Zillow Group (NASDAQ:ZG) Given New $62.00 Price Target at JPMorgan Chase & Co.

Zillow Group (NASDAQ:ZG) had its price target cut by JPMorgan Chase & Co. from $76.00 to $62.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 78.59% from the company’s current price.

A number of other brokerages have also commented on ZG. Zacks Research lowered shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Wells Fargo & Company lowered their price target on Zillow Group from $46.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Friday. Piper Sandler reduced their price objective on Zillow Group from $55.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday. Evercore set a $40.00 price objective on Zillow Group and gave the stock an “in-line” rating in a report on Thursday, August 6th. Finally, Canaccord Genuity Group lowered their price objective on Zillow Group from $52.00 to $40.00 and set a “hold” rating on the stock in a research report on Thursday. Eleven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $52.29.

Zillow Group Stock Up 1.9%

Shares of ZG stock traded up $0.65 during trading hours on Tuesday, reaching $34.72. 415,207 shares of the company’s stock were exchanged, compared to its average volume of 1,196,138. Zillow Group has a fifty-two week low of $29.03 and a fifty-two week high of $90.22. The stock has a market capitalization of $7.94 billion, a P/E ratio of 157.12, a P/E/G ratio of 1.45 and a beta of 1.95. The business has a fifty day moving average price of $33.12 and a 200-day moving average price of $41.14.

Zillow Group (NASDAQ:ZG) last announced its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.08. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The business had revenue of $772.00 million for the quarter, compared to the consensus estimate of $758.25 million. During the same quarter last year, the company posted $0.40 earnings per share. Zillow Group’s quarterly revenue was up 17.9% on a year-over-year basis. As a group, research analysts expect that Zillow Group will post 0.9 EPS for the current fiscal year.

Insider Buying and Selling

In other Zillow Group news, insider Dan Spaulding sold 3,078 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $37.40, for a total transaction of $115,117.20. Following the completion of the sale, the insider directly owned 49,696 shares of the company’s stock, valued at approximately $1,858,630.40. The trade was a 5.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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, CFO Jeremy Hofmann sold 5,501 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $37.40, for a total transaction of $205,737.40. Following the transaction, the chief financial officer owned 68,315 shares in the company, valued at approximately $2,554,981. The trade was a 7.45% 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. In the last three months, insiders sold 42,910 shares of company stock worth $1,605,732. 29.88% of the stock is currently owned by company insiders.

Institutional Trading of Zillow Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Arax Advisory Partners increased its holdings in Zillow Group by 402.3% in the fourth quarter. Arax Advisory Partners now owns 442 shares of the technology company’s stock valued at $30,000 after purchasing an additional 354 shares during the last quarter. First Command Advisory Services Inc. acquired a new stake in shares of Zillow Group in the 4th quarter valued at approximately $34,000. EverSource Wealth Advisors LLC raised its position in shares of Zillow Group by 183.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company’s stock valued at $41,000 after acquiring an additional 637 shares during the period. Fifth Third Bancorp boosted its stake in Zillow Group by 990.3% during the 1st quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company’s stock worth $42,000 after acquiring an additional 921 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in Zillow Group during the 4th quarter worth approximately $47,000. Institutional investors own 20.32% of the company’s stock.

Zillow Group Company Profile

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.