Zillow Group (NASDAQ:Z) Shares Gap Down on Disappointing Earnings

Zillow Group, Inc. (NASDAQ:Z) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $41.89, but opened at $40.22. Zillow Group shares last traded at $39.13, with a volume of 2,061,614 shares.

The financial services provider reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.42). The firm had revenue of $529.00 million during the quarter, compared to analysts’ expectations of $509.30 million. Zillow Group had a negative return on equity of 2.32% and a negative net margin of 8.12%. During the same quarter in the prior year, the company earned ($0.06) earnings per share.

Wall Street Analyst Weigh In

Z has been the topic of a number of research reports. Needham & Company LLC reissued a “hold” rating on shares of Zillow Group in a report on Thursday. JPMorgan Chase & Co. lowered their price objective on shares of Zillow Group from $65.00 to $61.00 and set an “overweight” rating for the company in a report on Thursday. Jefferies Financial Group lifted their target price on shares of Zillow Group from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. Finally, Wedbush lowered their price target on shares of Zillow Group from $60.00 to $50.00 and set a “neutral” rating for the company in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Zillow Group presently has an average rating of “Hold” and a consensus price target of $56.20.

Insider Buying and Selling at Zillow Group

In related news, CAO Jennifer Rock sold 7,352 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $57.29, for a total transaction of $421,196.08. Following the completion of the sale, the chief accounting officer now owns 56,384 shares of the company’s stock, valued at $3,230,239.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Errol G. Samuelson sold 4,219 shares of Zillow Group stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $49.60, for a total value of $209,262.40. Following the completion of the sale, the insider now directly owns 168,863 shares in the company, valued at $8,375,604.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jennifer Rock sold 7,352 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $57.29, for a total transaction of $421,196.08. Following the transaction, the chief accounting officer now owns 56,384 shares in the company, valued at approximately $3,230,239.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 171,289 shares of company stock worth $9,642,508. 23.76% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of Z. FMR LLC grew its position in shares of Zillow Group by 203.1% during the 3rd quarter. FMR LLC now owns 3,450,713 shares of the financial services provider’s stock valued at $159,285,000 after acquiring an additional 2,312,241 shares during the period. Eminence Capital LP grew its holdings in Zillow Group by 11.9% during the third quarter. Eminence Capital LP now owns 3,085,268 shares of the financial services provider’s stock valued at $142,416,000 after purchasing an additional 329,191 shares during the period. Ninety One UK Ltd increased its position in Zillow Group by 29.4% in the fourth quarter. Ninety One UK Ltd now owns 1,899,383 shares of the financial services provider’s stock worth $109,898,000 after buying an additional 431,070 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Zillow Group by 5.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,475,559 shares of the financial services provider’s stock worth $85,376,000 after buying an additional 80,529 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of Zillow Group by 7,507.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,133,685 shares of the financial services provider’s stock valued at $55,301,000 after buying an additional 1,118,782 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Zillow Group Stock Down 4.4 %

The company has a market capitalization of $9.35 billion, a PE ratio of -58.00 and a beta of 1.79. The company’s fifty day moving average is $49.08 and its 200-day moving average is $48.91. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.24 and a current ratio of 3.24.

About Zillow Group

Zillow Group, Inc operates real estate brands in mobile applications and Websites in the United States. The company offers premier agent and rentals marketplaces, new construction marketplaces, advertising, display advertising, and business technology solutions, as well as dotloop and floor plans. It also provides mortgage originations and the sale of mortgages, and advertising to mortgage lenders and other mortgage professionals; and title and escrow services.