Zillow Group (NASDAQ:ZG) CTO David Beitel Sells 1,879 Shares of Stock

Zillow Group, Inc. (NASDAQ:ZG) CTO David Beitel sold 1,879 shares of Zillow Group stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $37.93, for a total value of $71,270.47. Following the sale, the chief technology officer owned 134,811 shares in the company, valued at $5,113,381.23. This represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Zillow Group Stock Up 0.5%

ZG stock opened at $38.06 on Friday. Zillow Group, Inc. has a 52-week low of $37.26 and a 52-week high of $90.22. The stock’s 50 day moving average is $42.99 and its two-hundred day moving average is $56.54. The company has a market capitalization of $8.71 billion, a PE ratio of 152.24, a P/E/G ratio of 1.77 and a beta of 2.04.

Zillow Group (NASDAQ:ZG) last posted 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. Zillow Group had a return on equity of 1.41% and a net margin of 2.27%.The company had revenue of $708.00 million for the quarter, compared to the consensus estimate of $705.17 million. During the same period in the previous year, the business earned $0.41 EPS. Zillow Group’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Zillow Group, Inc. will post 0.82 EPS for the current year.

Zillow Group News Roundup

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

• Positive Sentiment: Zillow highlighted survey results showing most prospective home sellers want broad public exposure rather than private listing networks. The company said 85% of soon-to-be sellers are more likely to hire an agent who can pre-market to the broadest online audience, reinforcing Zillow’s core pitch that open-market listings benefit sellers. Article Title
• Positive Sentiment: Zillow also emphasized its data showing sellers lose money in same-agent dual agency deals and off-MLS listings, a message that could support demand for Zillow’s public-listing ecosystem and advertising tools. Article Title
• Neutral Sentiment: JPMorgan/other analyst commentary pointed to a lower price target for Zillow Group, suggesting Wall Street expectations have softened and may be limiting upside sentiment. Article Title
• Negative Sentiment: Multiple Zillow insiders, including the CEO, COO, CTO, CAO, general counsel, and another executive, sold shares this week. The company said the sales were mainly to cover tax withholding tied to vesting equity awards and some were made under a 10b5-1 plan, but the cluster of insider selling can still create a bearish overhang for investors. Article Title
• Negative Sentiment: Rosen Law Firm said it is investigating potential securities claims against Zillow, adding legal uncertainty that may be a headwind for the stock. Article Title

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ZG. Norges Bank acquired a new position in Zillow Group during the 4th quarter valued at approximately $152,050,000. M&T Bank Corp boosted its position in Zillow Group by 38,344.0% during the 4th quarter. M&T Bank Corp now owns 1,604,270 shares of the technology company’s stock valued at $120,092,000 after purchasing an additional 1,600,097 shares during the period. UBS Group AG boosted its position in Zillow Group by 44.5% during the 4th quarter. UBS Group AG now owns 1,018,448 shares of the technology company’s stock valued at $69,489,000 after purchasing an additional 313,643 shares during the period. Tiger Global Management LLC boosted its position in Zillow Group by 30.7% during the 4th quarter. Tiger Global Management LLC now owns 1,023,733 shares of the technology company’s stock valued at $69,849,000 after purchasing an additional 240,690 shares during the period. Finally, Virtu Financial LLC boosted its position in Zillow Group by 271.9% during the 3rd quarter. Virtu Financial LLC now owns 293,718 shares of the technology company’s stock worth $21,864,000 after acquiring an additional 214,743 shares during the period. Institutional investors and hedge funds own 20.32% of the company’s stock.

Analyst Upgrades and Downgrades

ZG has been the subject of several research reports. Benchmark reiterated a “buy” rating on shares of Zillow Group in a research report on Wednesday, February 11th. Piper Sandler decreased their target price on Zillow Group from $70.00 to $55.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Mizuho decreased their target price on Zillow Group from $65.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $95.00 target price on shares of Zillow Group in a research report on Tuesday, April 28th. Finally, Barclays decreased their target price on Zillow Group from $58.00 to $54.00 and set an “equal weight” rating for the company in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $71.24.

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.