Zillow Group (NASDAQ:ZG) Shares Gap Down on Analyst Downgrade

Zillow Group, Inc. (NASDAQ:ZG)’s stock price gapped down prior to trading on Thursday after Citigroup lowered their price target on the stock from $68.00 to $58.00. The stock had previously closed at $41.44, but opened at $39.79. Citigroup currently has a buy rating on the stock. Zillow Group shares last traded at $38.48, with a volume of 438,155 shares traded.

A number of other research firms have also recently commented on ZG. Royal Bank of Canada cut their target price on Zillow Group from $66.00 to $60.00 and set an “outperform” rating on the stock in a research note on Thursday. Craig Hallum reduced their price objective on shares of Zillow Group from $65.00 to $51.00 and set a “buy” rating for the company in a research note on Thursday. Barclays dropped their target price on shares of Zillow Group from $40.00 to $35.00 and set an “underweight” rating on the stock in a research note on Thursday. Susquehanna raised their price target on shares of Zillow Group from $36.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, February 15th. Finally, Stephens reaffirmed an “overweight” rating and issued a $79.00 price objective on shares of Zillow Group in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Zillow Group has an average rating of “Moderate Buy” and a consensus price target of $57.25.

Insider Buying and Selling at Zillow Group

In other Zillow Group news, General Counsel Bradley D. Owens sold 966 shares of Zillow Group stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $58.01, for a total value of $56,037.66. Following the sale, the general counsel now directly owns 17,181 shares in the company, valued at approximately $996,669.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Zillow Group news, insider Errol G. Samuelson sold 4,219 shares of the stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $49.60, for a total transaction of $209,262.40. Following the completion of the transaction, the insider now owns 168,863 shares in the company, valued at $8,375,604.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Bradley D. Owens sold 966 shares of Zillow Group stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $58.01, for a total value of $56,037.66. Following the completion of the transaction, the general counsel now owns 17,181 shares of the company’s stock, valued at approximately $996,669.81. The disclosure for this sale can be found here. Insiders sold a total of 171,289 shares of company stock valued at $9,642,508 in the last three months. 17.14% of the stock is currently owned by corporate insiders.

Institutional Trading of Zillow Group

A number of hedge funds and other institutional investors have recently bought and sold shares of ZG. Commonwealth Equity Services LLC boosted its holdings in shares of Zillow Group by 33.1% in the third quarter. Commonwealth Equity Services LLC now owns 9,003 shares of the technology company’s stock valued at $403,000 after purchasing an additional 2,237 shares during the period. AtonRa Partners purchased a new stake in Zillow Group in the third quarter worth about $206,000. Allspring Global Investments Holdings LLC grew its holdings in Zillow Group by 215.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 9,252 shares of the technology company’s stock worth $414,000 after acquiring an additional 6,320 shares in the last quarter. Aubrey Capital Management Ltd increased its position in Zillow Group by 16.4% during the 3rd quarter. Aubrey Capital Management Ltd now owns 61,123 shares of the technology company’s stock valued at $2,738,000 after purchasing an additional 8,600 shares during the period. Finally, Wealthfront Advisers LLC bought a new stake in shares of Zillow Group in the 3rd quarter valued at about $873,000. Hedge funds and other institutional investors own 20.32% of the company’s stock.

Zillow Group Price Performance

The stock has a market cap of $9.36 billion, a PE ratio of -58.07 and a beta of 1.87. The firm’s 50-day moving average price is $47.67 and its two-hundred day moving average price is $47.55. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 0.22.

Zillow Group (NASDAQ:ZG) last announced its earnings results on Tuesday, February 13th. The technology company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.06. The business had revenue of $474.00 million during the quarter, compared to the consensus estimate of $450.75 million. Zillow Group had a negative net margin of 7.93% and a negative return on equity of 2.30%. On average, equities analysts expect that Zillow Group, Inc. will post -0.18 earnings per share for the current fiscal year.

About Zillow Group

Zillow Group, Inc operates real estate brands in mobile applications and Websites in the United States. The company offers premier agent and rentals marketplaces, new construction marketplaces, advertising, display advertising, and business technology solutions, as well as dotloop and floor plans. It also provides mortgage originations and the sale of mortgages, and advertising to mortgage lenders and other mortgage professionals; and title and escrow services.