Zillow Group (NASDAQ:ZG) Shares Down 3.7% – Here’s What Happened

Zillow Group, Inc. (NASDAQ:ZG)’s stock price traded down 3.7% on Thursday . The company traded as low as $31.03 and last traded at $30.8180. Approximately 247,150 shares were traded during trading, a decline of 79% from the average daily volume of 1,154,954 shares. The stock had previously closed at $32.00.

Analyst Ratings Changes

Several research firms have issued reports on ZG. Benchmark reaffirmed a “buy” rating on shares of Zillow Group in a report on Monday, August 24th. Evercore set a $40.00 target price on shares of Zillow Group and gave the stock an “in-line” rating in a research note on Thursday, August 6th. Citizens Jmp reduced their price target on shares of Zillow Group from $75.00 to $46.00 and set a “market outperform” rating for the company in a research report on Friday, August 7th. Wells Fargo & Company decreased their price target on shares of Zillow Group from $46.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Finally, DA Davidson lowered their price objective on Zillow Group from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Eleven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $53.14.

Zillow Group Price Performance

The stock has a market cap of $6.80 billion, a price-to-earnings ratio of 137.51, a PEG ratio of 1.33 and a beta of 1.97. The firm has a fifty day moving average of $34.17 and a 200 day moving average of $37.41.

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, topping analysts’ consensus estimates of $0.44 by $0.08. The company had revenue of $772.00 million for the quarter, compared to analyst estimates of $758.25 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.The firm’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 earnings per share. Research analysts anticipate that Zillow Group, Inc. will post 0.89 earnings per share for the current fiscal year.

Insider Activity

In other Zillow Group news, CFO Jeremy Hofmann sold 5,661 shares of Zillow Group stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.18, for a total transaction of $193,492.98. Following the transaction, the chief financial officer directly owned 59,144 shares of the company’s stock, valued at $2,021,541.92. The trade was a 8.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Dan Spaulding sold 3,169 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $35.37, for a total transaction of $112,087.53. Following the completion of 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. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 38,539 shares of company stock worth $1,323,800. Insiders own 29.88% of the company’s stock.

Institutional Trading of Zillow Group

Several institutional investors have recently made changes to their positions in the company. Tidal Investments LLC acquired a new stake in Zillow Group during the second quarter worth $436,000. Engineers Gate Manager LP lifted its stake in shares of Zillow Group by 1,290.7% in the 2nd quarter. Engineers Gate Manager LP now owns 95,959 shares of the technology company’s stock valued at $3,010,000 after purchasing an additional 89,059 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Zillow Group during the 2nd quarter worth $29,000. Arizona State Retirement System purchased a new position in shares of Zillow Group during the 2nd quarter worth $340,000. Finally, Nykredit A S acquired a new stake in shares of Zillow Group during the 2nd quarter worth about $65,000. Hedge funds and other institutional investors own 20.32% of the company’s stock.

Zillow Group Company Profile

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms for consumers and real estate professionals. Its flagship Zillow platform provides property listings, home-value estimates, neighborhood information, mortgage resources and tools that help people buy, sell, rent and finance homes.

The company’s portfolio also includes Trulia, StreetEasy, HotPads and Zillow Rentals, which serve home shoppers and renters in markets across the United States.