Zillow Group (NASDAQ:ZG) Price Target Lowered to $62.00 at JPMorgan Chase & Co.

Zillow Group (NASDAQ:ZG) had its price objective lowered by analysts at JPMorgan Chase & Co. from $76.00 to $62.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 78.59% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Evercore set a $40.00 price target on Zillow Group and gave the stock an “in-line” rating in a research report on Thursday, August 6th. Susquehanna decreased their price objective on Zillow Group from $50.00 to $38.00 and set a “neutral” rating for the company in a research report on Thursday, August 6th. Benchmark lowered their target price on Zillow Group from $110.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. DA Davidson dropped their target price on shares of Zillow Group from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Finally, Royal Bank Of Canada cut their price target on shares of Zillow Group from $70.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday. Eleven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Zillow Group currently has a consensus rating of “Hold” and a consensus price target of $52.29.

Zillow Group Stock Up 1.9%

Shares of ZG traded up $0.65 during trading hours on Tuesday, reaching $34.72. The stock had a trading volume of 415,207 shares, compared to its average volume of 1,196,138. The company has a market cap of $7.94 billion, a P/E ratio of 157.12, a P/E/G ratio of 1.45 and a beta of 1.95. Zillow Group has a 52 week low of $29.03 and a 52 week high of $90.22. The firm has a 50-day moving average of $33.12 and a 200 day moving average of $41.14.

Zillow Group (NASDAQ:ZG) last posted its earnings results on Wednesday, August 5th. The technology company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.08. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.The firm had revenue of $772.00 million for the quarter, compared to analyst estimates of $758.25 million. During the same period in the previous year, the company posted $0.40 earnings per share. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. As a group, equities analysts expect that Zillow Group will post 0.9 earnings per share for the current year.

Insider Activity

In other Zillow Group news, CEO Jeremy Wacksman sold 9,072 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $36.54, for a total value of $331,490.88. Following the transaction, the chief executive officer directly owned 153,699 shares of the company’s stock, valued at $5,616,161.46. This trade represents a 5.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Hofmann sold 5,501 shares of the business’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 transaction of $205,737.40. Following the completion of the transaction, the chief financial officer owned 68,315 shares of the company’s stock, valued at $2,554,981. The trade was a 7.45% decrease in their ownership of the stock. 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. Over the last three months, insiders sold 42,910 shares of company stock valued at $1,605,732. Company insiders own 29.88% of the company’s stock.

Hedge Funds Weigh In On Zillow Group

Several hedge funds and other institutional investors have recently modified their holdings of ZG. M&T Bank Corp raised its position in shares of Zillow Group by 38,344.0% during the fourth quarter. M&T Bank Corp now owns 1,604,270 shares of the technology company’s stock worth $120,092,000 after acquiring an additional 1,600,097 shares during the last quarter. Polianta Ltd purchased a new stake in Zillow Group in the 1st quarter valued at $1,494,000. Independent Franchise Partners LLP raised its holdings in shares of Zillow Group by 1.1% in the fourth quarter. Independent Franchise Partners LLP now owns 2,024,556 shares of the technology company’s stock valued at $138,135,000 after purchasing an additional 21,862 shares during the last quarter. Deltroit Asset Management UK LLP purchased a new stake in Zillow Group in the 4th quarter valued at about $2,715,000. Finally, IMC Chicago LLC purchased a new stake in shares of Zillow Group during the fourth quarter valued at approximately $1,050,000. Institutional investors own 20.32% of the company’s stock.

About Zillow Group

Zillow Group (NASDAQ:ZG) is a U.S.-based online real estate marketplace that connects consumers, real estate professionals and mortgage lenders through a suite of digital products and advertising services. Founded in 2006 by Rich Barton and Lloyd Frink and headquartered in Seattle, Washington, the company operates a portfolio of consumer-facing brands and tools designed to simplify home search, rental discovery, valuation and mortgage shopping.

Zillow’s core products include its consumer websites and mobile apps that list homes for sale and rent, the Zestimate automated home value estimate, and marketplaces that connect buyers and renters with agents and lenders.