Zillow Group (NASDAQ:Z) CEO Jeremy Wacksman Sells 9,339 Shares

Zillow Group, Inc. (NASDAQ:Z) CEO Jeremy Wacksman sold 9,339 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was 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 of the company’s stock, valued at $4,736,459.32. This trade represents a 6.31% 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.

Jeremy Wacksman also recently made the following trade(s):

• On Thursday, August 13th, Jeremy Wacksman sold 5,786 shares of Zillow Group stock. The shares were sold at an average price of $34.24, for a total value of $198,112.64.
• On Friday, May 22nd, Jeremy Wacksman sold 9,072 shares of Zillow Group stock. The stock was sold at an average price of $36.54, for a total value of $331,490.88.

Zillow Group Stock Performance

Shares of NASDAQ:Z opened at $33.72 on Tuesday. The firm has a market capitalization of $7.58 billion, a P/E ratio of 153.28, a P/E/G ratio of 1.51 and a beta of 1.98. The stock has a 50 day moving average price of $32.89 and a 200-day moving average price of $39.95. Zillow Group, Inc. has a 52-week low of $29.23 and a 52-week high of $93.88.

Zillow Group (NASDAQ:Z) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.07. The company 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%. On average, equities analysts forecast that Zillow Group, Inc. will post 0.89 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Weiss Ratings lowered shares of Zillow Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, May 22nd. Morgan Stanley set a $60.00 price objective on shares of Zillow Group in a research note on Thursday, August 6th. Wall Street Zen downgraded shares of Zillow Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Keefe, Bruyette & Woods lowered their target price on shares of Zillow Group from $37.00 to $34.00 and set a “market perform” rating for the company in a report on Friday, August 7th. Finally, Sanford C. Bernstein cut Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.75.

Hedge Funds Weigh In On Zillow Group

A number of hedge funds have recently bought and sold shares of the company. M&T Bank Corp purchased a new stake in shares of Zillow Group during the fourth quarter valued at approximately $196,677,000. Scge Management L.P. purchased a new stake in shares of Zillow Group during the 3rd quarter valued at about $133,990,000. L1 Capital Pty Ltd grew its stake in shares of Zillow Group by 24,803.7% in the fourth quarter. L1 Capital Pty Ltd now owns 1,729,313 shares of the financial services provider’s stock worth $117,974,000 after acquiring an additional 1,722,369 shares during the period. Tiger Global Management LLC grew its stake in shares of Zillow Group by 21.7% in the first quarter. Tiger Global Management LLC now owns 7,368,957 shares of the financial services provider’s stock worth $304,927,000 after acquiring an additional 1,312,000 shares during the period. Finally, Soma Equity Partners LP raised its holdings in shares of Zillow Group by 389.5% during the third quarter. Soma Equity Partners LP now owns 1,468,492 shares of the financial services provider’s stock valued at $113,147,000 after purchasing an additional 1,168,492 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Zillow Group News Summary

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

• Neutral Sentiment: CEO Jeremy Wacksman sold a combined 15,125 shares for approximately $517,320, while retaining 138,574 shares after the latest sale. The transactions reduced his holdings but were explicitly tied to tax obligations under a pre-arranged plan. CEO Form 4 filing
• Neutral Sentiment: CFO Jeremy Hofmann sold 9,171 shares worth about $313,675 across two transactions and continued to own 59,144 shares. The sales were also conducted under a 10b5-1 plan for tax withholding. CFO Form 4 filing
• Negative Sentiment: Several additional executives and insiders sold shares, bringing reported sales to 35,373 shares worth approximately $1.21 million. Dan Spaulding, Errol G. Samuelson, Jennifer Rock and David A. Beitel all reduced their holdings, creating a potentially negative near-term sentiment signal because of the number of insiders selling at roughly $34.24–$35.37 per share. The tax-related purpose substantially reduces the bearish significance. Insider Form 4 filings

Zillow Group Company Profile

Zillow Group, Inc is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company’s platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company’s automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.