Zillow Group (NASDAQ:ZG) Stock Gets Price Target Trim from UBS Group

Zillow Group (NASDAQ:ZG) had its price target decreased by analysts at UBS Group from $48.00 to $43.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. UBS Group‘s target price would suggest a potential upside of 37.78% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. DA Davidson decreased their price objective on shares of Zillow Group from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Royal Bank Of Canada lowered their target price on shares of Zillow Group from $55.00 to $45.00 and set an “outperform” rating on the stock in a research note on Tuesday. Canaccord Genuity Group dropped their target price on shares of Zillow Group from $40.00 to $34.00 and set a “hold” rating for the company in a research report on Thursday. Wells Fargo & Company dropped their target price on shares of Zillow Group from $31.00 to $30.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, KeyCorp cut their price target on shares of Zillow Group from $48.00 to $42.00 and set an “overweight” rating for the company in a research note on Tuesday. Ten research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $48.43.

Zillow Group Stock Down 9.4%

Shares of NASDAQ ZG opened at $31.21 on Thursday. The firm has a market capitalization 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. The stock’s 50-day simple moving average is $31.72 and its two-hundred day simple moving average is $38.68. Zillow Group has a twelve month low of $27.25 and a twelve month high of $74.80.

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

Insider Activity

In other news, CFO Jeremy Hofmann sold 5,661 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.18, for a total transaction of $193,492.98. Following the transaction, the chief financial officer directly owned 59,144 shares in the company, valued at approximately $2,021,541.92. This represents a 8.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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, Director Claire Thielke sold 1,187 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $35.71, for a total value of $42,387.77. Following the transaction, the director directly owned 2,375 shares in the company, valued at approximately $84,811.25. This represents a 33.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 38,539 shares of company stock valued at $1,323,800. 29.88% of the stock is owned by insiders.

Institutional Trading of Zillow Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Illinois Municipal Retirement Fund bought a new position in Zillow Group during the third quarter valued at approximately $1,415,000. Fulcrum Asset Management LLP purchased a new position in shares of Zillow Group during the third quarter worth approximately $399,000. Brighton Jones LLC purchased a new position in shares of Zillow Group during the third quarter worth approximately $231,000. Parallel Advisors LLC lifted its holdings in shares of Zillow Group by 244.8% in the 3rd quarter. Parallel Advisors LLC now owns 2,200 shares of the technology company’s stock worth $61,000 after acquiring an additional 1,562 shares during the last quarter. Finally, Signaturefd LLC bought a new stake in shares of Zillow Group in the 3rd quarter worth approximately $154,000. Hedge funds and other institutional investors own 20.32% of the company’s stock.

Key Zillow Group News

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

Zillow Group Company Profile

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.