Royal Bank Of Canada Lowers Zillow Group (NASDAQ:Z) Price Target to $70.00

Zillow Group (NASDAQ:Z) had its target price cut by Royal Bank Of Canada from $95.00 to $70.00 in a note issued to investors on Wednesday,MarketScreener reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Royal Bank Of Canada’s target price would suggest a potential upside of 101.05% from the stock’s current price.

Z has been the topic of a number of other research reports. Wall Street Zen raised shares of Zillow Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Zillow Group from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Needham & Company LLC restated a “hold” rating on shares of Zillow Group in a report on Wednesday, February 11th. JPMorgan Chase & Co. decreased their price target on shares of Zillow Group from $84.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Finally, Zacks Research cut shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $76.00.

Zillow Group Stock Down 1.8%

Zillow Group stock traded down $0.63 during trading hours on Wednesday, hitting $34.82. The stock had a trading volume of 792,996 shares, compared to its average volume of 4,198,175. The company has a market cap of $7.97 billion, a PE ratio of 139.51, a price-to-earnings-growth ratio of 1.49 and a beta of 1.97. Zillow Group has a fifty-two week low of $34.16 and a fifty-two week high of $93.88. The company has a 50-day moving average of $40.18 and a two-hundred day moving average of $52.81.

Zillow Group (NASDAQ:Z) last released its earnings results on Wednesday, May 6th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.10. The firm had revenue of $708.00 million during the quarter, compared to analysts’ expectations of $705.10 million. Zillow Group had a return on equity of 1.41% and a net margin of 2.27%. As a group, analysts forecast that Zillow Group will post 0.9 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Errol G. Samuelson sold 2,939 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $37.97, for a total transaction of $111,593.83. Following the sale, the insider directly owned 134,039 shares of the company’s stock, valued at $5,089,460.83. This trade represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 Zillow Group stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $37.40, for a total value of $115,117.20. Following the completion of the sale, the insider directly owned 49,696 shares in the company, valued at approximately $1,858,630.40. The trade was 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. Insiders have sold 42,910 shares of company stock valued at $1,605,732 in the last 90 days. Corporate insiders own 23.76% of the company’s stock.

Institutional Investors Weigh In On Zillow Group

Large investors have recently modified their holdings of the stock. Jain Global LLC acquired a new stake in Zillow Group during the 3rd quarter worth $6,220,000. Coronation Fund Managers Ltd. bought a new stake in shares of Zillow Group in the third quarter worth $18,141,000. Vanguard Group Inc. raised its holdings in shares of Zillow Group by 0.3% during the third quarter. Vanguard Group Inc. now owns 23,073,862 shares of the financial services provider’s stock valued at $1,777,841,000 after purchasing an additional 71,336 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Zillow Group by 228.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 470,288 shares of the financial services provider’s stock worth $32,083,000 after acquiring an additional 327,076 shares during the last quarter. Finally, Hidden Lake Asset Management LP bought a new position in shares of Zillow Group during the 3rd quarter valued at approximately $4,127,000. 71.01% of the stock is currently owned by institutional investors.

About Zillow Group

Zillow Group, Inc is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company’s platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company’s automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.