Zillow Group (NASDAQ:ZG) Price Target Cut to $38.00 by Analysts at Susquehanna

Zillow Group (NASDAQ:ZG) had its price target lowered by equities researchers at Susquehanna from $50.00 to $38.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Susquehanna’s price target indicates a potential upside of 3.01% from the company’s current price.

Several other research analysts have also commented on the stock. Royal Bank Of Canada lowered their price objective on shares of Zillow Group to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, June 10th. Weiss Ratings lowered shares of Zillow Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, May 22nd. The Goldman Sachs Group decreased their target price on Zillow Group from $53.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, June 12th. Piper Sandler decreased their price target on shares of Zillow Group from $70.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Finally, Citigroup reissued a “buy” rating on shares of Zillow Group in a research report on Thursday. Eleven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Zillow Group currently has an average rating of “Hold” and an average price target of $60.14.

Zillow Group Trading Down 0.4%

ZG opened at $36.89 on Thursday. The stock’s 50-day moving average price is $33.23 and its 200 day moving average price is $41.83. Zillow Group has a 12-month low of $29.03 and a 12-month high of $90.22. The firm has a market cap of $8.44 billion, a price-to-earnings ratio of 147.56, a PEG ratio of 1.58 and a beta of 1.95.

Zillow Group (NASDAQ:ZG) last released its earnings results on Wednesday, August 5th. The technology company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.08. The company had revenue of $772.00 million during the quarter, compared to the consensus estimate of $758.25 million. Zillow Group had a return on equity of 1.41% and a net margin of 2.27%.Zillow Group’s revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.40 EPS. On average, research analysts forecast that Zillow Group will post 0.9 earnings per share for the current year.

Insider Buying and Selling at Zillow Group

In related news, insider Dan Spaulding sold 3,078 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $37.40, for a total transaction of $115,117.20. Following the transaction, the insider owned 49,696 shares in the company, valued at $1,858,630.40. This trade represents a 5.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through 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, CFO Jeremy Hofmann sold 5,501 shares of Zillow Group stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $37.40, for a total value of $205,737.40. Following the transaction, the chief financial officer directly owned 68,315 shares in the company, valued at approximately $2,554,981. This trade represents a 7.45% decrease in their position. 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. In the last three months, insiders have sold 42,910 shares of company stock valued at $1,605,732. 29.88% of the stock is owned by insiders.

Institutional Investors Weigh In On Zillow Group

Several large investors have recently modified their holdings of ZG. M&T Bank Corp grew its position in Zillow Group by 38,344.0% in the 4th quarter. M&T Bank Corp now owns 1,604,270 shares of the technology company’s stock valued at $120,092,000 after buying an additional 1,600,097 shares during the last quarter. Polianta Ltd acquired a new position in Zillow Group in the 1st quarter valued at $1,494,000. Independent Franchise Partners LLP raised its position in Zillow Group by 1.1% during the 4th quarter. Independent Franchise Partners LLP now owns 2,024,556 shares of the technology company’s stock worth $138,135,000 after buying an additional 21,862 shares during the last quarter. Deltroit Asset Management UK LLP purchased a new position in Zillow Group during the 4th quarter worth $2,715,000. Finally, IMC Chicago LLC acquired a new stake in shares of Zillow Group in the 4th quarter worth $1,050,000. 20.32% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Zillow Group

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

• Positive Sentiment: Zillow reported second-quarter adjusted earnings of $0.52 per share, above the $0.44 analyst consensus, while revenue rose 17.9% year over year to $772 million, exceeding estimates of approximately $758 million. Zillow Group Beats Q2 Earnings and Revenue Estimates
• Positive Sentiment: KeyBanc maintained its Buy rating, signaling continued analyst support following the quarterly results. KeyBanc Maintains Buy Rating
• Neutral Sentiment: Zillow expanded Chief Financial Officer Jeremy Hofmann’s responsibilities to include chief operating officer and appointed Cassandra Knight as its first chief legal and policy officer. The changes are intended to support the company’s housing “super app” strategy but add to leadership-transition uncertainty. Zillow Strengthens Executive Leadership Team
• Negative Sentiment: Third-quarter revenue guidance of $745 million to $760 million fell below the $772.3 million consensus estimate. Full-year revenue guidance of $2.9 billion to $3.0 billion also only reached, rather than exceeded, the roughly $3.0 billion analyst forecast, raising concerns about slowing growth. Zillow Stock Sinks on Layoffs and Soft Guidance
• Negative Sentiment: Zillow recorded a $4 million net loss after $36 million in restructuring costs, contrasting with analysts’ expectation for approximately $21 million of net income. The company also eliminated more than 500 positions, or about 7% of its workforce, suggesting management is cutting costs amid operating challenges. Zillow Swings to Loss on Restructuring Costs
• Negative Sentiment: Several law firms reiterated notices about a securities-fraud class action and an August 10 lead-plaintiff deadline involving alleged anticompetitive agreements and regulatory risks. The legal announcements add reputational and potential financial-risk overhang, although they do not represent a final finding of wrongdoing. Zillow Securities Fraud Class Action Notice

Zillow Group Company Profile

Zillow Group (NASDAQ:ZG) is a U.S.-based online real estate marketplace that connects consumers, real estate professionals and mortgage lenders through a suite of digital products and advertising services. Founded in 2006 by Rich Barton and Lloyd Frink and headquartered in Seattle, Washington, the company operates a portfolio of consumer-facing brands and tools designed to simplify home search, rental discovery, valuation and mortgage shopping.

Zillow’s core products include its consumer websites and mobile apps that list homes for sale and rent, the Zestimate automated home value estimate, and marketplaces that connect buyers and renters with agents and lenders.