Zillow Group, Inc. (NASDAQ:ZG) Receives $69.48 Average Price Target from Brokerages

Shares of Zillow Group, Inc. (NASDAQ:ZG) have earned a consensus rating of “Hold” from the twenty-six research firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $61.9048.

ZG has been the topic of a number of research reports. Barclays lowered their price objective on shares of Zillow Group from $58.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th. Canaccord Genuity Group cut their target price on shares of Zillow Group from $72.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday, May 7th. Mizuho reduced their price target on shares of Zillow Group from $65.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Wells Fargo & Company raised their price objective on shares of Zillow Group from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 7th. Finally, The Goldman Sachs Group reduced their target price on Zillow Group from $53.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, June 12th.

Zillow Group News Roundup

Here are the key news stories impacting Zillow Group this week:

• Positive Sentiment: Zillow reported second-quarter adjusted earnings of $0.52 per share, above the $0.44 analyst consensus, while revenue rose 17.9% year over year to $772 million, exceeding estimates of approximately $758 million. Zillow Group Beats Q2 Earnings and Revenue Estimates
• Positive Sentiment: KeyBanc maintained its Buy rating, signaling continued analyst support following the quarterly results. KeyBanc Maintains Buy Rating
• Neutral Sentiment: Zillow expanded Chief Financial Officer Jeremy Hofmann’s responsibilities to include chief operating officer and appointed Cassandra Knight as its first chief legal and policy officer. The changes are intended to support the company’s housing “super app” strategy but add to leadership-transition uncertainty. Zillow Strengthens Executive Leadership Team
• Negative Sentiment: Third-quarter revenue guidance of $745 million to $760 million fell below the $772.3 million consensus estimate. Full-year revenue guidance of $2.9 billion to $3.0 billion also only reached, rather than exceeded, the roughly $3.0 billion analyst forecast, raising concerns about slowing growth. Zillow Stock Sinks on Layoffs and Soft Guidance
• Negative Sentiment: Zillow recorded a $4 million net loss after $36 million in restructuring costs, contrasting with analysts’ expectation for approximately $21 million of net income. The company also eliminated more than 500 positions, or about 7% of its workforce, suggesting management is cutting costs amid operating challenges. Zillow Swings to Loss on Restructuring Costs
• Negative Sentiment: Several law firms reiterated notices about a securities-fraud class action and an August 10 lead-plaintiff deadline involving alleged anticompetitive agreements and regulatory risks. The legal announcements add reputational and potential financial-risk overhang, although they do not represent a final finding of wrongdoing. Zillow Securities Fraud Class Action Notice

Zillow Group Stock Performance

Shares of ZG stock opened at $36.89 on Thursday. The stock has a fifty day moving average price of $33.23 and a 200 day moving average price of $41.83. The stock has a market cap of $8.44 billion, a PE ratio of 147.56, a P/E/G ratio of 1.58 and a beta of 1.95. Zillow Group has a 1 year low of $29.03 and a 1 year high of $90.22.

Zillow Group (NASDAQ:ZG) last posted its earnings results on Wednesday, August 5th. The technology company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.08. Zillow Group had a return on equity of 1.41% and a net margin of 2.27%.The company had revenue of $772.00 million for the quarter, compared to analyst estimates of $758.25 million. During the same quarter in the prior year, the company earned $0.40 earnings per share. Zillow Group’s revenue was up 17.9% compared to the same quarter last year. As a group, equities research analysts predict that Zillow Group will post 0.9 earnings per share for the current year.

Insider Transactions at Zillow Group

In other Zillow Group news, CEO Jeremy Wacksman sold 9,072 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $36.54, for a total transaction of $331,490.88. Following the sale, the chief executive officer directly owned 153,699 shares of the company’s stock, valued at $5,616,161.46. This trade represents a 5.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Bradley D. Owens sold 3,364 shares of Zillow Group stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $37.23, for a total transaction of $125,241.72. Following the sale, the general counsel owned 65,245 shares of the company’s stock, valued at approximately $2,429,071.35. This trade represents a 4.90% decrease in their ownership of the stock. 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 a total of 42,910 shares of company stock worth $1,605,732 in the last ninety days. Company insiders own 29.88% of the company’s stock.

Institutional Trading of Zillow Group

A number of hedge funds have recently bought and sold shares of ZG. Norges Bank purchased a new position in shares of Zillow Group during the 4th quarter worth $152,050,000. Independent Franchise Partners LLP grew its position in shares of Zillow Group by 1.1% in the fourth quarter. Independent Franchise Partners LLP now owns 2,024,556 shares of the technology company’s stock valued at $138,135,000 after purchasing an additional 21,862 shares during the period. M&T Bank Corp grew its position in shares of 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 purchasing an additional 1,600,097 shares during the period. Tiger Global Management LLC increased 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 purchasing an additional 240,690 shares during the last quarter. Finally, UBS Group AG lifted its position in Zillow Group by 44.5% during the fourth quarter. UBS Group AG now owns 1,018,448 shares of the technology company’s stock worth $69,489,000 after buying an additional 313,643 shares during the period. Institutional investors and hedge funds own 20.32% of the company’s stock.

About Zillow Group

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.