Zillow Group (NASDAQ:ZG) Stock Gets Price Target Cut from UBS Group

Zillow Group (NASDAQ:ZG) had its price target lowered by stock analysts at UBS Group from $48.00 to $43.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. UBS Group‘s price target would indicate a potential upside of 37.78% from the stock’s previous close.

A number of other brokerages have also recently commented on ZG. DA Davidson reduced their price objective on Zillow Group from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Evercore restated a “reduce” rating and set a $35.00 price objective on shares of Zillow Group in a report on Thursday. Citizens Jmp lowered their target price on Zillow Group from $46.00 to $40.00 and set a “market outperform” rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft set a $80.00 target price on Zillow Group in a report on Monday, August 24th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Zillow Group from $76.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, August 11th. Ten analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Zillow Group currently has an average rating of “Hold” and an average target price of $48.43.

Zillow Group Price Performance

Shares of ZG opened at $31.21 on Thursday. Zillow Group has a one year low of $27.25 and a one year high of $74.80. The company has a market cap of $7.02 billion, a PE ratio of -60.02, a P/E/G ratio of 1.47 and a beta of 1.95. The stock has a 50-day moving average of $31.72 and a 200-day moving average of $38.68.

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 analysts’ consensus estimates of $0.60 by ($0.05). Zillow Group had a positive return on equity of 3.18% and a negative net margin of 3.95%. The firm had revenue of $724.00 million for the quarter, compared to analyst estimates of $753.66 million. During the same period last year, the company posted $0.44 earnings per share. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. Analysts expect that Zillow Group will post 0.91 EPS for the current fiscal year.

Insider Activity

In other news, CEO Jeremy Wacksman sold 9,339 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $34.18, for a total value of $319,207.02. Following the sale, the chief executive officer owned 138,574 shares of the company’s stock, valued at $4,736,459.32. The trade was a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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, CFO Jeremy Hofmann sold 5,661 shares of the business’s stock in a transaction that occurred on 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 sale, the chief financial officer directly owned 59,144 shares in the company, valued at approximately $2,021,541.92. This trade represents a 8.74% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Over the last three months, insiders have sold 38,539 shares of company stock valued at $1,323,800. 29.88% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Zillow Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC purchased a new position in Zillow Group during the second quarter valued at approximately $29,000. Ninety One SA Pty Ltd bought a new stake in Zillow Group during the 3rd quarter worth approximately $26,000. EverSource Wealth Advisors LLC increased its holdings in Zillow Group by 183.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company’s stock worth $41,000 after acquiring an additional 637 shares during the period. Fifth Third Bancorp lifted its stake in Zillow Group by 990.3% in the 1st quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company’s stock worth $42,000 after purchasing an additional 921 shares in the last quarter. Finally, Nykredit A S purchased a new stake in Zillow Group in the 2nd quarter worth approximately $65,000. Institutional investors own 20.32% of the company’s stock.

Key Headlines Impacting Zillow Group

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

• Positive Sentiment: Piper Sandler kept its “overweight” rating despite lowering its price target to $39 from $46. Citizens JMP also maintained “market outperform,” with a reduced $40 target. Both targets imply upside from the reference price. Piper Sandler rating Citizens JMP rating
• Neutral Sentiment: Revenue rose 7.1% year over year to $724 million, with rentals helping offset weak home-sales conditions. However, the result was below analysts’ $753.7 million estimate, and EPS of $0.55 also missed the $0.60 consensus. Zillow revenue and rentals Zillow Q3 results
• Negative Sentiment: Housing-market indicators worsened: newly pending listings fell 16.8% year over year in October, while Zillow’s preliminary measure of existing home sales declined 8.7%. Fewer pending sales may weigh on Zillow’s transaction-related business. October Zillow Market Report
• Negative Sentiment: Several analysts lowered price targets after the results. Wells Fargo cut its target to $30 and kept an “equal weight” rating; Cantor Fitzgerald lowered its target to $26 and assigned “neutral”; Bernstein reduced its target to $34 while maintaining “market perform.” The broad pattern of target reductions reflects caution about Zillow’s outlook. Wells Fargo rating Cantor Fitzgerald rating

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.