Piper Sandler Has Lowered Expectations for Zillow Group (NASDAQ:ZG) Stock Price

Zillow Group (NASDAQ:ZG) had its price target dropped by equities research analysts at Piper Sandler from $46.00 to $39.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Piper Sandler‘s price target would suggest a potential upside of 28.46% from the company’s previous close.

ZG has been the subject of a number of other research reports. Citizens Jmp decreased their target price on shares of Zillow Group from $46.00 to $40.00 and set a “market outperform” rating for the company in a research note on Thursday. Sanford C. Bernstein dropped their target price on Zillow Group from $38.00 to $34.00 and set a “market perform” rating on the stock in a report on Thursday. Wells Fargo & Company cut their target price on Zillow Group from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Thursday. Benchmark restated a “buy” rating on shares of Zillow Group in a report on Monday, August 24th. Finally, Citigroup lowered their price target on Zillow Group from $68.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Ten research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $48.14.

Zillow Group Trading Down 2.7%

ZG opened at $30.36 on Thursday. The stock has a fifty day simple moving average of $31.60 and a two-hundred day simple moving average of $38.51. The company has a market cap of $6.83 billion, a price-to-earnings ratio of -58.38, a price-to-earnings-growth ratio of 1.40 and a beta of 1.95. Zillow Group has a 12-month low of $27.25 and a 12-month high of $74.80.

Zillow Group (NASDAQ:ZG) last released its earnings results on Wednesday, November 4th. The technology company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.05). Zillow Group had a return on equity of 2.32% and a net margin of 1.96%. The business had revenue of $724.00 million during the quarter, compared to analysts’ expectations of $753.66 million. During the same period in the prior year, the company earned $0.44 earnings per share. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, analysts predict that Zillow Group will post 0.91 EPS for the current year.

Insider Buying and Selling

In other Zillow Group news, CTO David A. Beitel sold 1,798 shares of Zillow Group stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $34.24, for a total value of $61,563.52. Following the completion of the sale, the chief technology officer owned 133,013 shares of the company’s stock, valued at approximately $4,554,365.12. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 value of $319,207.02. Following the completion of the transaction, the chief executive officer owned 138,574 shares of the company’s stock, valued at $4,736,459.32. This represents a 6.31% decrease in their position. The SEC filing for this sale provides additional information. 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 38,539 shares of company stock worth $1,323,800 over the last 90 days. 29.88% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Zillow Group

A number of large investors have recently added to or reduced their stakes in the stock. Technology Crossover Management XI Ltd. purchased a new stake in Zillow Group during the 2nd quarter valued at $73,694,895. Kahn Brothers Group Inc. purchased a new position in shares of Zillow Group in the 2nd quarter worth $37,265,000. Assenagon Asset Management S.A. boosted its stake in shares of Zillow Group by 724.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 406,398 shares of the technology company’s stock worth $11,257,000 after buying an additional 357,104 shares during the last quarter. Hsbc Holdings PLC grew its holdings in shares of Zillow Group by 1,616.8% in the first quarter. Hsbc Holdings PLC now owns 135,352 shares of the technology company’s stock worth $5,602,000 after acquiring an additional 127,468 shares during the period. Finally, Quantinno Capital Management LP increased its position in Zillow Group by 106.6% during the first quarter. Quantinno Capital Management LP now owns 176,052 shares of the technology company’s stock valued at $7,287,000 after acquiring an additional 90,858 shares during the last quarter. Institutional investors own 20.32% of the company’s stock.

Key Zillow Group News

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

• Neutral Sentiment: Zillow said its COO and CFO will take part in a fireside chat at the RBC Capital Markets technology conference on Nov. 17; the announcement does not include new financial guidance. Conference announcement
• Neutral Sentiment: Although UBS retained a Buy rating and Canaccord a Hold, both lowered their price targets—to $43 from $48 and $34 from $40, respectively. Other firms also cut targets, with ratings ranging from Overweight to Equal Weight and Neutral, reflecting mixed views. Read More. · Read More.
• Negative Sentiment: Zillow’s third-quarter results missed estimates: adjusted earnings were $0.55 per share versus $0.60 expected, while revenue of $724 million came in below the roughly $754 million consensus. Revenue still rose 7.1% year over year, but the shortfall likely weighed on investor sentiment. Q3 results
• Negative Sentiment: Housing activity weakened in October: newly pending listings fell 16.8% year over year, the steepest decline since August 2023, and Zillow’s preliminary measure of existing-home sales dropped 8.7%. Softer transaction activity could constrain Zillow’s marketplace and related revenue opportunities. October housing market report

Zillow Group Company Profile

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms for consumers, real estate professionals, and other housing industry participants. Its services are designed to help people search for homes, understand property values, connect with agents, and manage transactions throughout the residential real estate process.

The company’s portfolio includes Zillow, Trulia, StreetEasy, HotPads, and ShowingTime+. Zillow provides home listings, estimated property values, rental information, agent connections, mortgage resources, and other housing-related tools.