Zillow Group (NASDAQ:ZG) Shares Down 7% – What’s Next?

Zillow Group, Inc. (NASDAQ:ZG) traded down 7% during trading on Tuesday . The company traded as low as $32.87 and last traded at $32.8610. 386,886 shares traded hands during trading, a decline of 67% from the average daily volume of 1,166,628 shares. The stock had previously closed at $35.32.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ZG shares. Royal Bank Of Canada lowered their price objective on shares of Zillow Group from $70.00 to $55.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft set a $80.00 target price on shares of Zillow Group in a report on Monday, August 24th. The Goldman Sachs Group lowered their price target on shares of Zillow Group from $53.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, June 12th. Zacks Research lowered shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Finally, Wells Fargo & Company reduced their price objective on 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. Eleven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $53.14.

Zillow Group Stock Down 7.0%

The stock has a market cap of $7.39 billion, a P/E ratio of 149.43, a P/E/G ratio of 1.54 and a beta of 1.97. The company has a 50-day simple moving average of $34.23 and a two-hundred day simple moving average of $38.15.

Zillow Group (NASDAQ:ZG) last issued its earnings results on Wednesday, August 5th. The technology company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.08. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The firm had revenue of $772.00 million for the quarter, compared to analysts’ expectations of $758.25 million. During the same quarter last year, the business earned $0.40 earnings per share. The business’s revenue was up 17.9% on a year-over-year basis. As a group, sell-side analysts forecast that Zillow Group, Inc. will post 0.89 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Jeremy Hofmann sold 5,661 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.18, for a total value of $193,492.98. Following the completion of the sale, the chief financial officer directly owned 59,144 shares of the company’s stock, valued at approximately $2,021,541.92. This trade represents a 8.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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, CTO David A. Beitel sold 1,798 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $34.24, for a total transaction of $61,563.52. Following the transaction, the chief technology officer owned 133,013 shares in the company, valued at $4,554,365.12. This represents a 1.33% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 38,539 shares of company stock valued at $1,323,800. 29.88% of the stock is owned by insiders.

Institutional Investors Weigh In On Zillow Group

Several hedge funds have recently made changes to their positions in the company. Arax Advisory Partners lifted its position in Zillow Group by 402.3% during the fourth 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. purchased a new stake in shares of Zillow Group in the 4th quarter worth about $34,000. EverSource Wealth Advisors LLC grew its position in shares of Zillow Group by 183.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company’s stock worth $41,000 after buying an additional 637 shares during the period. Fifth Third Bancorp increased its stake in shares of Zillow Group by 990.3% in the 1st quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company’s stock worth $42,000 after acquiring an additional 921 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new position in shares of Zillow Group in the 4th quarter worth about $47,000. 20.32% of the stock is currently owned by 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.