, valued at approximately $4,554,365.12. The trade was a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Zillow Group Price Performance

NASDAQ:ZG opened at $35.28 on Wednesday. The firm has a 50-day moving average of $33.01 and a two-hundred day moving average of $39.80. The stock has a market cap of $7.93 billion, a P/E ratio of 160.37, a PEG ratio of 1.53 and a beta of 1.95. Zillow Group, Inc. has a 1-year low of $29.03 and a 1-year high of $90.22.

Zillow Group (NASDAQ:ZG) last released its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.44 by $0.08. The business had revenue of $772.00 million for the quarter, compared to analysts’ expectations of $758.25 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.The company’s revenue was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.40 earnings per share. As a group, equities analysts expect that Zillow Group, Inc. will post 0.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

ZG has been the subject of several research analyst reports. Barclays reduced their target price on 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. Piper Sandler reduced their price objective on shares of Zillow Group from $55.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Citigroup decreased their price objective on shares of Zillow Group from $68.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Citizens Jmp cut their target price on shares of Zillow Group from $75.00 to $46.00 and set a “market outperform” rating on the stock in a research note on Friday, August 7th. Finally, Susquehanna reduced their price target on shares of Zillow Group from $50.00 to $38.00 and set a “neutral” rating on the stock in a research report on Thursday, August 6th. Eleven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $52.29.

Institutional Trading of Zillow Group

Several institutional investors have recently added to or reduced their stakes in ZG. Technology Crossover Management XI Ltd. bought a new position in shares of Zillow Group in the 2nd quarter worth about $73,694,895,000. Norges Bank bought a new position in Zillow Group in the fourth quarter worth about $152,050,000. Independent Franchise Partners LLP lifted its holdings in Zillow Group by 1.1% in the fourth quarter. Independent Franchise Partners LLP now owns 2,024,556 shares of the technology company’s stock worth $138,135,000 after acquiring an additional 21,862 shares during the last quarter. M&T Bank Corp boosted its stake in Zillow Group by 38,344.0% in the fourth quarter. M&T Bank Corp now owns 1,604,270 shares of the technology company’s stock valued at $120,092,000 after acquiring an additional 1,600,097 shares during the period. Finally, Kahn Brothers Group Inc. acquired a new position in Zillow Group in the second quarter valued at approximately $37,265,000. Institutional investors own 20.32% of the company’s stock.

Zillow Group News Summary

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

• Positive Sentiment: U.S. asking rents rose to $1,962 in July, increasing 2.3% from a year earlier—the fastest growth in more than a year. Strong rental demand could support Zillow’s traffic, advertising activity and rental-related revenue. Rents near $2,000, rising at the fastest pace in over a year
• Neutral Sentiment: CEO Jeremy Wacksman, CFO Jeremy Hofmann, CAO Jennifer Rock, CTO David Beitel and other insiders sold shares worth roughly $1.5 million in aggregate. The transactions were made under pre-arranged trading plans or to cover tax withholding on vested equity awards, making them a relatively weak signal of deteriorating management confidence. Zillow Group insider filings
• Negative Sentiment: Rental concessions increased to 39.8% of Zillow listings in July from 35.9% a year earlier. Although rent growth remains positive, the higher use of concessions suggests landlords still face competitive pressure, which could temper the benefit to Zillow’s rental marketplace.
• Negative Sentiment: Analysts have recently lowered several price targets, including Wells Fargo’s reduction to $35 and Canaccord Genuity’s reduction to $40. Zillow Group’s consensus rating remains “Hold,” despite its latest quarterly earnings beat of $0.52 per share versus the $0.44 estimate. Zillow Group analyst and stock information

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.