Zillow Group (NASDAQ:ZG – Free Report) had its price objective reduced by Canaccord Genuity Group from $40.00 to $34.00 in a report published on Thursday,Benzinga reports. They currently have a hold rating on the technology company’s stock.
Several other research analysts have also commented on ZG. Piper Sandler dropped their price target on shares of Zillow Group from $46.00 to $39.00 and set an “overweight” rating on the stock in a research note on Thursday. Cantor Fitzgerald decreased their price objective on shares of Zillow Group from $32.00 to $26.00 and set a “neutral” rating for the company in a report on Thursday. Deutsche Bank Aktiengesellschaft set a $80.00 target price on shares of Zillow Group in a research report on Monday, August 24th. Weiss Ratings restated a “sell (d)” rating on shares of Zillow Group in a report on Wednesday, August 19th. Finally, UBS Group reduced their price target on Zillow Group from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. Ten investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Zillow Group currently has an average rating of “Hold” and an average target price of $48.43.
Read Our Latest Research Report on Zillow Group
Zillow Group Stock Performance
NASDAQ:ZG opened at $31.21 on Thursday. The stock’s 50 day moving average price is $31.72 and its 200 day moving average price is $38.68. Zillow Group has a 52 week low of $27.25 and a 52 week high of $74.80. The company has a market capitalization of $7.02 billion, a P/E ratio of -60.02, a P/E/G ratio of 1.47 and a beta of 1.95.
Zillow Group (NASDAQ:ZG – Get Free Report) last issued its quarterly earnings data 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). The business had revenue of $724.00 million for the quarter, compared to the consensus estimate of $753.66 million. Zillow Group had a negative net margin of 3.95% and a positive return on equity of 3.18%. Zillow Group’s revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.44 EPS. As a group, sell-side analysts forecast that Zillow Group will post 0.91 earnings per share for the current fiscal year.
Insider Transactions at Zillow Group
In related news, insider Dan Spaulding sold 3,169 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $35.37, for a total value of $112,087.53. Following the completion of the transaction, the insider directly owned 44,561 shares of the company’s stock, valued at $1,576,122.57. This trade represents a 6.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeremy Hofmann sold 5,661 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 $193,492.98. Following the sale, the chief financial officer owned 59,144 shares in the company, valued at approximately $2,021,541.92. This trade represents a 8.74% 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. Over the last 90 days, insiders have sold 38,539 shares of company stock worth $1,323,800. 29.88% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Zillow Group
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Illinois Municipal Retirement Fund bought a new stake in Zillow Group during the 3rd quarter worth about $1,415,000. Fulcrum Asset Management LLP acquired a new position in shares of Zillow Group during the third quarter worth approximately $399,000. Brighton Jones LLC acquired a new position in shares of Zillow Group during the third quarter worth approximately $231,000. Parallel Advisors LLC lifted its position in shares of Zillow Group by 244.8% during the third quarter. Parallel Advisors LLC now owns 2,200 shares of the technology company’s stock worth $61,000 after purchasing an additional 1,562 shares in the last quarter. Finally, Signaturefd LLC bought a new stake in shares of Zillow Group during the third quarter valued at approximately $154,000. Institutional investors and hedge funds own 20.32% of the company’s stock.
Key Stories Impacting Zillow Group
Here are the key news stories impacting Zillow Group this week:
- Positive Sentiment: Piper Sandler kept its “overweight” rating despite lowering its price target to $39 from $46. Citizens JMP also maintained “market outperform,” with a reduced $40 target. Both targets imply upside from the reference price. Piper Sandler rating Citizens JMP rating
- Neutral Sentiment: Revenue rose 7.1% year over year to $724 million, with rentals helping offset weak home-sales conditions. However, the result was below analysts’ $753.7 million estimate, and EPS of $0.55 also missed the $0.60 consensus. Zillow revenue and rentals Zillow Q3 results
- Negative Sentiment: Housing-market indicators worsened: newly pending listings fell 16.8% year over year in October, while Zillow’s preliminary measure of existing home sales declined 8.7%. Fewer pending sales may weigh on Zillow’s transaction-related business. October Zillow Market Report
- Negative Sentiment: Several analysts lowered price targets after the results. Wells Fargo cut its target to $30 and kept an “equal weight” rating; Cantor Fitzgerald lowered its target to $26 and assigned “neutral”; Bernstein reduced its target to $34 while maintaining “market perform.” The broad pattern of target reductions reflects caution about Zillow’s outlook. Wells Fargo rating Cantor Fitzgerald rating
Zillow Group Company Profile
Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms for consumers, real estate professionals, and other housing industry participants. Its services are designed to help people search for homes, understand property values, connect with agents, and manage transactions throughout the residential real estate process.
The company’s portfolio includes Zillow, Trulia, StreetEasy, HotPads, and ShowingTime+. Zillow provides home listings, estimated property values, rental information, agent connections, mortgage resources, and other housing-related tools.
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