Zillow Group (NASDAQ:ZG) Stock Bumped Down to Strong Sell by Zacks Research

Zacks Research cut shares of Zillow Group (NASDAQ:ZG) from a hold rating to a strong sell rating in a report published on Thursday,Zacks reports.

ZG has been the subject of a number of other research reports. JPMorgan Chase & Co. cut their price objective on shares of Zillow Group from $76.00 to $62.00 and set an “overweight” rating for the company in a report on Tuesday, August 11th. Citigroup lowered their target price on shares of Zillow Group from $52.00 to $42.00 and set a “buy” rating on the stock in a research note on Monday, November 9th. Piper Sandler dropped their target price on Zillow Group from $46.00 to $39.00 and set an “overweight” rating on the stock in a research report on Thursday, November 5th. Benchmark restated a “buy” rating on shares of Zillow Group in a research report on Monday, August 24th. Finally, Royal Bank Of Canada cut their price target on Zillow Group from $55.00 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, November 3rd. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $47.67.

Zillow Group Trading Up 3.4%

Zillow Group stock traded up $1.00 during mid-day trading on Thursday, hitting $30.11. The company had a trading volume of 990,867 shares, compared to its average volume of 1,250,431. Zillow Group has a 12-month low of $27.25 and a 12-month high of $74.80. The company’s fifty day moving average is $31.03 and its 200-day moving average is $37.59. The company has a market capitalization of $6.77 billion, a price-to-earnings ratio of -57.90, a P/E/G ratio of 1.47 and a beta of 1.95.

Zillow Group (NASDAQ:ZG) last posted its earnings results on Wednesday, November 4th. The technology company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.05). Zillow Group had a negative net margin of 3.95% and a positive return on equity of 3.23%. The firm had revenue of $724.00 million for the quarter, compared to analysts’ expectations of $753.66 million. During the same period last year, the firm earned $0.44 earnings per share. Zillow Group’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, sell-side analysts expect that Zillow Group will post 0.77 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Jeremy Hofmann sold 5,661 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.18, for a total transaction of $193,492.98. Following the completion of the sale, the chief financial officer directly owned 59,144 shares of the company’s stock, valued at approximately $2,021,541.92. This trade represents a 8.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jeremy Wacksman sold 9,339 shares of Zillow Group stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.18, for a total transaction of $319,207.02. Following the sale, the chief executive officer owned 138,574 shares of the company’s stock, valued at approximately $4,736,459.32. This represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 16,979 shares of company stock valued at $583,370. 29.88% of the stock is owned by company insiders.

Institutional Investors Weigh In On Zillow Group

A number of hedge funds have recently added to or reduced their stakes in ZG. Integrated Wealth Concepts LLC purchased a new position in shares of Zillow Group in the 2nd quarter valued at about $29,000. Ninety One SA Pty Ltd purchased a new position in Zillow Group during the 3rd quarter worth approximately $26,000. EverSource Wealth Advisors LLC increased its holdings in shares of Zillow Group by 183.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company’s stock valued at $41,000 after acquiring an additional 637 shares during the period. Fifth Third Bancorp increased its stake in Zillow Group by 990.3% in the first quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company’s stock valued at $42,000 after purchasing an additional 921 shares during the period. Finally, Nykredit A S purchased a new stake in Zillow Group during the 2nd quarter valued at approximately $65,000. 20.32% of the stock is currently owned by institutional investors and hedge funds.

Zillow Group Company Profile

Zillow Group, Inc. operates a digital real estate marketplace focused primarily on the United States. Its websites and mobile apps help consumers find homes for sale and rent, explore neighborhood information, and research home values. The company’s brands include Zillow, Trulia, StreetEasy and HotPads. Zillow Group also provides services for real estate professionals, including advertising and customer-management tools, and offers mortgage services through Zillow Home Loans. Zillow launched in 2006, founded by Rich Barton and Lloyd Frink, and grew into a parent company with multiple real estate brands and services.