Zillow Group (NASDAQ:ZG) Stock Price Down 4.7% – Here’s What Happened

Zillow Group, Inc. (NASDAQ:ZG)’s stock price fell 4.7% during mid-day trading on Thursday . The stock traded as low as $33.21 and last traded at $32.5010. 454,271 shares were traded during trading, a decline of 59% from the average session volume of 1,115,446 shares. The stock had previously closed at $34.10.

Analyst Upgrades and Downgrades

ZG has been the subject of several research reports. UBS Group lowered their target price on Zillow Group from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, April 28th. KeyCorp cut their price target on Zillow Group from $75.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Zacks Research cut Zillow Group from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Robert W. Baird lowered their price objective on Zillow Group from $67.00 to $55.00 and set a “neutral” rating for the company in a research report on Wednesday, March 18th. Finally, BTIG Research reissued a “neutral” rating on shares of Zillow Group in a report on Thursday. Thirteen analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Zillow Group currently has an average rating of “Hold” and a consensus target price of $69.43.

Zillow Group Price Performance

The company has a market cap of $7.37 billion, a price-to-earnings ratio of 128.88, a price-to-earnings-growth ratio of 1.41 and a beta of 1.94. The stock has a 50-day moving average price of $39.93 and a 200 day moving average price of $51.81.

Zillow Group (NASDAQ:ZG) last issued its quarterly earnings data on Wednesday, May 6th. The technology company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.10. The business had revenue of $708.00 million during the quarter, compared to analyst estimates of $705.17 million. Zillow Group had a return on equity of 1.41% and a net margin of 2.27%.Zillow Group’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 EPS. Sell-side analysts expect that Zillow Group, Inc. will post 0.9 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jeremy Wacksman sold 9,072 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $36.54, for a total value of $331,490.88. Following the sale, the chief executive officer directly owned 153,699 shares of the company’s stock, valued at approximately $5,616,161.46. The trade was a 5.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Dan Spaulding sold 3,078 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $37.40, for a total transaction of $115,117.20. Following the completion of the transaction, the insider directly owned 49,696 shares of the company’s stock, valued at approximately $1,858,630.40. The trade was a 5.83% 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. Over the last three months, insiders have sold 42,910 shares of company stock valued at $1,605,732. 29.88% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC raised its position in Zillow Group by 40.5% in the 1st quarter. AQR Capital Management LLC now owns 12,890 shares of the technology company’s stock valued at $862,000 after buying an additional 3,717 shares during the last quarter. Millennium Management LLC boosted its position in Zillow Group by 110.8% during the 1st quarter. Millennium Management LLC now owns 290,999 shares of the technology company’s stock worth $19,456,000 after acquiring an additional 152,955 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Zillow Group by 7.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,912 shares of the technology company’s stock worth $5,878,000 after acquiring an additional 5,737 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Zillow Group by 5.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 21,093 shares of the technology company’s stock worth $1,445,000 after acquiring an additional 1,150 shares in the last quarter. Finally, Prudential Financial Inc. grew its stake in shares of Zillow Group by 16.3% during the 2nd quarter. Prudential Financial Inc. now owns 7,933 shares of the technology company’s stock worth $543,000 after acquiring an additional 1,110 shares in the last quarter. 20.32% of the stock is owned by institutional investors and hedge funds.

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.