Zillow Group (NASDAQ:ZG) Reaches New 12-Month Low – Here’s Why

Zillow Group, Inc. (NASDAQ:ZGGet Free Report)’s stock price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $30.24 and last traded at $30.56, with a volume of 2036867 shares changing hands. The stock had previously closed at $30.46.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ZG shares. BTIG Research reaffirmed a “neutral” rating on shares of Zillow Group in a research report on Thursday, June 11th. Royal Bank Of Canada decreased their price objective on Zillow Group to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, June 10th. Citigroup reissued a “market outperform” rating on shares of Zillow Group in a research report on Tuesday, May 26th. Sanford C. Bernstein raised shares of Zillow Group from an “outperform” rating to a “buy” rating in a research report on Tuesday, May 26th. Finally, The Goldman Sachs Group reduced their target price on shares of Zillow Group from $53.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, June 12th. Thirteen research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $69.43.

Read Our Latest Stock Report on ZG

Zillow Group Price Performance

The stock’s 50-day moving average price is $38.70 and its 200 day moving average price is $49.70. The firm has a market cap of $6.99 billion, a P/E ratio of 122.24, a price-to-earnings-growth ratio of 1.30 and a beta of 1.94.

Zillow Group (NASDAQ:ZGGet Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The technology company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.10. Zillow Group had a net margin of 2.27% and a return on equity of 1.41%. The firm had revenue of $708.00 million for the quarter, compared to analyst estimates of $705.17 million. During the same period in the previous year, the business earned $0.41 EPS. The company’s revenue was up 18.4% compared to the same quarter last year. As a group, analysts forecast that Zillow Group, Inc. will post 0.9 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Jeremy Hofmann sold 5,501 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was 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 directly owned 68,315 shares of the company’s stock, valued at approximately $2,554,981. This represents a 7.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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, General Counsel Bradley D. Owens sold 3,364 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $37.23, for a total value of $125,241.72. Following the completion of the transaction, the general counsel owned 65,245 shares of the company’s stock, valued at approximately $2,429,071.35. This represents a 4.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders have sold 42,910 shares of company stock worth $1,605,732 over the last three months. Company insiders own 29.88% of the company’s stock.

Institutional Investors Weigh In On Zillow Group

Large investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Zillow Group in the fourth quarter valued at $152,050,000. Independent Franchise Partners LLP raised its position in Zillow Group by 1.1% during 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 in the last quarter. M&T Bank Corp lifted 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 last quarter. Tiger Global Management LLC lifted its stake in Zillow Group by 30.7% in the fourth quarter. Tiger Global Management LLC now owns 1,023,733 shares of the technology company’s stock valued at $69,849,000 after acquiring an additional 240,690 shares during the last quarter. Finally, UBS Group AG grew its position in shares of Zillow Group by 44.5% in the 4th quarter. UBS Group AG now owns 1,018,448 shares of the technology company’s stock valued at $69,489,000 after acquiring an additional 313,643 shares during the period. Institutional investors and hedge funds own 20.32% of the company’s stock.

Zillow Group Company Profile

(Get Free Report)

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.

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