JPMorgan Chase & Co. Cuts Zillow Group (NASDAQ:ZG) Price Target to $62.00

Zillow Group (NASDAQ:ZG) had its price target reduced by JPMorgan Chase & Co. from $76.00 to $62.00 in a research report released on Tuesday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

A number of other brokerages also recently commented on ZG. Susquehanna lowered their target price on shares of Zillow Group from $50.00 to $38.00 and set a “neutral” rating for the company in a research note on Thursday, August 6th. UBS Group lowered their price objective on Zillow Group from $75.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Evercore set a $40.00 price objective on Zillow Group and gave the company an “in-line” rating in a report on Thursday, August 6th. KeyCorp cut their target price on Zillow Group from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. Finally, DA Davidson decreased their target price on Zillow Group from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Eleven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $52.29.

Zillow Group Stock Performance

NASDAQ ZG opened at $36.23 on Tuesday. The stock’s fifty day moving average is $33.03 and its two-hundred day moving average is $40.46. The firm has a market capitalization of $8.29 billion, a P/E ratio of 164.69, a price-to-earnings-growth ratio of 1.45 and a beta of 1.95. Zillow Group has a fifty-two week low of $29.03 and a fifty-two week high of $90.22.

Zillow Group (NASDAQ:ZG) last released its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.08. The firm 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 firm’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.40 earnings per share. As a group, sell-side analysts forecast that Zillow Group will post 0.9 EPS for the current year.

Insider Activity at Zillow Group

In other Zillow Group news, CFO Jeremy Hofmann sold 5,501 shares of Zillow Group stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $37.40, for a total transaction of $205,737.40. Following the completion of the transaction, the chief financial officer owned 68,315 shares in the company, valued at approximately $2,554,981. The trade was a 7.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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, insider Dan Spaulding sold 3,078 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $37.40, for a total value of $115,117.20. Following the sale, the insider owned 49,696 shares in the company, valued at approximately $1,858,630.40. This trade represents a 5.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 90 days, insiders sold 19,629 shares of company stock worth $719,150. 29.88% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Zillow Group

Hedge funds have recently made changes to their positions in the business. Technology Crossover Management XI Ltd. purchased a new stake in shares of Zillow Group during the 2nd quarter valued at $73,694,895,000. Norges Bank purchased a new position in shares of Zillow Group in the 4th quarter worth about $152,050,000. Independent Franchise Partners LLP raised its holdings in shares of Zillow Group by 1.1% in the 4th quarter. Independent Franchise Partners LLP now owns 2,024,556 shares of the technology company’s stock worth $138,135,000 after purchasing an additional 21,862 shares during the period. M&T Bank Corp lifted its stake in shares of Zillow Group by 38,344.0% in the 4th quarter. M&T Bank Corp now owns 1,604,270 shares of the technology company’s stock valued at $120,092,000 after purchasing an additional 1,600,097 shares in the last quarter. Finally, Tiger Global Management LLC grew its holdings in shares of Zillow Group by 30.7% during the 4th quarter. Tiger Global Management LLC now owns 1,023,733 shares of the technology company’s stock worth $69,849,000 after purchasing an additional 240,690 shares during the period. Institutional investors and hedge funds 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.