Jennifer Rock Sells 990 Shares of Zillow Group (NASDAQ:ZG) Stock

Zillow Group, Inc. (NASDAQ:ZG) CAO Jennifer Rock sold 990 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $34.24, for a total transaction of $33,897.60. Following the completion of the transaction, the chief accounting officer owned 58,752 shares in the company, valued at approximately $2,011,668.48. The trade was a 1.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Zillow Group Stock Performance

Shares of ZG stock opened at $35.28 on Wednesday. Zillow Group, Inc. has a one year low of $29.03 and a one year high of $90.22. The company’s 50-day moving average is $33.01 and its 200 day moving average is $39.80. The company has a market capitalization of $7.93 billion, a price-to-earnings ratio of 160.37, a price-to-earnings-growth ratio of 1.53 and a beta of 1.95.

Zillow Group (NASDAQ:ZG) last released its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.08. The business had revenue of $772.00 million during the quarter, compared to analyst estimates of $758.25 million. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. Zillow Group’s revenue was up 17.9% compared to the same quarter last year. During the same period last year, the business earned $0.40 EPS. As a group, research analysts predict that Zillow Group, Inc. will post 0.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on ZG. Zacks Research lowered Zillow Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. Benchmark lowered their price target on Zillow Group from $110.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. JPMorgan Chase & Co. dropped their price objective on Zillow Group from $76.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 11th. Piper Sandler reduced their price objective on Zillow Group from $55.00 to $46.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Finally, KeyCorp decreased their target price on Zillow Group from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. Eleven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $52.29.

Key Headlines Impacting Zillow Group

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

• Positive Sentiment: U.S. asking rents rose to $1,962 in July, increasing 2.3% from a year earlier—the fastest growth in more than a year. Strong rental demand could support Zillow’s traffic, advertising activity and rental-related revenue. Rents near $2,000, rising at the fastest pace in over a year
• Neutral Sentiment: CEO Jeremy Wacksman, CFO Jeremy Hofmann, CAO Jennifer Rock, CTO David Beitel and other insiders sold shares worth roughly $1.5 million in aggregate. The transactions were made under pre-arranged trading plans or to cover tax withholding on vested equity awards, making them a relatively weak signal of deteriorating management confidence. Zillow Group insider filings
• Negative Sentiment: Rental concessions increased to 39.8% of Zillow listings in July from 35.9% a year earlier. Although rent growth remains positive, the higher use of concessions suggests landlords still face competitive pressure, which could temper the benefit to Zillow’s rental marketplace.
• Negative Sentiment: Analysts have recently lowered several price targets, including Wells Fargo’s reduction to $35 and Canaccord Genuity’s reduction to $40. Zillow Group’s consensus rating remains “Hold,” despite its latest quarterly earnings beat of $0.52 per share versus the $0.44 estimate. Zillow Group analyst and stock information

Institutional Investors Weigh In On Zillow Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Arax Advisory Partners lifted its holdings in shares of Zillow Group by 402.3% during the 4th quarter. Arax Advisory Partners now owns 442 shares of the technology company’s stock valued at $30,000 after buying an additional 354 shares during the period. First Command Advisory Services Inc. bought a new stake in shares of Zillow Group in the fourth quarter worth $34,000. Kestra Advisory Services LLC purchased a new stake in Zillow Group during the fourth quarter valued at $47,000. Quarry LP bought a new position in Zillow Group in the fourth quarter valued at about $56,000. Finally, Global Retirement Partners LLC boosted its position in Zillow Group by 4,130.0% in the fourth quarter. Global Retirement Partners LLC now owns 846 shares of the technology company’s stock worth $58,000 after purchasing an additional 826 shares during the last quarter. 20.32% of the stock is currently owned by hedge funds and other institutional investors.

About Zillow Group

Zillow Group (NASDAQ:ZG) is a U.S.-based online real estate marketplace that connects consumers, real estate professionals and mortgage lenders through a suite of digital products and advertising services. Founded in 2006 by Rich Barton and Lloyd Frink and headquartered in Seattle, Washington, the company operates a portfolio of consumer-facing brands and tools designed to simplify home search, rental discovery, valuation and mortgage shopping.

Zillow’s core products include its consumer websites and mobile apps that list homes for sale and rent, the Zestimate automated home value estimate, and marketplaces that connect buyers and renters with agents and lenders.