Jeremy Wacksman Sells 9,339 Shares of Zillow Group (NASDAQ:Z) Stock

Zillow Group, Inc. (NASDAQ:Z) CEO Jeremy Wacksman sold 9,339 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.18, for a total transaction of $319,207.02. Following the completion of the sale, the chief executive officer directly owned 138,574 shares in the company, valued at $4,736,459.32. This trade represents a 6.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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.

Jeremy Wacksman also recently made the following trade(s):

• On Thursday, August 13th, Jeremy Wacksman sold 5,786 shares of Zillow Group stock. The stock was sold at an average price of $34.24, for a total transaction of $198,112.64.
• On Friday, May 22nd, Jeremy Wacksman sold 9,072 shares of Zillow Group stock. The stock was sold at an average price of $36.54, for a total value of $331,490.88.

Zillow Group Stock Performance

Z stock opened at $34.57 on Wednesday. Zillow Group, Inc. has a 1 year low of $29.23 and a 1 year high of $93.88. The stock’s 50 day moving average price is $32.87 and its 200 day moving average price is $39.73. The firm has a market cap of $7.77 billion, a P/E ratio of 157.14, a PEG ratio of 1.51 and a beta of 1.98.

Zillow Group (NASDAQ:Z) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.07. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.The company had revenue of $772.00 million during the quarter, compared to the consensus estimate of $758.10 million. On average, research analysts predict that Zillow Group, Inc. will post 0.89 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wall Street Zen cut shares of Zillow Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. 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 research note on Tuesday, April 28th. Weiss Ratings cut Zillow Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, May 22nd. JPMorgan Chase & Co. lowered their price objective on Zillow Group from $76.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, August 11th. Finally, Royal Bank Of Canada reduced their target price on Zillow Group from $95.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Zillow Group presently has an average rating of “Moderate Buy” and an average price target of $66.75.

More Zillow Group News

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

• Positive Sentiment: Rents are accelerating: Zillow’s Observed Rent Index showed typical U.S. asking rent reached $1,962 in July, up 2.3% year over year—the fastest growth in more than a year. Strong rental demand could support Zillow’s listings, advertising and property-manager businesses. Rents near $2,000, rising at the fastest pace in over a year
• Neutral Sentiment: Rental conditions are mixed: Although rents are rising, 39.8% of Zillow-listed rentals offered concessions in July, compared with 35.9% a year earlier. This suggests demand is healthy but property managers still face enough competition to provide discounts, potentially limiting revenue benefits.
• Neutral Sentiment: Insider sales were largely tax-related: Executives and insiders, including CEO Jeremy Wacksman, CFO Jeremy Hofmann, CAO Jennifer Rock, CTO David Beitel and others, sold a combined 35,373 shares worth roughly $1.21 million. The transactions occurred under a pre-arranged trading plan or to cover tax withholding on vested equity awards, reducing—but not eliminating—the bearish significance. Zillow Group insider trading report
• Negative Sentiment: Analyst views remain cautious: Recent target-price reductions and an Evercore downgrade to “hold” indicate concern about Zillow’s outlook and valuation. The consensus rating remains “Moderate Buy,” but the stock’s elevated earnings multiple and price well below its 200-day moving average highlight ongoing investor concerns.

Institutional Investors Weigh In On Zillow Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Independent Franchise Partners LLP lifted its stake in shares of Zillow Group by 0.9% in the 4th quarter. Independent Franchise Partners LLP now owns 10,953,405 shares of the financial services provider’s stock valued at $747,241,000 after purchasing an additional 94,569 shares in the last quarter. Capital World Investors increased its position in Zillow Group by 1.8% during the 4th quarter. Capital World Investors now owns 10,826,066 shares of the financial services provider’s stock worth $738,554,000 after purchasing an additional 191,058 shares in the last quarter. Tiger Global Management LLC increased its position in Zillow Group by 21.7% during the 1st quarter. Tiger Global Management LLC now owns 7,368,957 shares of the financial services provider’s stock worth $304,927,000 after purchasing an additional 1,312,000 shares in the last quarter. State Street Corp raised its holdings in Zillow Group by 3.9% in the fourth quarter. State Street Corp now owns 3,838,788 shares of the financial services provider’s stock valued at $261,882,000 after buying an additional 143,726 shares during the period. Finally, Geode Capital Management LLC lifted its position in Zillow Group by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,363,657 shares of the financial services provider’s stock valued at $228,898,000 after buying an additional 55,323 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Zillow Group Company Profile

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.