Zillow Group (NASDAQ:Z) Sets New 1-Year Low – Here’s What Happened

Zillow Group, Inc. (NASDAQ:Z) shares hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $27.20 and last traded at $27.44, with a volume of 4962080 shares traded. The stock had previously closed at $28.43.

Analyst Upgrades and Downgrades

A number of brokerages have commented on Z. Zacks Research lowered shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Royal Bank Of Canada reduced their price objective on shares of Zillow Group from $95.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, June 10th. Keefe, Bruyette & Woods lowered their target price on shares of Zillow Group from $37.00 to $34.00 and set a “market perform” rating on the stock in a report on Friday, August 7th. JPMorgan Chase & Co. cut their price target on Zillow Group from $76.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, August 11th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Zillow Group in a report on Wednesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $61.29.

Zillow Group Stock Performance

The stock has a market cap of $6.10 billion, a P/E ratio of 123.32, a P/E/G ratio of 1.19 and a beta of 2.00. The business has a 50 day simple moving average of $33.02 and a 200-day simple moving average of $36.22.

Zillow Group (NASDAQ:Z) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. The company had revenue of $772.00 million for the quarter, compared to analysts’ expectations of $758.10 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%. On average, sell-side analysts predict that Zillow Group, Inc. will post 0.89 earnings per share for the current fiscal year.

Insider Transactions at Zillow Group

In other news, CFO Jeremy Hofmann sold 5,661 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $34.18, for a total transaction of $193,492.98. Following the completion of the transaction, the chief financial officer directly owned 59,144 shares of the company’s stock, valued at $2,021,541.92. This represents a 8.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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, CTO David Beitel sold 1,798 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $34.24, for a total transaction of $61,563.52. Following the sale, the chief technology officer owned 133,013 shares of the company’s stock, valued at approximately $4,554,365.12. The trade was a 1.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 38,539 shares of company stock valued at $1,323,800. Corporate insiders own 25.03% of the company’s stock.

Institutional Trading of Zillow Group

Hedge funds have recently made changes to their positions in the company. Engineers Gate Manager LP bought a new position in shares of Zillow Group during the 2nd quarter worth $4,676,000. Integrated Wealth Concepts LLC purchased a new stake in Zillow Group during the second quarter valued at about $78,000. Maven Securities LTD boosted its position in Zillow Group by 80.0% during the second quarter. Maven Securities LTD now owns 73,385 shares of the financial services provider’s stock worth $2,313,000 after purchasing an additional 32,616 shares during the period. Nykredit A S bought a new position in Zillow Group during the second quarter worth about $238,000. Finally, Corient Private Wealth LP increased its stake in shares of Zillow Group by 229.9% in the second quarter. Corient Private Wealth LP now owns 17,090 shares of the financial services provider’s stock worth $539,000 after purchasing an additional 11,909 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Zillow Group Company Profile

Zillow Group, Inc is a technology company that operates digital real estate marketplaces and related services in the United States. Its platforms help consumers search for homes to buy or rent, research neighborhoods and property values, connect with real estate professionals, and manage aspects of the transaction process.

The company’s portfolio includes Zillow, Trulia, StreetEasy and HotPads, along with services such as Zillow Premier Agent, Zillow Rentals, ShowingTime+ and Zillow Home Loans.