Jeremy Wacksman Sells 9,339 Shares of Zillow Group (NASDAQ:ZG) Stock

Zillow Group, Inc. (NASDAQ:ZG) CEO Jeremy Wacksman sold 9,339 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $34.18, for a total value of $319,207.02. Following the completion of the sale, the chief executive officer directly owned 138,574 shares in the company, valued at $4,736,459.32. This represents a 6.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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.

Jeremy Wacksman also recently made the following trade(s):

• On Thursday, August 13th, Jeremy Wacksman sold 5,786 shares of Zillow Group stock. The shares were sold at an average price of $34.24, for a total value of $198,112.64.
• On Friday, May 22nd, Jeremy Wacksman sold 9,072 shares of Zillow Group stock. The stock was sold at an average price of $36.54, for a total value of $331,490.88.

Zillow Group Trading Up 2.8%

Shares of Zillow Group stock opened at $35.28 on Wednesday. Zillow Group, Inc. has a 52 week low of $29.03 and a 52 week high of $90.22. The stock has a market cap of $7.93 billion, a PE ratio of 160.37, a price-to-earnings-growth ratio of 1.53 and a beta of 1.95. The company’s 50-day moving average price is $33.01 and its two-hundred day moving average price is $39.80.

Zillow Group (NASDAQ:ZG) last posted its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.08. The company had revenue of $772.00 million during the quarter, compared to analyst estimates of $758.25 million. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 EPS. On average, equities analysts predict that Zillow Group, Inc. will post 0.89 EPS for the current fiscal year.

Zillow Group News Roundup

Here are the key news stories impacting Zillow Group this week:

• Positive Sentiment: U.S. asking rents rose to $1,962 in July, increasing 2.3% from a year earlier—the fastest growth in more than a year. Strong rental demand could support Zillow’s traffic, advertising activity and rental-related revenue. Rents near $2,000, rising at the fastest pace in over a year
• Neutral Sentiment: CEO Jeremy Wacksman, CFO Jeremy Hofmann, CAO Jennifer Rock, CTO David Beitel and other insiders sold shares worth roughly $1.5 million in aggregate. The transactions were made under pre-arranged trading plans or to cover tax withholding on vested equity awards, making them a relatively weak signal of deteriorating management confidence. Zillow Group insider filings
• Negative Sentiment: Rental concessions increased to 39.8% of Zillow listings in July from 35.9% a year earlier. Although rent growth remains positive, the higher use of concessions suggests landlords still face competitive pressure, which could temper the benefit to Zillow’s rental marketplace.
• Negative Sentiment: Analysts have recently lowered several price targets, including Wells Fargo’s reduction to $35 and Canaccord Genuity’s reduction to $40. Zillow Group’s consensus rating remains “Hold,” despite its latest quarterly earnings beat of $0.52 per share versus the $0.44 estimate. Zillow Group analyst and stock information

Hedge Funds Weigh In On Zillow Group

Hedge funds have recently modified their holdings of the stock. Arax Advisory Partners raised its stake in shares of Zillow Group by 402.3% in the 4th quarter. Arax Advisory Partners now owns 442 shares of the technology company’s stock valued at $30,000 after acquiring an additional 354 shares in the last quarter. First Command Advisory Services Inc. bought a new position in Zillow Group in the 4th quarter worth $34,000. EverSource Wealth Advisors LLC lifted its position in Zillow Group by 183.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company’s stock worth $41,000 after acquiring an additional 637 shares during the last quarter. Fifth Third Bancorp lifted its position in Zillow Group by 990.3% during the 1st quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company’s stock worth $42,000 after acquiring an additional 921 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in Zillow Group during the fourth quarter valued at about $47,000. 20.32% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ZG has been the topic of several recent research reports. Susquehanna decreased their price target on shares of Zillow Group from $50.00 to $38.00 and set a “neutral” rating on the stock in a research report on Thursday, August 6th. Zacks Research lowered Zillow Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 4th. UBS Group decreased their target price on Zillow Group from $75.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, July 31st. DA Davidson cut their target price on Zillow Group from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Finally, Piper Sandler reduced their target price on Zillow Group from $55.00 to $46.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Eleven research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Zillow Group currently has an average rating of “Hold” and a consensus target price of $52.29.

Zillow Group Company Profile

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.