Zillow Group (NASDAQ:Z) Stock Falls 7.2% – Time to Sell?

Zillow Group, Inc. (NASDAQ:Z) shares dropped 7.2% on Tuesday. The stock traded as low as $28.63 and last traded at $28.4740. 993,792 shares were traded during trading, a decline of 76% from the average daily volume of 4,218,360 shares. The stock had previously closed at $30.67.

Analyst Ratings Changes

Several research firms recently commented on Z. Keefe, Bruyette & Woods dropped their price objective on Zillow Group from $37.00 to $34.00 and set a “market perform” rating on the stock in a research note on Friday, August 7th. Sanford C. Bernstein downgraded Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Needham & Company LLC restated a “hold” rating on shares of Zillow Group in a research note on Thursday, November 5th. Morgan Stanley dropped their price target on Zillow Group from $60.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 13th. Finally, KeyCorp cut Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Sunday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $57.71.

Zillow Group Price Performance

The firm’s 50 day moving average price is $30.71 and its two-hundred day moving average price is $38.09. The stock has a market cap of $6.54 billion, a PE ratio of -55.87, a P/E/G ratio of 1.45 and a beta of 1.98.

Zillow Group (NASDAQ:Z) last released its quarterly earnings data on Wednesday, November 4th. The financial services provider reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.03). Zillow Group had a negative net margin of 3.95% and a positive return on equity of 3.18%. The business had revenue of $724.00 million during the quarter, compared to analysts’ expectations of $753.54 million. Analysts anticipate that Zillow Group, Inc. will post 0.91 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Jeremy Wacksman sold 9,339 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $34.18, for a total transaction of $319,207.02. Following the sale, the chief executive officer directly owned 138,574 shares in the company, valued at approximately $4,736,459.32. The trade was a 6.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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, CFO Jeremy Hofmann sold 5,661 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.18, for a total value of $193,492.98. Following the sale, the chief financial officer directly owned 59,144 shares in the company, valued at $2,021,541.92. This trade represents a 8.74% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 37,352 shares of company stock valued at $1,284,523 in the last 90 days. Corporate insiders own 23.76% of the company’s stock.

Institutional Investors Weigh In On Zillow Group

Institutional investors and hedge funds have recently modified their holdings of the company. Tiger Global Management LLC grew its stake in Zillow Group by 21.7% during the first quarter. Tiger Global Management LLC now owns 7,368,957 shares of the financial services provider’s stock valued at $304,927,000 after acquiring an additional 1,312,000 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Zillow Group by 21.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,896,206 shares of the financial services provider’s stock worth $78,461,000 after purchasing an additional 338,803 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in Zillow Group by 455.6% in the 1st quarter. Quantinno Capital Management LP now owns 641,618 shares of the financial services provider’s stock valued at $26,550,000 after purchasing an additional 526,142 shares during the period. Swiss National Bank boosted its holdings in Zillow Group by 7.2% in the 1st quarter. Swiss National Bank now owns 491,834 shares of the financial services provider’s stock valued at $20,352,000 after purchasing an additional 33,200 shares during the period. Finally, IFP Advisors Inc grew its position in shares of Zillow Group by 97.0% during the 3rd quarter. IFP Advisors Inc now owns 469,184 shares of the financial services provider’s stock valued at $12,729,000 after purchasing an additional 231,002 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

About Zillow Group

Zillow Group, Inc. operates a collection of digital real estate brands, including Zillow, Trulia, StreetEasy and HotPads. Its platforms help consumers search for homes to buy or rent, explore neighborhoods and connect with real estate professionals. The company also offers services and tools for real estate agents, landlords and other industry participants, along with mortgage and home transaction services. Zillow’s Zestimate provides an estimate of a home’s value, while its rental products support apartment and home searches and connections between renters and property managers.