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

Zillow Group, Inc. (NASDAQ:Z) hit a new 52-week low during trading on Wednesday . The company traded as low as $57.14 and last traded at $58.0670, with a volume of 2987984 shares changing hands. The stock had previously closed at $58.94.

Analysts Set New Price Targets

Several analysts have recently commented on Z shares. JPMorgan Chase & Co. upped their price objective on shares of Zillow Group from $94.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, October 31st. Keefe, Bruyette & Woods reduced their price objective on Zillow Group from $85.00 to $80.00 and set a “market perform” rating for the company in a research note on Monday, November 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Zillow Group in a research note on Wednesday, January 21st. Exane BNP Paribas raised Zillow Group to a “strong-buy” rating in a report on Wednesday, January 14th. Finally, Mizuho cut shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 8th. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Zillow Group currently has an average rating of “Moderate Buy” and a consensus target price of $93.83.

Zillow Group Trading Down 4.2%

The company has a market cap of $13.67 billion, a PE ratio of -403.49, a price-to-earnings-growth ratio of 3.63 and a beta of 2.08. The business has a 50 day simple moving average of $69.35 and a two-hundred day simple moving average of $75.46.

Insider Activity at Zillow Group

In related news, CEO Jeremy Wacksman sold 10,855 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $69.99, for a total value of $759,741.45. Following the completion of the sale, the chief executive officer directly owned 134,712 shares in the company, valued at approximately $9,428,492.88. The trade was a 7.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dan Spaulding sold 5,455 shares of Zillow Group stock in a transaction on Friday, November 14th. The shares were sold at an average price of $69.40, for a total transaction of $378,577.00. Following the completion of the transaction, the insider owned 50,342 shares in the company, valued at approximately $3,493,734.80. This trade represents a 9.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 67,511 shares of company stock worth $4,766,357. Corporate insiders own 23.76% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. M&T Bank Corp purchased a new stake in shares of Zillow Group in the fourth quarter worth about $196,677,000. Scge Management L.P. acquired a new position in Zillow Group during the 3rd quarter worth approximately $133,990,000. Eminence Capital LP boosted its holdings in Zillow Group by 63.6% in the 2nd quarter. Eminence Capital LP now owns 3,978,731 shares of the financial services provider’s stock worth $278,710,000 after acquiring an additional 1,546,577 shares during the period. Soma Equity Partners LP raised its stake in shares of Zillow Group by 389.5% during the third quarter. Soma Equity Partners LP now owns 1,468,492 shares of the financial services provider’s stock valued at $113,147,000 after purchasing an additional 1,168,492 shares during the period. Finally, Holocene Advisors LP purchased a new stake in shares of Zillow Group during the second quarter valued at approximately $57,021,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

About Zillow Group

Zillow Group, Inc is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company’s platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company’s automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.