Zillow Group (NASDAQ:ZG) Shares Gap Down on Analyst Downgrade

Zillow Group, Inc. (NASDAQ:ZG)’s share price gapped down before the market opened on Thursday after JMP Securities lowered their price target on the stock from $68.00 to $62.00. The stock had previously closed at $41.44, but opened at $39.79. JMP Securities currently has a market outperform rating on the stock. Zillow Group shares last traded at $38.48, with a volume of 438,155 shares changing hands.

Other research analysts have also issued reports about the company. Barclays upped their target price on Zillow Group from $32.00 to $40.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 21st. Susquehanna increased their price objective on Zillow Group from $36.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, February 15th. Piper Sandler lifted their target price on shares of Zillow Group from $70.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, February 14th. Canaccord Genuity Group dropped their price target on shares of Zillow Group from $58.00 to $50.00 and set a “hold” rating on the stock in a research note on Monday. Finally, Benchmark reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Zillow Group in a research note on Tuesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $58.00.

Insider Activity at Zillow Group

In other news, insider Errol G. Samuelson sold 4,219 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $49.60, for a total transaction of $209,262.40. Following the completion of the transaction, the insider now directly owns 168,863 shares of the company’s stock, valued at approximately $8,375,604.80. The transaction 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 the stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $49.60, for a total value of $209,262.40. Following the completion of the transaction, the insider now directly owns 168,863 shares of the company’s stock, valued at approximately $8,375,604.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Jeremy Hofmann sold 7,813 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $54.76, for a total value of $427,839.88. Following the completion of the sale, the chief financial officer now directly owns 137,347 shares in the company, valued at approximately $7,521,121.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 171,289 shares of company stock worth $9,642,508. 17.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Zillow Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Treasurer of the State of North Carolina lifted its position in shares of Zillow Group by 0.9% during the fourth quarter. Treasurer of the State of North Carolina now owns 24,511 shares of the technology company’s stock worth $1,390,000 after purchasing an additional 230 shares in the last quarter. Quadrant Capital Group LLC raised its position in Zillow Group by 45.1% in the 4th quarter. Quadrant Capital Group LLC now owns 763 shares of the technology company’s stock worth $43,000 after purchasing an additional 237 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Zillow Group by 1.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 22,100 shares of the technology company’s stock worth $1,254,000 after buying an additional 250 shares in the last quarter. Ieq Capital LLC boosted its position in Zillow Group by 2.3% in the 3rd quarter. Ieq Capital LLC now owns 12,955 shares of the technology company’s stock valued at $580,000 after buying an additional 286 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its stake in shares of Zillow Group by 2.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 15,542 shares of the technology company’s stock valued at $882,000 after buying an additional 360 shares during the period. Institutional investors and hedge funds own 20.32% of the company’s stock.

Zillow Group Price Performance

The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $9.24 billion, a price-to-earnings ratio of -57.38 and a beta of 1.87. The company has a 50 day moving average price of $47.91 and a 200 day moving average price of $47.61.

Zillow Group (NASDAQ:ZG) last announced its quarterly earnings data on Tuesday, February 13th. The technology company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.06. The firm had revenue of $474.00 million during the quarter, compared to analyst estimates of $450.75 million. Zillow Group had a negative return on equity of 2.32% and a negative net margin of 8.12%. As a group, equities research analysts forecast that Zillow Group, Inc. will post -0.18 earnings per share for the current year.

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.