Zillow Group (NASDAQ:ZG) CTO David Beitel Sells 1,798 Shares of Stock

Zillow Group, Inc. (NASDAQ:ZG) CTO David Beitel sold 1,798 shares of Zillow Group stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $34.24, for a total transaction of $61,563.52. Following the completion of the sale, the chief technology officer owned 133,013 shares in the company, valued at approximately $4,554,365.12. This represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Zillow Group Stock Down 2.4%

Zillow Group stock opened at $34.32 on Tuesday. The firm has a 50-day moving average price of $33.02 and a two-hundred day moving average price of $40.01. The firm has a market capitalization of $7.85 billion, a price-to-earnings ratio of 156.01, a PEG ratio of 1.53 and a beta of 1.95. Zillow Group, Inc. has a 52-week low of $29.03 and a 52-week high of $90.22.

Zillow Group (NASDAQ:ZG) last issued its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.08. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.The business had revenue of $772.00 million during the quarter, compared to analyst estimates of $758.25 million. During the same period in the prior year, the company posted $0.40 EPS. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. Research analysts expect that Zillow Group, Inc. will post 0.89 earnings per share for the current year.

Key Zillow Group News

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

• Neutral Sentiment: CEO Jeremy Wacksman sold a combined 15,125 shares for approximately $517,320 across August 13 and August 17. Because the sales were planned and tax-related, they provide limited evidence of a change in his outlook on Zillow. CEO Form 4 filing
• Neutral Sentiment: CFO Jeremy Hofmann sold 9,171 shares worth approximately $313,675 over the same two dates. He retained a substantial position, and the stated purpose was tax withholding rather than discretionary selling. CFO Form 4 filing
• Negative Sentiment: Additional sales by Dan Spaulding, Errol G. Samuelson, Jennifer Rock and David A. Beitel totaled 11,077 shares and approximately $382,857. The breadth of selling across management and insiders may weigh on investor sentiment and add near-term supply, even though the transactions were tax-related and relatively small compared with their remaining holdings. Insider Form 4 filings

Wall Street Analysts Forecast Growth

ZG has been the subject of several research reports. Weiss Ratings cut Zillow Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, May 22nd. Canaccord Genuity Group dropped their target price on shares of Zillow Group from $52.00 to $40.00 and set a “hold” rating on the stock in a report on Thursday, August 6th. Wells Fargo & Company cut their target price on shares of Zillow Group from $46.00 to $35.00 and set an “equal weight” rating for the company in a research note on Friday, August 7th. Citigroup reduced their target price on shares of Zillow Group from $68.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Finally, Piper Sandler decreased their price target on shares of Zillow Group from $55.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Eleven equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $52.29.

Hedge Funds Weigh In On Zillow Group

A number of hedge funds and other institutional investors have recently modified their holdings of ZG. M&T Bank Corp increased its stake in Zillow Group by 38,344.0% in the 4th quarter. M&T Bank Corp now owns 1,604,270 shares of the technology company’s stock worth $120,092,000 after purchasing an additional 1,600,097 shares in the last quarter. Polianta Ltd purchased a new position in shares of Zillow Group in the first quarter worth approximately $1,494,000. Independent Franchise Partners LLP increased its position in shares of Zillow Group by 1.1% in the fourth quarter. Independent Franchise Partners LLP now owns 2,024,556 shares of the technology company’s stock worth $138,135,000 after acquiring an additional 21,862 shares in the last quarter. Deltroit Asset Management UK LLP acquired a new stake in shares of Zillow Group during the fourth quarter valued at approximately $2,715,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Zillow Group during the second quarter valued at approximately $1,546,000. Institutional investors and hedge funds own 20.32% of the company’s stock.

Zillow Group Company Profile

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.