Zillow Group (NASDAQ:ZG) Stock Price Target Cut by Sanford C. Bernstein

Zillow Group (NASDAQ:ZG) had its target price reduced by equities research analysts at Sanford C. Bernstein from $38.00 to $34.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “market perform” rating on the technology company’s stock. Sanford C. Bernstein‘s price objective would suggest a potential upside of 11.99% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Citizens Jmp cut their price objective on Zillow Group from $46.00 to $40.00 and set a “market outperform” rating for the company in a research report on Thursday. Cantor Fitzgerald decreased their target price on Zillow Group from $32.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday. Zacks Research lowered Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Zillow Group in a report on Wednesday, August 19th. Finally, Piper Sandler decreased their price target on Zillow Group from $55.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Ten investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $48.14.

Zillow Group Price Performance

Shares of ZG opened at $30.36 on Thursday. The firm’s 50 day moving average is $31.60 and its 200-day moving average is $38.51. The stock has a market capitalization of $6.83 billion, a P/E ratio of -58.38, a P/E/G ratio of 1.40 and a beta of 1.95. Zillow Group has a 12-month low of $27.25 and a 12-month high of $74.80.

Zillow Group (NASDAQ:ZG) last released its earnings results on Wednesday, November 4th. The technology company reported $0.55 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.05). The business had revenue of $724.00 million for the quarter, compared to analyst estimates of $753.66 million. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.44 earnings per share. As a group, equities research analysts forecast that Zillow Group will post 0.91 EPS for the current fiscal year.

Insider Activity

In other news, CTO David A. Beitel sold 1,798 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $34.24, for a total value of $61,563.52. Following the completion of the sale, the chief technology officer owned 133,013 shares of the company’s stock, valued at $4,554,365.12. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jeremy Wacksman sold 9,339 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $34.18, for a total value of $319,207.02. Following the transaction, the chief executive officer directly owned 138,574 shares in the company, valued at $4,736,459.32. The trade was a 6.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last 90 days, insiders sold 38,539 shares of company stock worth $1,323,800. 29.88% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Zillow Group

Institutional investors have recently bought and sold shares of the business. Technology Crossover Management XI Ltd. purchased a new position in Zillow Group during the 2nd quarter valued at about $73,694,895. Kahn Brothers Group Inc. purchased a new stake in shares of Zillow Group in the second quarter worth approximately $37,265,000. Assenagon Asset Management S.A. boosted its holdings in shares of Zillow Group by 724.4% during the third quarter. Assenagon Asset Management S.A. now owns 406,398 shares of the technology company’s stock worth $11,257,000 after purchasing an additional 357,104 shares during the period. Hsbc Holdings PLC grew its position in Zillow Group by 1,616.8% during the first quarter. Hsbc Holdings PLC now owns 135,352 shares of the technology company’s stock valued at $5,602,000 after purchasing an additional 127,468 shares in the last quarter. Finally, Quantinno Capital Management LP grew its position in Zillow Group by 106.6% during the first quarter. Quantinno Capital Management LP now owns 176,052 shares of the technology company’s stock valued at $7,287,000 after purchasing an additional 90,858 shares in the last quarter. 20.32% of the stock is currently owned by institutional investors and hedge funds.

More Zillow Group News

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

• Neutral Sentiment: Zillow said its COO and CFO will take part in a fireside chat at the RBC Capital Markets technology conference on Nov. 17; the announcement does not include new financial guidance. Conference announcement
• Neutral Sentiment: Although UBS retained a Buy rating and Canaccord a Hold, both lowered their price targets—to $43 from $48 and $34 from $40, respectively. Other firms also cut targets, with ratings ranging from Overweight to Equal Weight and Neutral, reflecting mixed views. Read More. · Read More.
• Negative Sentiment: Zillow’s third-quarter results missed estimates: adjusted earnings were $0.55 per share versus $0.60 expected, while revenue of $724 million came in below the roughly $754 million consensus. Revenue still rose 7.1% year over year, but the shortfall likely weighed on investor sentiment. Q3 results
• Negative Sentiment: Housing activity weakened in October: newly pending listings fell 16.8% year over year, the steepest decline since August 2023, and Zillow’s preliminary measure of existing-home sales dropped 8.7%. Softer transaction activity could constrain Zillow’s marketplace and related revenue opportunities. October housing market report

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.