Zillow Group (NASDAQ:ZG) Trading Up 6.9% – Still a Buy?

Zillow Group, Inc. (NASDAQ:ZG)’s share price was up 6.9% during trading on Wednesday . The stock traded as high as $34.02 and last traded at $33.99. Approximately 297,240 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,164,969 shares. The stock had previously closed at $31.80.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ZG. Mizuho dropped their target price on shares of Zillow Group from $65.00 to $53.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Citigroup reaffirmed a “market outperform” rating on shares of Zillow Group in a research note on Tuesday, May 26th. Zacks Research upgraded Zillow Group from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Wells Fargo & Company increased their price objective on 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, BTIG Research restated a “neutral” rating on shares of Zillow Group in a report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Zillow Group has an average rating of “Moderate Buy” and an average target price of $69.48.

Zillow Group Trading Up 0.7%

The company has a market cap of $7.78 billion, a PE ratio of 135.96, a P/E/G ratio of 1.44 and a beta of 1.95. The firm’s 50-day simple moving average is $34.50 and its two-hundred day simple moving average is $45.19.

Zillow Group (NASDAQ:ZG) last announced its quarterly earnings data on Wednesday, May 6th. The technology company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.10. The firm had revenue of $708.00 million during the quarter, compared to analysts’ expectations of $705.17 million. Zillow Group had a return on equity of 1.41% and a net margin of 2.27%.The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. As a group, analysts predict that Zillow Group, Inc. will post 0.9 EPS for the current year.

Insider Transactions at Zillow Group

In other news, insider Dan Spaulding sold 3,078 shares of Zillow Group stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $37.40, for a total value of $115,117.20. Following the sale, the insider owned 49,696 shares in the company, valued at $1,858,630.40. This trade represents a 5.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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, CFO Jeremy Hofmann sold 5,501 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $37.40, for a total transaction of $205,737.40. Following the completion of the sale, the chief financial officer directly owned 68,315 shares of the company’s stock, valued at approximately $2,554,981. This trade represents a 7.45% 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 worth $1,605,732 in the last ninety days. Company insiders own 29.88% of the company’s stock.

Institutional Investors Weigh In On Zillow Group

Several institutional investors and hedge funds have recently modified their holdings of ZG. Arax Advisory Partners grew its stake in shares of Zillow Group by 402.3% in the fourth quarter. Arax Advisory Partners now owns 442 shares of the technology company’s stock worth $30,000 after acquiring an additional 354 shares in the last quarter. First Command Advisory Services Inc. purchased a new stake in shares of Zillow Group during the fourth quarter worth $34,000. EverSource Wealth Advisors LLC raised its stake in shares of Zillow Group by 183.6% in the first 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 in the last quarter. Fifth Third Bancorp boosted its holdings in Zillow Group by 990.3% in the first quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company’s stock valued at $42,000 after purchasing an additional 921 shares during the period. Finally, Kestra Advisory Services LLC purchased a new position in Zillow Group in the fourth quarter valued at $47,000. Hedge funds and other institutional investors 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.