Zillow Group (NASDAQ:Z) Share Price Crosses Below 50-Day Moving Average – Here’s Why

Zillow Group, Inc. (NASDAQ:Z) crossed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $31.46 and traded as low as $30.53. Zillow Group shares last traded at $30.77, with a volume of 5,062,628 shares trading hands.

Analysts Set New Price Targets

A number of analysts have commented on Z shares. Sanford C. Bernstein downgraded shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Zacks Research cut Zillow Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. Needham & Company LLC restated a “hold” rating on shares of Zillow Group in a report on Friday, October 16th. Jefferies Financial Group dropped their price target on Zillow Group from $75.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, July 14th. Finally, JPMorgan Chase & Co. dropped their price target on Zillow Group from $76.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Zillow Group presently has a consensus rating of “Hold” and a consensus target price of $57.71.

Zillow Group Stock Performance

The firm has a market capitalization of $6.92 billion, a price-to-earnings ratio of 139.87, a P/E/G ratio of 1.41 and a beta of 2.04. The business has a 50 day simple moving average of $31.46 and a 200-day simple moving average of $39.54.

Zillow Group (NASDAQ:Z) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.45 by $0.07. The business had revenue of $772.00 million for the quarter, compared to analyst estimates of $758.10 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%. Equities analysts predict that Zillow Group, Inc. will post 0.91 earnings per share for the current fiscal year.

Insider Activity

In other Zillow Group news, Director Erik Blachford sold 792 shares of Zillow Group stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $35.71, for a total transaction of $28,282.32. Following the transaction, the director directly owned 34,160 shares of the company’s stock, valued at $1,219,853.60. The trade was a 2.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Hofmann sold 5,661 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.18, for a total transaction of $193,492.98. Following the completion of the transaction, the chief financial officer owned 59,144 shares in the company, valued at $2,021,541.92. The trade was a 8.74% decrease in their ownership of the stock. 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. Insiders sold 38,539 shares of company stock valued at $1,323,800 in the last quarter. Insiders own 23.76% of the company’s stock.

Institutional Trading of Zillow Group

Several institutional investors have recently made changes to their positions in the company. Fortitude Family Office LLC acquired a new position in Zillow Group in the third quarter valued at approximately $27,000. Root Financial Partners LLC acquired a new stake in Zillow Group during the third quarter worth $34,000. Leonteq Securities AG increased its stake in Zillow Group by 627.0% during the first quarter. Leonteq Securities AG now owns 1,345 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 1,160 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Zillow Group by 283.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,414 shares of the financial services provider’s stock worth $59,000 after acquiring an additional 1,045 shares during the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in Zillow Group in the second quarter valued at $78,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

About Zillow Group

Zillow Group, Inc (NASDAQ: Z) operates a digital real estate marketplace in the United States. Its platforms help consumers search for homes, research neighborhoods and market conditions, connect with real estate professionals, and manage various steps in the home-buying, selling, renting and financing processes.

The company’s portfolio includes Zillow, Trulia, StreetEasy and HotPads, which provide property listings and real estate information. Zillow Group also offers services for real estate professionals, including marketing, lead generation, transaction management and showing coordination through products such as Zillow Premier Agent and ShowingTime+.

Through Zillow Home Loans and other affiliated services, the company provides or facilitates mortgage and closing-related solutions.