Zillow Group (NASDAQ:ZG) Price Target Cut to $30.00 by Analysts at Wells Fargo & Company

Zillow Group (NASDAQ:ZG) had its target price lowered by equities researchers at Wells Fargo & Company from $31.00 to $30.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price target would indicate a potential downside of 4.52% from the company’s previous close.

Several other research firms have also recently issued reports on ZG. Cantor Fitzgerald dropped their price target on Zillow Group from $32.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday. Royal Bank Of Canada reduced their target price on Zillow Group from $55.00 to $45.00 and set an “outperform” rating for the company in a report on Tuesday. Evercore restated a “reduce” rating and set a $35.00 price objective on shares of Zillow Group in a report on Thursday. UBS Group reduced their price objective on shares of Zillow Group from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. Finally, KeyCorp dropped their target price on shares of Zillow Group from $48.00 to $42.00 and set an “overweight” rating on the stock in a research report on Tuesday. Ten analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $49.29.

Zillow Group Stock Performance

Shares of Zillow Group stock traded down $3.03 during trading on Thursday, reaching $31.42. The company had a trading volume of 646,124 shares, compared to its average volume of 1,161,539. The company has a market cap of $7.07 billion, a price-to-earnings ratio of 142.52, a price-to-earnings-growth ratio of 1.34 and a beta of 1.95. Zillow Group has a fifty-two week low of $27.25 and a fifty-two week high of $74.80. The firm’s fifty day moving average is $31.82 and its 200-day moving average is $38.87.

Zillow Group (NASDAQ:ZG) last posted 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 firm had revenue of $724.00 million during the quarter, compared to the consensus estimate of $753.66 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%. Zillow Group’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the company posted $0.44 EPS. On average, research analysts anticipate that Zillow Group will post 0.91 EPS for the current fiscal year.

Insider Buying and Selling at Zillow Group

In related news, insider Dan Spaulding sold 3,169 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $35.37, for a total transaction of $112,087.53. Following the transaction, the insider owned 44,561 shares of the company’s stock, valued at approximately $1,576,122.57. This trade represents a 6.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $35.71, for a total transaction of $42,387.77. Following the transaction, the director directly owned 2,375 shares in the company, valued at $84,811.25. The trade was a 33.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 38,539 shares of company stock worth $1,323,800 over the last quarter. Insiders own 29.88% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Technology Crossover Management XI Ltd. acquired a new stake in Zillow Group in the 2nd quarter worth $73,694,895. Kahn Brothers Group Inc. bought a new stake in shares of Zillow Group during the second quarter worth approximately $37,265,000. Assenagon Asset Management S.A. grew its stake 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 increased its stake in shares of Zillow Group by 1,616.8% in the 1st quarter. Hsbc Holdings PLC now owns 135,352 shares of the technology company’s stock valued at $5,602,000 after acquiring an additional 127,468 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its stake in Zillow Group by 106.6% during the 1st quarter. Quantinno Capital Management LP now owns 176,052 shares of the technology company’s stock worth $7,287,000 after acquiring an additional 90,858 shares during the last quarter. 20.32% of the stock is currently owned by institutional investors and hedge funds.

Key Zillow Group News

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

• Positive Sentiment: Third-quarter revenue rose 7% year over year, with rentals helping cushion weakness in home sales. WSJ article
• Neutral Sentiment: Citizens JMP lowered its price target to $40 from $46 but maintained a “market outperform” rating, implying substantial upside from the cited reference price. Citizens JMP recommendations
• Negative Sentiment: Zillow missed third-quarter earnings and revenue expectations: EPS was $0.55 versus $0.60 expected, and revenue was $724 million versus about $754 million expected. Zacks earnings report
• Negative Sentiment: Housing activity weakened sharply in October: newly pending listings fell 16.8% year over year, while Zillow’s preliminary measure of existing-home sales declined 8.7%. This could weigh on transaction-related business. Zillow October market report
• Negative Sentiment: Cantor Fitzgerald cut its price target to $26 from $32 and assigned a “neutral” rating, signaling downside in its outlook. Cantor Fitzgerald recommendations

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.