Zillow Group (NASDAQ:ZG) Given New $34.00 Price Target at Canaccord Genuity Group

Zillow Group (NASDAQ:ZG) had its price objective cut by stock analysts at Canaccord Genuity Group from $40.00 to $34.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. Canaccord Genuity Group‘s price target indicates a potential upside of 8.94% from the company’s previous close.

A number of other equities research analysts also recently weighed in on ZG. Sanford C. Bernstein lowered their price target on Zillow Group from $38.00 to $34.00 and set a “market perform” rating for the company in a report on Thursday. DA Davidson reduced their price objective on Zillow Group from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Evercore reaffirmed a “reduce” rating and issued a $35.00 price objective on shares of Zillow Group in a report on Thursday. Citizens Jmp lowered their target price on shares of Zillow Group from $46.00 to $40.00 and set a “market outperform” rating for the company in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft set a $80.00 target price on shares of Zillow Group in a research note on Monday, August 24th. Ten investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $48.43.

Zillow Group Stock Down 9.4%

Shares of Zillow Group stock opened at $31.21 on Thursday. The business has a 50-day moving average price of $31.72 and a 200 day moving average price of $38.68. Zillow Group has a fifty-two week low of $27.25 and a fifty-two week high of $74.80. The firm has a market cap of $7.02 billion, a P/E ratio of -60.02, a P/E/G ratio of 1.47 and a beta of 1.95.

Zillow Group (NASDAQ:ZG) last released its earnings results on Wednesday, November 4th. The technology company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.05). Zillow Group had a positive return on equity of 3.18% and a negative net margin of 3.95%. The firm had revenue of $724.00 million for the quarter, compared to the consensus estimate of $753.66 million. During the same period in the prior year, the business earned $0.44 EPS. The company’s quarterly revenue was up 7.1% on a year-over-year basis. As a group, equities research analysts anticipate that Zillow Group will post 0.91 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Jeremy Hofmann sold 5,661 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $34.18, for a total transaction of $193,492.98. Following the completion of the transaction, the chief financial officer directly owned 59,144 shares of the company’s stock, valued at approximately $2,021,541.92. This represents a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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, insider Dan Spaulding sold 3,169 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $35.37, for a total value of $112,087.53. Following the transaction, the insider directly owned 44,561 shares of the company’s stock, valued at $1,576,122.57. This trade represents a 6.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 38,539 shares of company stock valued at $1,323,800 over the last 90 days. 29.88% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC lifted its stake in 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 buying an additional 637 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Zillow Group by 6.7% during the first quarter. NewEdge Advisors LLC now owns 11,071 shares of the technology company’s stock valued at $458,000 after acquiring an additional 699 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in shares of Zillow Group by 4.7% during the first quarter. Public Employees Retirement System of Ohio now owns 15,433 shares of the technology company’s stock valued at $639,000 after acquiring an additional 699 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of Zillow Group during the second quarter worth about $29,000. Finally, Fifth Third Bancorp grew its position in shares of Zillow Group by 990.3% during the first 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. 20.32% of the stock is currently owned by institutional investors.

Zillow Group News Summary

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

• Positive Sentiment: Piper Sandler kept its “overweight” rating despite lowering its price target to $39 from $46. Citizens JMP also maintained “market outperform,” with a reduced $40 target. Both targets imply upside from the reference price. Piper Sandler rating Citizens JMP rating
• Neutral Sentiment: Revenue rose 7.1% year over year to $724 million, with rentals helping offset weak home-sales conditions. However, the result was below analysts’ $753.7 million estimate, and EPS of $0.55 also missed the $0.60 consensus. Zillow revenue and rentals Zillow Q3 results
• Negative Sentiment: Housing-market indicators worsened: newly pending listings fell 16.8% year over year in October, while Zillow’s preliminary measure of existing home sales declined 8.7%. Fewer pending sales may weigh on Zillow’s transaction-related business. October Zillow Market Report
• Negative Sentiment: Several analysts lowered price targets after the results. Wells Fargo cut its target to $30 and kept an “equal weight” rating; Cantor Fitzgerald lowered its target to $26 and assigned “neutral”; Bernstein reduced its target to $34 while maintaining “market perform.” The broad pattern of target reductions reflects caution about Zillow’s outlook. Wells Fargo rating Cantor Fitzgerald rating

About Zillow Group

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms for consumers, real estate professionals, and other housing industry participants. Its services are designed to help people search for homes, understand property values, connect with agents, and manage transactions throughout the residential real estate process.

The company’s portfolio includes Zillow, Trulia, StreetEasy, HotPads, and ShowingTime+. Zillow provides home listings, estimated property values, rental information, agent connections, mortgage resources, and other housing-related tools.