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

Shares of Zillow Group, Inc. (NASDAQ:ZGGet Rating) gapped down prior to trading on Friday after Canaccord Genuity Group lowered their price target on the stock from $60.00 to $55.00. The stock had previously closed at $38.13, but opened at $35.07. Canaccord Genuity Group currently has a buy rating on the stock. Zillow Group shares last traded at $36.39, with a volume of 15,002 shares.

Several other equities research analysts have also recently weighed in on the company. Piper Sandler reduced their price target on Zillow Group from $39.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday. Wedbush downgraded Zillow Group from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $41.00 to $39.00 in a report on Friday. JMP Securities reissued a “mkt perform” rating on shares of Zillow Group in a report on Thursday, June 9th. KeyCorp began coverage on Zillow Group in a report on Tuesday, July 12th. They issued a “sector weight” rating and a $35.00 target price on the stock. Finally, Truist Financial dropped their target price on Zillow Group from $58.00 to $41.00 in a report on Friday, May 6th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $67.38.

Insider Activity

In other Zillow Group news, insider Dan Spaulding sold 3,658 shares of the stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $41.14, for a total value of $150,490.12. Following the transaction, the insider now owns 24,278 shares of the company’s stock, valued at $998,796.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Zillow Group news, insider Dan Spaulding sold 3,658 shares of the stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $41.14, for a total value of $150,490.12. Following the transaction, the insider now owns 24,278 shares of the company’s stock, valued at $998,796.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Jeremy Wacksman sold 2,198 shares of the stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $41.15, for a total value of $90,447.70. Following the completion of the transaction, the chief operating officer now directly owns 47,917 shares in the company, valued at approximately $1,971,784.55. The disclosure for this sale can be found here. Insiders have sold a total of 24,641 shares of company stock valued at $993,503 over the last ninety days. 18.52% 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 the stock. Xponance Inc. increased its position in Zillow Group by 3.4% in the fourth quarter. Xponance Inc. now owns 6,909 shares of the technology company’s stock worth $430,000 after buying an additional 225 shares in the last quarter. Quadrant Capital Group LLC increased its position in Zillow Group by 69.5% in the fourth quarter. Quadrant Capital Group LLC now owns 678 shares of the technology company’s stock worth $42,000 after buying an additional 278 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its position in Zillow Group by 4.6% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 6,657 shares of the technology company’s stock worth $414,000 after buying an additional 291 shares in the last quarter. Raymond James Trust N.A. grew its position in shares of Zillow Group by 3.4% during the fourth quarter. Raymond James Trust N.A. now owns 8,900 shares of the technology company’s stock worth $554,000 after purchasing an additional 295 shares in the last quarter. Finally, Garde Capital Inc. grew its position in shares of Zillow Group by 0.5% during the fourth quarter. Garde Capital Inc. now owns 59,455 shares of the technology company’s stock worth $3,699,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 20.82% of the company’s stock.

Zillow Group Price Performance

The company has a debt-to-equity ratio of 0.34, a current ratio of 3.98 and a quick ratio of 3.57. The firm has a 50-day moving average of $35.28 and a 200-day moving average of $43.45. The stock has a market cap of $9.20 billion, a PE ratio of -16.83 and a beta of 1.53.

Zillow Group (NASDAQ:ZGGet Rating) last released its quarterly earnings results on Thursday, May 5th. The technology company reported $0.19 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.26. The business had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Zillow Group had a negative return on equity of 7.61% and a negative net margin of 5.04%. The firm’s revenue for the quarter was up 249.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 EPS. Research analysts predict that Zillow Group, Inc. will post 0.88 EPS for the current year.

Zillow Group Company Profile

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Zillow Group, Inc, a digital real estate company, operates real estate brands on mobile applications and Websites in the United States. The company operates through three segments: Homes; Internet, Media & Technology; and Mortgages. The Homes segment is involved in resale of homes; and title and escrow services to home buyers and sellers, including title search procedures for title insurance policies, escrow, and other closing services.

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