Wells Fargo & Company Has Lowered Expectations for Zillow Group (NASDAQ:ZG) Stock Price

Zillow Group (NASDAQ:ZG) had its price target dropped by research analysts at Wells Fargo & Company from $31.00 to $30.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s target price points to a potential downside of 1.19% from the company’s current price.

ZG has been the subject of a number of other reports. Evercore reaffirmed a “reduce” rating and issued a $35.00 price objective on shares of Zillow Group in a research report on Thursday. Benchmark reissued a “buy” rating on shares of Zillow Group in a report on Monday, August 24th. Piper Sandler dropped their price target on Zillow Group from $55.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. KeyCorp cut their price target on Zillow Group from $48.00 to $42.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Cantor Fitzgerald reduced their price objective on shares of Zillow Group from $32.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday. Ten investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $48.14.

Zillow Group Stock Down 2.7%

Shares of Zillow Group stock opened at $30.36 on Thursday. The stock has a market cap of $6.83 billion, a P/E ratio of -58.38, a P/E/G ratio of 1.40 and a beta of 1.95. Zillow Group has a 12-month low of $27.25 and a 12-month high of $74.80. The business’s 50 day moving average is $31.60 and its 200-day moving average is $38.51.

Zillow Group (NASDAQ:ZG) last issued its 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 return on equity of 2.32% and a net margin of 1.96%. The firm had revenue of $724.00 million for the quarter, compared to analyst estimates of $753.66 million. During the same quarter in the previous year, the firm posted $0.44 earnings per share. Zillow Group’s quarterly revenue was up 7.1% on a year-over-year basis. On average, sell-side analysts expect that Zillow Group will post 0.91 EPS for the current year.

Insiders Place Their Bets

In other Zillow Group news, insider Dan Spaulding sold 3,169 shares of Zillow Group stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $35.37, for a total value 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 business’s stock in a transaction dated Thursday, August 13th. The stock was 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 of the company’s stock, valued at approximately $4,554,365.12. The trade was a 1.33% decrease in their position. 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 valued at $1,323,800 over the last 90 days. 29.88% of the stock is owned by company insiders.

Hedge Funds Weigh In On Zillow Group

A number of institutional investors and hedge funds have recently bought and sold shares of ZG. Ninety One SA Pty Ltd acquired a new stake in Zillow Group during the 3rd quarter worth approximately $26,000. Integrated Wealth Concepts LLC acquired a new position in Zillow Group in the 2nd quarter valued at approximately $29,000. EverSource Wealth Advisors LLC increased its position in Zillow Group by 183.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company’s stock valued at $41,000 after acquiring an additional 637 shares during the period. Fifth Third Bancorp raised its stake in shares of Zillow Group by 990.3% during the first quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company’s stock valued at $42,000 after acquiring an additional 921 shares during the last quarter. Finally, Parallel Advisors LLC raised its stake in shares of Zillow Group by 244.8% during the third quarter. Parallel Advisors LLC now owns 2,200 shares of the technology company’s stock valued at $61,000 after acquiring an additional 1,562 shares during the last quarter. Institutional investors and hedge funds own 20.32% of the company’s stock.

Key Stories Impacting Zillow Group

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

• Neutral Sentiment: Zillow said its COO and CFO will take part in a fireside chat at the RBC Capital Markets technology conference on Nov. 17; the announcement does not include new financial guidance. Conference announcement
• Neutral Sentiment: Although UBS retained a Buy rating and Canaccord a Hold, both lowered their price targets—to $43 from $48 and $34 from $40, respectively. Other firms also cut targets, with ratings ranging from Overweight to Equal Weight and Neutral, reflecting mixed views. Read More. · Read More.
• Negative Sentiment: Zillow’s third-quarter results missed estimates: adjusted earnings were $0.55 per share versus $0.60 expected, while revenue of $724 million came in below the roughly $754 million consensus. Revenue still rose 7.1% year over year, but the shortfall likely weighed on investor sentiment. Q3 results
• Negative Sentiment: Housing activity weakened in October: newly pending listings fell 16.8% year over year, the steepest decline since August 2023, and Zillow’s preliminary measure of existing-home sales dropped 8.7%. Softer transaction activity could constrain Zillow’s marketplace and related revenue opportunities. October housing market report

Zillow Group Company Profile

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.