Zillow Group (NASDAQ:ZG) Stock Price Target Lowered at Sanford C. Bernstein

Zillow Group (NASDAQ:ZG) had its price target cut by equities researchers at Sanford C. Bernstein from $38.00 to $34.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “market perform” rating on the technology company’s stock. Sanford C. Bernstein‘s target price suggests a potential upside of 8.21% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the stock. UBS Group reduced their price objective on shares of Zillow Group from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. Weiss Ratings reissued a “sell (d)” rating on shares of Zillow Group in a report on Wednesday, August 19th. Royal Bank Of Canada cut their price objective on Zillow Group from $55.00 to $45.00 and set an “outperform” rating for the company in a report on Tuesday. Canaccord Genuity Group reduced their price objective on Zillow Group from $52.00 to $40.00 and set a “hold” rating for the company in a research note on Thursday, August 6th. Finally, Piper Sandler dropped their price target on shares of Zillow Group from $55.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Ten research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $49.29.

Zillow Group Trading Down 8.8%

Shares of ZG traded down $3.03 during trading hours on Thursday, hitting $31.42. 646,124 shares of the stock traded hands, compared to its average volume of 1,161,539. The firm has a market capitalization of $7.07 billion, a PE ratio of 142.52, a price-to-earnings-growth ratio of 1.34 and a beta of 1.95. The business has a fifty day moving average of $31.82 and a 200-day moving average of $38.87. Zillow Group has a 1-year low of $27.25 and a 1-year high of $74.80.

Zillow Group (NASDAQ:ZG) last posted its quarterly earnings results on Wednesday, November 4th. The technology company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.05). The company had revenue of $724.00 million for the quarter, compared to analyst estimates of $753.66 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the firm earned $0.44 EPS. As a group, equities research analysts expect that Zillow Group will post 0.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Zillow Group

In other news, insider Dan Spaulding sold 3,169 shares of Zillow Group stock in a transaction on 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 owned 44,561 shares in the company, valued at $1,576,122.57. The trade was a 6.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Erik C. Blachford sold 792 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $35.71, for a total value of $28,282.32. Following the transaction, the director owned 34,160 shares of the company’s stock, valued at $1,219,853.60. This trade represents a 2.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 38,539 shares of company stock valued at $1,323,800. Company insiders own 29.88% of the company’s stock.

Hedge Funds Weigh In On Zillow Group

Hedge funds have recently made changes to their positions in the company. Fulcrum Asset Management LLP acquired a new position in Zillow Group in the third quarter valued at $399,000. Brighton Jones LLC acquired a new position in Zillow Group during the third quarter worth about $231,000. Parallel Advisors LLC raised its holdings in Zillow Group by 244.8% during the third quarter. Parallel Advisors LLC now owns 2,200 shares of the technology company’s stock worth $61,000 after purchasing an additional 1,562 shares during the last quarter. Signaturefd LLC acquired a new stake in Zillow Group in the 3rd quarter valued at about $154,000. Finally, One Wealth Capital Management LLC purchased a new position in Zillow Group during the 3rd quarter valued at about $216,000. Hedge funds and other institutional investors own 20.32% of the company’s stock.

Key Stories Impacting Zillow Group

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

• Positive Sentiment: Third-quarter revenue rose 7% year over year, with rentals helping cushion weakness in home sales. WSJ article
• Neutral Sentiment: Citizens JMP lowered its price target to $40 from $46 but maintained a “market outperform” rating, implying substantial upside from the cited reference price. Citizens JMP recommendations
• Negative Sentiment: Zillow missed third-quarter earnings and revenue expectations: EPS was $0.55 versus $0.60 expected, and revenue was $724 million versus about $754 million expected. Zacks earnings report
• Negative Sentiment: Housing activity weakened sharply in October: newly pending listings fell 16.8% year over year, while Zillow’s preliminary measure of existing-home sales declined 8.7%. This could weigh on transaction-related business. Zillow October market report
• Negative Sentiment: Cantor Fitzgerald cut its price target to $26 from $32 and assigned a “neutral” rating, signaling downside in its outlook. Cantor Fitzgerald recommendations

About Zillow Group

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms for consumers, real estate professionals, and other housing industry participants. Its services are designed to help people search for homes, understand property values, connect with agents, and manage transactions throughout the residential real estate process.

The company’s portfolio includes Zillow, Trulia, StreetEasy, HotPads, and ShowingTime+. Zillow provides home listings, estimated property values, rental information, agent connections, mortgage resources, and other housing-related tools.