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

Zillow Group, Inc. (NASDAQ:ZG)’s share 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.

A number of other equities analysts have also recently issued reports on ZG. JPMorgan Chase & Co. cut their target price on shares of Zillow Group from $65.00 to $61.00 and set an “overweight” rating on the stock in a report on Thursday. Bank of America lowered Zillow Group from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 10th. Royal Bank of Canada dropped their target price on Zillow Group from $66.00 to $60.00 and set an “outperform” rating on the stock in a research report on Thursday. Craig Hallum reduced their price target on shares of Zillow Group from $65.00 to $51.00 and set a “buy” rating for the company in a report on Thursday. Finally, Susquehanna increased their price objective on shares of Zillow Group from $36.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Zillow Group presently has an average rating of “Moderate Buy” and a consensus price target of $57.25.

Insider Buying and Selling

In other news, insider Errol G. Samuelson sold 4,219 shares of the firm’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $49.60, for a total transaction of $209,262.40. Following the completion of the sale, the insider now directly owns 168,863 shares of the company’s stock, valued at approximately $8,375,604.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Jeremy Hofmann sold 7,813 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $54.76, for a total value of $427,839.88. Following the completion of the sale, the chief financial officer now owns 137,347 shares in the company, valued at $7,521,121.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Errol G. Samuelson sold 4,219 shares of the firm’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $49.60, for a total value of $209,262.40. Following the completion of the sale, the insider now directly owns 168,863 shares of the company’s stock, valued at approximately $8,375,604.80. The disclosure for this sale can be found here. Insiders have sold 171,289 shares of company stock worth $9,642,508 in the last ninety days. 17.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Zillow Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC boosted its position in Zillow Group by 3,675.7% during the fourth quarter. CWM LLC now owns 46,139 shares of the technology company’s stock valued at $2,617,000 after purchasing an additional 44,917 shares during the last quarter. Qube Research & Technologies Ltd lifted its stake in Zillow Group by 50.5% in the third quarter. Qube Research & Technologies Ltd now owns 946,571 shares of the technology company’s stock valued at $42,397,000 after acquiring an additional 317,683 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Zillow Group by 1.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 22,100 shares of the technology company’s stock worth $1,254,000 after acquiring an additional 250 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in shares of Zillow Group during the 4th quarter worth $1,305,000. Finally, Amalgamated Bank raised its holdings in shares of Zillow Group by 70.1% during the 3rd quarter. Amalgamated Bank now owns 14,188 shares of the technology company’s stock valued at $635,000 after purchasing an additional 5,847 shares in the last quarter. Hedge funds and other institutional investors own 20.32% of the company’s stock.

Zillow Group Stock Performance

The firm has a market cap of $9.36 billion, a price-to-earnings ratio of -58.07 and a beta of 1.87. The firm’s 50 day moving average is $47.67 and its 200-day moving average is $47.55. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.24 and a current ratio of 3.24.

Zillow Group (NASDAQ:ZG) last announced its earnings results on Tuesday, February 13th. The technology company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.06. Zillow Group had a negative return on equity of 2.30% and a negative net margin of 7.93%. The firm had revenue of $474.00 million during the quarter, compared to the consensus estimate of $450.75 million. Sell-side analysts anticipate 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.