Zillow Group (NASDAQ:Z) Stock Falls 7.2% – What’s Next?

Shares of Zillow Group, Inc. (NASDAQ:Z) were down 7.2% during trading on Tuesday. The stock traded as low as $28.63 and last traded at $28.4740. Approximately 993,792 shares changed hands during trading, a decline of 76% from the average daily volume of 4,218,360 shares. The stock had previously closed at $30.67.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on Z shares. JPMorgan Chase & Co. lowered their price objective on shares of Zillow Group from $76.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods dropped their price objective on shares of Zillow Group from $37.00 to $34.00 and set a “market perform” rating on the stock in a research note on Friday, August 7th. Evercore cut shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Morgan Stanley lowered their price target on shares of Zillow Group from $60.00 to $35.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 13th. Finally, Wall Street Zen downgraded shares of Zillow Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $57.71.

Zillow Group Trading Up 1.7%

The firm has a market capitalization of $6.63 billion, a price-to-earnings ratio of -56.67, a price-to-earnings-growth ratio of 1.92 and a beta of 1.98. The company has a fifty day moving average price of $30.51 and a 200-day moving average price of $37.70.

Zillow Group (NASDAQ:Z) last announced its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $0.55 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.03). Zillow Group had a negative net margin of 3.95% and a positive return on equity of 3.23%. The firm had revenue of $724.00 million during the quarter, compared to the consensus estimate of $753.54 million. As a group, sell-side analysts predict that Zillow Group, Inc. will post 0.91 EPS for the current fiscal year.

Insider Transactions at Zillow Group

In other news, CFO Jeremy Hofmann sold 5,661 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $34.18, for a total transaction of $193,492.98. Following the transaction, the chief financial officer owned 59,144 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this link. 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, Director Erik C. Blachford sold 792 shares of the firm’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $35.71, for a total transaction of $28,282.32. Following the transaction, the director owned 34,160 shares in the company, valued at $1,219,853.60. This represents a 2.27% 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. Over the last three months, insiders sold 20,148 shares of company stock valued at $695,458. Insiders own 25.03% of the company’s stock.

Institutional Investors Weigh In On Zillow Group

A number of large investors have recently bought and sold shares of Z. Fortitude Family Office LLC bought a new position in Zillow Group during the third quarter valued at about $27,000. Jacobi Capital Management LLC acquired a new stake in shares of Zillow Group in the third quarter worth about $33,000. Root Financial Partners LLC bought a new stake in shares of Zillow Group during the 3rd quarter worth about $34,000. Covestor Ltd boosted its stake in shares of Zillow Group by 146.9% during the 3rd quarter. Covestor Ltd now owns 1,296 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 771 shares in the last quarter. Finally, Heritage Family Offices LLP bought a new stake in shares of Zillow Group during the 3rd quarter worth about $45,000. 71.01% of the stock is currently owned by institutional investors.

Zillow Group Company Profile

Zillow Group, Inc. operates a collection of digital real estate brands, including Zillow, Trulia, StreetEasy and HotPads. Its platforms help consumers search for homes to buy or rent, explore neighborhoods and connect with real estate professionals. The company also offers services and tools for real estate agents, landlords and other industry participants, along with mortgage and home transaction services. Zillow’s Zestimate provides an estimate of a home’s value, while its rental products support apartment and home searches and connections between renters and property managers.