Jeremy Wacksman Sells 5,786 Shares of Zillow Group (NASDAQ:Z) Stock

Zillow Group, Inc. (NASDAQ:Z) CEO Jeremy Wacksman sold 5,786 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $34.24, for a total transaction of $198,112.64. Following the completion of the transaction, the chief executive officer directly owned 147,913 shares in the company, valued at $5,064,541.12. This trade represents a 3.76% decrease in their ownership of the stock. The transaction 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. 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 Monday, August 17th, Jeremy Wacksman sold 9,339 shares of Zillow Group stock. The shares were sold at an average price of $34.18, for a total transaction of $319,207.02.
• 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 transaction of $331,490.88.

Zillow Group Trading Up 2.5%

Shares of NASDAQ:Z opened at $34.57 on Wednesday. The company has a market capitalization of $7.77 billion, a price-to-earnings ratio of 157.14, a PEG ratio of 1.51 and a beta of 1.98. The business has a 50-day moving average price of $32.87 and a 200 day moving average price of $39.73. Zillow Group, Inc. has a 12-month low of $29.23 and a 12-month high of $93.88.

Zillow Group (NASDAQ:Z) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $772.00 million for the quarter, compared to the consensus estimate of $758.10 million. As a group, equities research analysts predict that Zillow Group, Inc. will post 0.89 earnings per share for the current fiscal year.

Zillow Group News Summary

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

Institutional investors and hedge funds have recently bought and sold shares of the business. Leonteq Securities AG boosted its position in shares of Zillow Group by 627.0% during the first quarter. Leonteq Securities AG now owns 1,345 shares of the financial services provider’s stock worth $56,000 after buying an additional 1,160 shares during the period. EverSource Wealth Advisors LLC grew its position in Zillow Group by 283.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,414 shares of the financial services provider’s stock worth $59,000 after purchasing an additional 1,045 shares in the last quarter. IFC & Insurance Marketing Inc. purchased a new position in Zillow Group in the fourth quarter valued at about $68,000. SBI Okasan Asset Management Co.Ltd. bought a new position in shares of Zillow Group during the 4th quarter valued at $71,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in Zillow Group by 34.5% in 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 during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Morgan Stanley set a $60.00 price objective on Zillow Group in a report on Thursday, August 6th. Zacks Research downgraded shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Evercore downgraded shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Weiss Ratings downgraded shares of Zillow Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, May 22nd. Finally, Sanford C. Bernstein lowered shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $66.75.

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.