Zillow Group (NASDAQ:ZG) Shares Climb 7.5% – What’s Next?

Zillow Group, Inc. (NASDAQ:ZG)’s share price rose 7.5% during mid-day trading on Thursday. The stock traded as high as $31.10 and last traded at $31.4690. Approximately 169,595 shares traded hands during trading, a decline of 85% from the average session volume of 1,153,487 shares. The stock had previously closed at $29.27.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ZG shares. Citizens Jmp decreased their target price on shares of Zillow Group from $75.00 to $46.00 and set a “market outperform” rating for the company in a research report on Friday, August 7th. Wells Fargo & Company set a $21.00 price target on Zillow Group in a research report on Monday. JPMorgan Chase & Co. reduced their price objective 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. Sanford C. Bernstein lowered Zillow Group from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $50.00 to $38.00 in a research note on Thursday, August 6th. Finally, Piper Sandler decreased their price objective on Zillow Group from $55.00 to $46.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Ten equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Zillow Group currently has an average rating of “Hold” and a consensus target price of $51.19.

Zillow Group Trading Up 7.7%

The business has a 50-day moving average price of $32.60 and a 200-day moving average price of $35.42. The stock has a market cap of $7.09 billion, a PE ratio of 142.96, a price-to-earnings-growth ratio of 1.26 and a beta of 2.02.

Zillow Group (NASDAQ:ZG) last issued its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.44 by $0.08. The company had revenue of $772.00 million during the quarter, compared to analyst estimates of $758.25 million. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 EPS. Equities analysts expect that Zillow Group, Inc. will post 0.89 earnings per share for the current year.

Insider Buying and Selling at Zillow Group

In other news, CFO Jeremy Hofmann sold 5,661 shares of Zillow Group stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.18, for a total value of $193,492.98. Following the sale, the chief financial officer owned 59,144 shares in the company, valued at $2,021,541.92. This trade represents a 8.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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, CEO Jeremy Wacksman sold 9,339 shares of Zillow Group stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.18, for a total transaction of $319,207.02. Following the completion of the sale, the chief executive officer owned 138,574 shares in the company, valued at approximately $4,736,459.32. This trade represents a 6.31% decrease in their position. 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 quarter, insiders sold 38,539 shares of company stock valued at $1,323,800. Insiders own 29.88% of the company’s stock.

Institutional Investors Weigh In On Zillow Group

Large investors have recently bought and sold shares of the company. Engineers Gate Manager LP raised its holdings in shares of Zillow Group by 1,290.7% during the second quarter. Engineers Gate Manager LP now owns 95,959 shares of the technology company’s stock valued at $3,010,000 after acquiring an additional 89,059 shares during the last quarter. Polianta Ltd acquired a new stake in shares of Zillow Group in the first quarter worth approximately $1,494,000. Independent Franchise Partners LLP boosted its stake in shares of Zillow Group by 1.1% in the fourth quarter. Independent Franchise Partners LLP now owns 2,024,556 shares of the technology company’s stock worth $138,135,000 after acquiring an additional 21,862 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Zillow Group in the second quarter worth approximately $1,614,000. Finally, MFG Wealth Management Inc. acquired a new stake in shares of Zillow Group in the second quarter worth approximately $2,146,000. 20.32% of the stock is currently owned by hedge funds and other institutional investors.

About Zillow Group

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms designed to help consumers buy, sell, rent and finance homes. Founded in 2006 and headquartered in Seattle, Washington, the company serves the U.S. residential real estate market through a portfolio of well-known brands.

Its flagship Zillow platform provides home listings, property information, estimated home values through its Zestimate tool, rental listings, mortgage resources and connections to real estate professionals.