Zillow Group (NASDAQ:ZG) Stock Gets Price Target Trim from Wells Fargo & Company

Zillow Group (NASDAQ:ZG) had its price target reduced by Wells Fargo & Company from $35.00 to $31.00 in a research note published on Monday,Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

Other equities analysts have also issued reports about the company. Piper Sandler reduced their price objective on Zillow Group from $55.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Canaccord Genuity Group decreased their price objective on Zillow Group from $52.00 to $40.00 and set a “hold” rating on the stock in a report on Thursday, August 6th. Citizens Jmp dropped their target price on Zillow Group from $75.00 to $46.00 and set a “market outperform” rating for the company in a research report on Friday, August 7th. JPMorgan Chase & Co. dropped their target price 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. Finally, Zacks Research lowered Zillow Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Ten equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Zillow Group presently has a consensus rating of “Hold” and a consensus price target of $51.19.

Zillow Group Stock Performance

Shares of NASDAQ:ZG opened at $29.27 on Monday. Zillow Group has a 52-week low of $27.25 and a 52-week high of $76.32. The firm has a fifty day moving average of $32.60 and a 200 day moving average of $35.42. The firm has a market capitalization of $6.58 billion, a PE ratio of 133.05, a price-to-earnings-growth ratio of 1.26 and a beta of 2.02.

Zillow Group (NASDAQ:ZG) last released its earnings results on Wednesday, August 5th. The technology company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.08. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%. The business had revenue of $772.00 million for the quarter, compared to analysts’ expectations of $758.25 million. During the same quarter in the prior year, the firm earned $0.40 earnings per share. The firm’s revenue was up 17.9% on a year-over-year basis. On average, sell-side analysts forecast that Zillow Group will post 0.89 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Dan Spaulding sold 3,169 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $35.37, for a total transaction of $112,087.53. Following the transaction, the insider directly owned 44,561 shares of the company’s stock, valued at approximately $1,576,122.57. This trade represents a 6.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David A. Beitel sold 1,798 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $34.24, for a total value of $61,563.52. Following the transaction, the chief technology officer directly owned 133,013 shares in the company, valued at $4,554,365.12. This trade represents a 1.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 38,539 shares of company stock worth $1,323,800 over the last 90 days. Insiders own 29.88% of the company’s stock.

Institutional Investors Weigh In On Zillow Group

A number of hedge funds and other institutional investors have recently modified their holdings of ZG. Integrated Wealth Concepts LLC purchased a new stake in shares of Zillow Group during the second quarter worth about $29,000. EverSource Wealth Advisors LLC grew its stake in shares of Zillow Group by 183.6% in the first quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company’s stock worth $41,000 after purchasing an additional 637 shares during the last quarter. Fifth Third Bancorp increased its holdings in Zillow Group by 990.3% during the 1st quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company’s stock valued at $42,000 after purchasing an additional 921 shares during the period. Nykredit A S purchased a new position in Zillow Group during the 2nd quarter valued at about $65,000. Finally, Group One Trading LLC purchased a new position in Zillow Group during the 1st quarter valued at about $134,000. Institutional investors own 20.32% of the company’s stock.

Zillow Group Company Profile

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms designed to help consumers buy, sell, rent and finance homes. Founded in 2006 and headquartered in Seattle, Washington, the company serves the U.S. residential real estate market through a portfolio of well-known brands.

Its flagship Zillow platform provides home listings, property information, estimated home values through its Zestimate tool, rental listings, mortgage resources and connections to real estate professionals.