KeyCorp Cuts Zillow Group (NASDAQ:ZG) Price Target to $57.00

Zillow Group (NASDAQ:ZG) had its price objective decreased by KeyCorp from $65.00 to $57.00 in a research report sent to investors on Monday morning,Benzinga reports. KeyCorp currently has an overweight rating on the technology company’s stock.

Several other analysts have also recently weighed in on the stock. Royal Bank Of Canada dropped their price target on shares of Zillow Group to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, June 10th. Sanford C. Bernstein raised shares of Zillow Group from an “outperform” rating to a “buy” rating in a research report on Tuesday, May 26th. Canaccord Genuity Group reduced their price target on shares of Zillow Group from $72.00 to $52.00 and set a “hold” rating on the stock in a research report on Thursday, May 7th. Piper Sandler decreased their price objective on Zillow Group from $70.00 to $55.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. Finally, Mizuho lowered their price objective on Zillow Group from $65.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $67.90.

Zillow Group Stock Down 0.4%

NASDAQ ZG opened at $36.89 on Monday. The business’s fifty day simple moving average is $33.23 and its 200-day simple moving average is $41.83. The firm has a market cap of $8.44 billion, a PE ratio of 147.56, a P/E/G ratio of 1.58 and a beta of 1.95. Zillow Group has a 52 week low of $29.03 and a 52 week high of $90.22.

Zillow Group (NASDAQ:ZG) last announced its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.08. Zillow Group had a net margin of 2.27% and a return on equity of 1.41%. The firm had revenue of $772.00 million during the quarter, compared to analyst estimates of $758.25 million. During the same quarter in the prior year, the firm posted $0.40 earnings per share. Zillow Group’s quarterly revenue was up 17.9% on a year-over-year basis. Research analysts expect that Zillow Group will post 0.9 EPS for the current year.

Insider Buying and Selling at Zillow Group

In other news, insider Dan Spaulding sold 3,078 shares of Zillow Group stock in a transaction on Monday, May 18th. The stock was sold at an average price of $37.40, for a total value of $115,117.20. Following the completion of the sale, the insider directly owned 49,696 shares of the company’s stock, valued at approximately $1,858,630.40. The trade was a 5.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 9,072 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $36.54, for a total value of $331,490.88. Following the completion of the sale, the chief executive officer owned 153,699 shares in the company, valued at $5,616,161.46. This represents a 5.57% 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. Over the last 90 days, insiders sold 42,910 shares of company stock valued at $1,605,732. Corporate insiders own 29.88% of the company’s stock.

Institutional Trading of Zillow Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Arax Advisory Partners lifted its position in shares of Zillow Group by 402.3% during the fourth quarter. Arax Advisory Partners now owns 442 shares of the technology company’s stock worth $30,000 after purchasing an additional 354 shares in the last quarter. First Command Advisory Services Inc. acquired a new position in shares of Zillow Group in the fourth quarter valued at approximately $34,000. Kestra Advisory Services LLC purchased a new stake in Zillow Group during the 4th quarter worth approximately $47,000. Quarry LP purchased a new stake in Zillow Group during the 4th quarter worth approximately $56,000. Finally, Global Retirement Partners LLC increased its stake in Zillow Group by 4,130.0% during the 4th quarter. Global Retirement Partners LLC now owns 846 shares of the technology company’s stock worth $58,000 after buying an additional 826 shares during the period. 20.32% of the stock is currently owned by hedge funds and other institutional investors.

Key Zillow Group News

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

• Positive Sentiment: Zillow reported second-quarter revenue of approximately $772 million, up about 18% year over year and ahead of Wall Street expectations near $758 million. Adjusted earnings were $0.52 per share, above the $0.44 consensus estimate and up from $0.40 a year earlier. Zillow Group Beats Q2 Earnings and Revenue Estimates
• Positive Sentiment: KeyBanc maintained its Buy rating, providing some support for the stock despite the mixed earnings reaction. KeyBanc Sticks to Their 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, though they add leadership-transition uncertainty. Zillow Strengthens Executive Leadership Team
• Negative Sentiment: The company posted a roughly $4 million net loss as $36 million of restructuring costs weighed on results. Separate reports cited GAAP EPS of $0.20, below the $0.44 analyst estimate, highlighting the difference between the adjusted earnings beat and weaker reported profitability. Zillow Swings to Loss on Restructuring Costs
• Negative Sentiment: Third-quarter revenue guidance of $745 million to $760 million was below the $772.3 million consensus forecast. Full-year revenue guidance of $2.9 billion to $3.0 billion also only reaches the approximately $3.0 billion analyst estimate, signaling limited near-term upside.
• Negative Sentiment: Zillow cut more than 500 jobs, or about 7% of its workforce, ahead of the earnings release. The layoffs may improve costs but also suggest management is responding to operating pressure. Zillow Cuts More Than 500 Jobs
• Negative Sentiment: Several law firms are soliciting investors for a securities-fraud class action tied to alleged anticompetitive conduct involving Redfin. The August 10 lead-plaintiff deadline keeps litigation and regulatory risk in focus. Zillow Securities-Fraud Class Action

About Zillow Group

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.