Zillow Group (NASDAQ:Z) Given New $34.00 Price Target at Keefe, Bruyette & Woods

Zillow Group (NASDAQ:Z) had its price objective cut by Keefe, Bruyette & Woods from $37.00 to $34.00 in a report released on Friday morning,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Several other brokerages also recently weighed in on Z. UBS Group reduced their price target on Zillow Group from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, April 28th. Sanford C. Bernstein cut Zillow Group from a “strong-buy” rating to a “hold” rating in a report on Thursday. JPMorgan Chase & Co. cut their price objective on Zillow Group from $84.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Zacks Research downgraded Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Finally, Jefferies Financial Group lowered their target price on shares of Zillow Group from $75.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $68.50.

Zillow Group Trading Up 0.5%

Shares of Z opened at $33.61 on Friday. The company’s fifty day simple moving average is $33.05 and its 200-day simple moving average is $41.54. The company has a market cap of $7.69 billion, a P/E ratio of 152.78, a P/E/G ratio of 1.43 and a beta of 1.98. Zillow Group has a twelve month low of $29.23 and a twelve month high of $93.88.

Zillow Group (NASDAQ:Z) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The firm had revenue of $772.00 million during the quarter, compared to analysts’ expectations of $758.10 million. Analysts predict that Zillow Group will post 0.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Jeremy Hofmann sold 5,501 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $37.40, for a total value of $205,737.40. Following the completion of the sale, the chief financial officer owned 68,315 shares of the company’s stock, valued at approximately $2,554,981. This represents a 7.45% decrease in their position. The sale 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Erik C. Blachford sold 791 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $34.80, for a total transaction of $27,526.80. Following the transaction, the director owned 34,952 shares in the company, valued at approximately $1,216,329.60. This represents a 2.21% 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. In the last 90 days, insiders have sold 42,910 shares of company stock worth $1,605,732. 25.03% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its stake in shares of Zillow Group by 11.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 303,930 shares of the financial services provider’s stock worth $9,580,000 after purchasing an additional 32,387 shares during the last quarter. Arlington Partners LLC grew its stake in Zillow Group by 22.5% in the second quarter. Arlington Partners LLC now owns 7,235 shares of the financial services provider’s stock valued at $228,000 after purchasing an additional 1,327 shares during the last quarter. CX Institutional bought a new position in Zillow Group in the second quarter worth about $110,000. NewEdge Advisors LLC lifted its position in shares of Zillow Group by 2.0% during the first quarter. NewEdge Advisors LLC now owns 38,052 shares of the financial services provider’s stock valued at $1,575,000 after buying an additional 750 shares during the last quarter. Finally, Centaurus Financial Inc. purchased a new stake in shares of Zillow Group during the first quarter valued at about $166,000. 71.01% of the stock is owned by institutional investors.

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 roughly $0.44–$0.45 consensus estimate, while revenue of $772 million also exceeded expectations. Revenue increased 18% year over year, providing evidence of continued business growth. Zillow Q2 earnings beat
• Positive Sentiment: July home sales rose 7% year over year, the strongest annual increase of the year, potentially supporting Zillow’s transaction-related businesses. Zillow July market report

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.