Zillow Group (NASDAQ:ZG) CTO Sells $71,270.47 in Stock

Zillow Group, Inc. (NASDAQ:ZG) CTO David Beitel sold 1,879 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $37.93, for a total value of $71,270.47. Following the completion of the transaction, the chief technology officer directly owned 134,811 shares of the company’s stock, valued at $5,113,381.23. This represents a 1.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 NASDAQ:ZG opened at $38.06 on Monday. Zillow Group, Inc. has a 52-week low of $37.26 and a 52-week high of $90.22. The firm has a market capitalization of $8.71 billion, a P/E ratio of 152.24, a P/E/G ratio of 1.78 and a beta of 2.04. The stock has a 50 day moving average price of $42.99 and a 200-day moving average price of $56.42.

Zillow Group (NASDAQ:ZG) last announced its earnings results on Wednesday, May 6th. The technology company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.10. Zillow Group had a return on equity of 1.41% and a net margin of 2.27%.The firm had revenue of $708.00 million during the quarter, compared to analyst estimates of $705.17 million. During the same quarter in the prior year, the company earned $0.41 EPS. The business’s revenue was up 18.4% compared to the same quarter last year. On average, equities analysts forecast that Zillow Group, Inc. will post 0.82 EPS for the current fiscal year.

Key Zillow Group News

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

• Positive Sentiment: Zillow highlighted survey results showing most prospective home sellers want broad public exposure rather than private listing networks. The company said 85% of soon-to-be sellers are more likely to hire an agent who can pre-market to the broadest online audience, reinforcing Zillow’s core pitch that open-market listings benefit sellers. Article Title
• Positive Sentiment: Zillow also emphasized its data showing sellers lose money in same-agent dual agency deals and off-MLS listings, a message that could support demand for Zillow’s public-listing ecosystem and advertising tools. Article Title
• Neutral Sentiment: JPMorgan/other analyst commentary pointed to a lower price target for Zillow Group, suggesting Wall Street expectations have softened and may be limiting upside sentiment. Article Title
• Negative Sentiment: Multiple Zillow insiders, including the CEO, COO, CTO, CAO, general counsel, and another executive, sold shares this week. The company said the sales were mainly to cover tax withholding tied to vesting equity awards and some were made under a 10b5-1 plan, but the cluster of insider selling can still create a bearish overhang for investors. Article Title
• Negative Sentiment: Rosen Law Firm said it is investigating potential securities claims against Zillow, adding legal uncertainty that may be a headwind for the stock. Article Title

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DoubleLine ETF Adviser LP increased its position in Zillow Group by 4.9% during the 3rd quarter. DoubleLine ETF Adviser LP now owns 3,214 shares of the technology company’s stock valued at $239,000 after buying an additional 150 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Zillow Group by 4.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 3,657 shares of the technology company’s stock valued at $256,000 after purchasing an additional 156 shares during the last quarter. Signaturefd LLC boosted its stake in Zillow Group by 10.4% during the 4th quarter. Signaturefd LLC now owns 1,711 shares of the technology company’s stock valued at $117,000 after purchasing an additional 161 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Zillow Group by 78.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 424 shares of the technology company’s stock valued at $33,000 after purchasing an additional 187 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in Zillow Group by 23.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,033 shares of the technology company’s stock valued at $80,000 after purchasing an additional 194 shares during the last quarter. Institutional investors own 20.32% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ZG shares. Piper Sandler decreased their target price on Zillow Group from $70.00 to $55.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. KeyCorp reduced their price objective on Zillow Group from $75.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Robert W. Baird reduced their price objective on Zillow Group from $67.00 to $55.00 and set a “neutral” rating for the company in a research report on Wednesday, March 18th. Benchmark reaffirmed a “buy” rating on shares of Zillow Group in a research report on Wednesday, February 11th. Finally, Mizuho reduced their price objective on Zillow Group from $65.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $71.24.

Zillow Group Company Profile

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.