Zillow Group (NASDAQ:Z) Price Target Cut to $70.00 by Analysts at Royal Bank Of Canada

Zillow Group (NASDAQ:Z) had its price target cut by equities researchers at Royal Bank Of Canada from $95.00 to $70.00 in a note issued to investors on Wednesday,MarketScreener reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Royal Bank Of Canada’s target price points to a potential upside of 101.05% from the company’s current price.

Several other brokerages have also recently commented on Z. Keefe, Bruyette & Woods dropped their price target on shares of Zillow Group from $60.00 to $50.00 and set a “market perform” rating on the stock in a research report on Thursday, May 7th. Zacks Research lowered Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. Wall Street Zen raised Zillow Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Zelman & Associates upgraded Zillow Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 12th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Zillow Group from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $76.00.

Zillow Group Stock Performance

Zillow Group stock traded down $0.63 during trading on Wednesday, reaching $34.82. The company had a trading volume of 792,996 shares, compared to its average volume of 4,198,175. The firm’s 50-day simple moving average is $40.18 and its 200 day simple moving average is $52.81. The firm has a market capitalization of $7.97 billion, a PE ratio of 139.51, a price-to-earnings-growth ratio of 1.49 and a beta of 1.97. Zillow Group has a 1-year low of $34.16 and a 1-year high of $93.88.

Zillow Group (NASDAQ:Z) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.53 EPS for the quarter, beating the consensus estimate of $0.43 by $0.10. The company had revenue of $708.00 million for the quarter, compared to analyst estimates of $705.10 million. Zillow Group had a net margin of 2.27% and a return on equity of 1.41%. Analysts anticipate that Zillow Group will post 0.9 EPS for the current year.

Insiders Place Their Bets

In other Zillow Group news, CEO Jeremy Wacksman sold 9,072 shares of Zillow Group stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $36.54, for a total transaction of $331,490.88. Following the completion of the sale, the chief executive officer owned 153,699 shares of the company’s stock, valued at approximately $5,616,161.46. The trade was a 5.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Dan Spaulding sold 3,078 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $37.40, for a total value of $115,117.20. Following the completion of the sale, the insider owned 49,696 shares of the company’s stock, valued at $1,858,630.40. This trade represents a 5.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last three months, insiders sold 42,910 shares of company stock worth $1,605,732. Insiders own 23.76% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in Z. M&T Bank Corp acquired a new position in Zillow Group in the fourth quarter worth about $196,677,000. Scge Management L.P. purchased a new position in shares of Zillow Group during the third quarter valued at $133,990,000. L1 Capital Pty Ltd increased its stake in shares of Zillow Group by 24,803.7% in the fourth quarter. L1 Capital Pty Ltd now owns 1,729,313 shares of the financial services provider’s stock worth $117,974,000 after acquiring an additional 1,722,369 shares during the last quarter. Tiger Global Management LLC boosted its stake in shares of Zillow Group by 21.7% during the 1st quarter. Tiger Global Management LLC now owns 7,368,957 shares of the financial services provider’s stock worth $304,927,000 after acquiring an additional 1,312,000 shares in the last quarter. Finally, Soma Equity Partners LP grew its position in shares of Zillow Group by 389.5% in the third quarter. Soma Equity Partners LP now owns 1,468,492 shares of the financial services provider’s stock valued at $113,147,000 after purchasing an additional 1,168,492 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

About Zillow Group

Zillow Group, Inc is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company’s platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company’s automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.