JPMorgan Chase & Co. Lowers Zillow Group (NASDAQ:Z) Price Target to $62.00

Zillow Group (NASDAQ:Z) had its target price decreased by stock analysts at JPMorgan Chase & Co. from $76.00 to $62.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 80.01% from the company’s current price.

A number of other equities analysts have also recently commented on the stock. Keefe, Bruyette & Woods dropped their price target on shares of Zillow Group from $37.00 to $34.00 and set a “market perform” rating for the company in a research note on Friday. Zacks Research lowered shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Weiss Ratings downgraded shares of Zillow Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, May 22nd. Wall Street Zen lowered Zillow Group from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Sanford C. Bernstein cut Zillow Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $66.75.

Zillow Group Trading Up 2.1%

Shares of NASDAQ Z traded up $0.69 during trading hours on Tuesday, hitting $34.44. 812,156 shares of the company traded hands, compared to its average volume of 4,230,170. The stock has a market capitalization of $7.88 billion, a price-to-earnings ratio of 155.88, a price-to-earnings-growth ratio of 1.44 and a beta of 1.98. The company’s 50 day moving average price is $33.00 and its 200 day moving average price is $41.12. Zillow Group has a 12 month low of $29.23 and a 12 month high of $93.88.

Zillow Group (NASDAQ:Z) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. The company had revenue of $772.00 million during the quarter, compared to the consensus estimate of $758.10 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%. Equities analysts anticipate that Zillow Group will post 0.9 EPS for the current year.

Insider Activity

In related news, insider Errol G. Samuelson sold 2,939 shares of Zillow Group stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $37.97, for a total value of $111,593.83. Following the completion of the sale, the insider directly owned 134,039 shares in the company, valued at $5,089,460.83. The trade was a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeremy Hofmann sold 5,501 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $37.40, for a total transaction of $205,737.40. Following the completion of the sale, the chief financial officer directly owned 68,315 shares of the company’s stock, valued at approximately $2,554,981. This trade represents a 7.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last 90 days, insiders have sold 42,910 shares of company stock valued at $1,605,732. Company insiders own 23.76% of the company’s stock.

Hedge Funds Weigh In On Zillow Group

Institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company boosted its stake in Zillow Group by 106.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 41,519 shares of the financial services provider’s stock worth $1,718,000 after purchasing an additional 21,439 shares during the last quarter. Tiger Global Management LLC lifted its stake in shares of Zillow Group by 21.7% in the first quarter. Tiger Global Management LLC now owns 7,368,957 shares of the financial services provider’s stock worth $304,927,000 after buying an additional 1,312,000 shares in the last quarter. Baillie Gifford & Co. lifted its stake in shares of Zillow Group by 11.4% in the fourth quarter. Baillie Gifford & Co. now owns 739,270 shares of the financial services provider’s stock worth $50,433,000 after buying an additional 75,682 shares in the last quarter. IFP Advisors Inc boosted its position in Zillow Group by 17,458.4% during the fourth quarter. IFP Advisors Inc now owns 73,921 shares of the financial services provider’s stock worth $5,043,000 after acquiring an additional 73,500 shares during the last quarter. Finally, Emmett Investment Management LP grew its stake in Zillow Group by 353.9% during the 1st quarter. Emmett Investment Management LP now owns 96,236 shares of the financial services provider’s stock valued at $3,897,000 after acquiring an additional 75,036 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 is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company’s platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company’s automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.