Canaccord Genuity Group Has Lowered Expectations for Zillow Group (NASDAQ:ZG) Stock Price

Zillow Group (NASDAQ:ZG) had its price target dropped by stock analysts at Canaccord Genuity Group from $40.00 to $34.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Canaccord Genuity Group‘s price target would indicate a potential upside of 11.99% from the company’s previous close.

ZG has been the topic of a number of other research reports. Sanford C. Bernstein cut their target price on shares of Zillow Group from $38.00 to $34.00 and set a “market perform” rating on the stock in a research report on Thursday. Evercore reaffirmed a “reduce” rating and issued a $35.00 price target on shares of Zillow Group in a research report on Thursday. Wells Fargo & Company dropped their price objective on shares of Zillow Group from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. cut their price objective on shares of Zillow Group from $76.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, August 11th. Finally, UBS Group reduced their price objective on shares of Zillow Group from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. Ten equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $48.14.

Zillow Group Trading Down 2.7%

Shares of ZG stock opened at $30.36 on Thursday. Zillow Group has a twelve month low of $27.25 and a twelve month high of $74.80. The stock has a fifty day simple moving average of $31.60 and a two-hundred day simple moving average of $38.51. The stock has a market capitalization of $6.83 billion, a price-to-earnings ratio of -58.38, a P/E/G ratio of 1.40 and a beta of 1.95.

Zillow Group (NASDAQ:ZG) last announced its quarterly earnings results on Wednesday, November 4th. The technology company reported $0.55 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.05). The firm had revenue of $724.00 million for the quarter, compared to analysts’ expectations of $753.66 million. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.44 EPS. Research analysts predict that Zillow Group will post 0.91 EPS for the current fiscal year.

Insider Activity

In other news, CFO Jeremy Hofmann sold 5,661 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.18, for a total transaction of $193,492.98. Following the sale, the chief financial officer owned 59,144 shares in the company, valued at approximately $2,021,541.92. The trade was a 8.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 stock in a transaction that occurred 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 completion of the transaction, the director directly owned 34,160 shares of the company’s stock, valued at $1,219,853.60. The trade was a 2.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 38,539 shares of company stock worth $1,323,800. Company insiders own 29.88% of the company’s stock.

Institutional Trading of Zillow Group

Several large investors have recently bought and sold shares of ZG. Integrated Wealth Concepts LLC acquired a new position in Zillow Group during the 2nd quarter valued at approximately $29,000. Ninety One SA Pty Ltd acquired a new stake in shares of Zillow Group during the third quarter worth $26,000. EverSource Wealth Advisors LLC lifted its stake in shares of Zillow Group by 183.6% during the first quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company’s stock worth $41,000 after buying an additional 637 shares during the period. Fifth Third Bancorp grew its holdings in shares of Zillow Group by 990.3% during the first quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company’s stock valued at $42,000 after buying an additional 921 shares during the last quarter. Finally, Nykredit A S purchased a new stake in shares of Zillow Group during the second quarter valued at $65,000. Hedge funds and other institutional investors own 20.32% of the company’s stock.

Key Headlines Impacting Zillow Group

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

• Neutral Sentiment: Zillow said its COO and CFO will take part in a fireside chat at the RBC Capital Markets technology conference on Nov. 17; the announcement does not include new financial guidance. Conference announcement
• Neutral Sentiment: Although UBS retained a Buy rating and Canaccord a Hold, both lowered their price targets—to $43 from $48 and $34 from $40, respectively. Other firms also cut targets, with ratings ranging from Overweight to Equal Weight and Neutral, reflecting mixed views. Read More. · Read More.
• Negative Sentiment: Zillow’s third-quarter results missed estimates: adjusted earnings were $0.55 per share versus $0.60 expected, while revenue of $724 million came in below the roughly $754 million consensus. Revenue still rose 7.1% year over year, but the shortfall likely weighed on investor sentiment. Q3 results
• Negative Sentiment: Housing activity weakened in October: newly pending listings fell 16.8% year over year, the steepest decline since August 2023, and Zillow’s preliminary measure of existing-home sales dropped 8.7%. Softer transaction activity could constrain Zillow’s marketplace and related revenue opportunities. October housing market report

Zillow Group Company Profile

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms for consumers, real estate professionals, and other housing industry participants. Its services are designed to help people search for homes, understand property values, connect with agents, and manage transactions throughout the residential real estate process.

The company’s portfolio includes Zillow, Trulia, StreetEasy, HotPads, and ShowingTime+. Zillow provides home listings, estimated property values, rental information, agent connections, mortgage resources, and other housing-related tools.