JPMorgan Chase & Co. Cuts Zillow Group (NASDAQ:Z) Price Target to $62.00

Zillow Group (NASDAQ:Z) had its price objective lowered by JPMorgan Chase & Co. from $76.00 to $62.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other equities analysts have also recently issued reports on Z. Weiss Ratings cut shares of Zillow Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, May 22nd. Evercore downgraded Zillow Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. Royal Bank Of Canada decreased their price objective on Zillow Group from $95.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, June 10th. Wall Street Zen downgraded Zillow Group from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Zillow Group from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Zillow Group presently has an average rating of “Moderate Buy” and an average target price of $66.75.

Zillow Group Price Performance

Z stock opened at $35.92 on Tuesday. The business has a fifty day moving average price of $32.91 and a 200 day moving average price of $40.43. Zillow Group has a fifty-two week low of $29.23 and a fifty-two week high of $93.88. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of 163.28, a P/E/G ratio of 1.44 and a beta of 1.98.

Zillow Group (NASDAQ:Z) last posted its quarterly earnings data 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. The company had revenue of $772.00 million for the quarter, compared to analyst estimates of $758.10 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%. On average, equities analysts expect that Zillow Group will post 0.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Erik C. Blachford sold 791 shares of the business’s stock in a transaction 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 directly owned 34,952 shares in the company, valued at approximately $1,216,329.60. The trade was a 2.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeremy Wacksman sold 9,072 shares of the company’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 completion of the sale, the chief executive officer directly owned 153,699 shares in the company, valued at approximately $5,616,161.46. The trade was a 5.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 19,629 shares of company stock valued at $719,150 over the last 90 days. 25.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Zillow Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new position in shares of Zillow Group during the fourth quarter worth approximately $28,000. Flagship Harbor Advisors LLC acquired a new position in Zillow Group in the 4th quarter valued at $43,000. IFC & Insurance Marketing Inc. bought a new stake in shares of Zillow Group during the 4th quarter valued at $68,000. SBI Okasan Asset Management Co.Ltd. bought a new stake in shares of Zillow Group during the 4th quarter valued at $71,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in shares of Zillow Group by 34.5% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 1,170 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 300 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

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.