Wells Fargo & Company Issues Pessimistic Forecast for Zillow Group (NASDAQ:ZG) Stock Price

Zillow Group (NASDAQ:ZG) had its target price decreased by research analysts at Wells Fargo & Company from $31.00 to $30.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 4.52% from the stock’s current price.

Several other analysts have also recently issued reports on ZG. DA Davidson lowered their target price on shares of Zillow Group from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Deutsche Bank Aktiengesellschaft set a $80.00 price target on shares of Zillow Group in a report on Monday, August 24th. Royal Bank Of Canada reduced their price target on Zillow Group from $55.00 to $45.00 and set an “outperform” rating on the stock in a research note on Tuesday. Canaccord Genuity Group dropped their price objective on shares of Zillow Group from $52.00 to $40.00 and set a “hold” rating on the stock in a research note on Thursday, August 6th. Finally, Citizens Jmp reduced their price objective on Zillow Group from $46.00 to $40.00 and set a “market outperform” rating for the company in a research report on Thursday. Ten equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Zillow Group has a consensus rating of “Hold” and a consensus price target of $49.29.

Zillow Group Stock Performance

NASDAQ:ZG traded down $3.03 during mid-day trading on Thursday, hitting $31.42. The stock had a trading volume of 646,124 shares, compared to its average volume of 1,161,539. Zillow Group has a twelve month low of $27.25 and a twelve month high of $74.80. The stock has a market cap of $7.07 billion, a price-to-earnings ratio of 142.52, a PEG ratio of 1.34 and a beta of 1.95. The company’s 50 day simple moving average is $31.82 and its 200 day simple moving average is $38.87.

Zillow Group (NASDAQ:ZG) last released its quarterly earnings results on Wednesday, November 4th. The technology company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.05). Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The firm had revenue of $724.00 million during the quarter, compared to the consensus estimate of $753.66 million. During the same quarter last year, the firm earned $0.44 earnings per share. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities analysts forecast that Zillow Group will post 0.91 earnings per share for the current year.

Insider Activity

In other news, Director Claire Thielke sold 1,187 shares of the company’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $35.71, for a total value of $42,387.77. Following the sale, the director owned 2,375 shares in the company, valued at $84,811.25. This represents a 33.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeremy Wacksman sold 9,339 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer owned 138,574 shares of the company’s stock, valued at approximately $4,736,459.32. This represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 38,539 shares of company stock valued at $1,323,800. 29.88% of the stock is owned by insiders.

Institutional Trading of Zillow Group

Several institutional investors have recently bought and sold shares of ZG. Integrated Wealth Concepts LLC acquired a new position in shares of Zillow Group during the 2nd quarter worth approximately $29,000. Ninety One SA Pty Ltd acquired a new stake in Zillow Group in the 3rd quarter valued at $26,000. EverSource Wealth Advisors LLC increased its holdings in Zillow Group by 183.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company’s stock worth $41,000 after acquiring an additional 637 shares in the last quarter. Fifth Third Bancorp raised its position in Zillow Group by 990.3% during the first quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company’s stock worth $42,000 after acquiring an additional 921 shares during the period. Finally, Nykredit A S acquired a new position in Zillow Group during the second quarter worth $65,000. 20.32% of the stock is owned by institutional investors and hedge funds.

More 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

Zillow Group Company Profile

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.