Zillow Group (NASDAQ:ZG) CFO Jeremy Hofmann Sells 3,510 Shares

Zillow Group, Inc. (NASDAQ:ZG) CFO Jeremy Hofmann sold 3,510 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $34.24, for a total value of $120,182.40. Following the completion of the sale, the chief financial officer directly owned 64,805 shares in the company, valued at approximately $2,218,923.20. This represents a 5.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 Hofmann also recently made the following trade(s):

• On Monday, August 17th, Jeremy Hofmann sold 5,661 shares of Zillow Group stock. The shares were sold at an average price of $34.18, for a total value of $193,492.98.

Zillow Group Trading Down 2.4%

Shares of ZG opened at $34.32 on Tuesday. The business’s fifty day simple moving average is $33.02 and its two-hundred day simple moving average is $40.01. Zillow Group, Inc. has a 12 month low of $29.03 and a 12 month high of $90.22. The company has a market cap of $7.85 billion, a price-to-earnings ratio of 156.01, a P/E/G ratio of 1.53 and a beta of 1.95.

Zillow Group (NASDAQ:ZG) last posted its earnings results on Wednesday, August 5th. The technology company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.08. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.The business had revenue of $772.00 million during the quarter, compared to analyst estimates of $758.25 million. During the same quarter last year, the company earned $0.40 EPS. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. As a group, research analysts forecast that Zillow Group, Inc. will post 0.89 EPS for the current year.

Key Zillow Group News

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

• Neutral Sentiment: CEO Jeremy Wacksman sold a combined 15,125 shares for approximately $517,320 across August 13 and August 17. Because the sales were planned and tax-related, they provide limited evidence of a change in his outlook on Zillow. CEO Form 4 filing
• Neutral Sentiment: CFO Jeremy Hofmann sold 9,171 shares worth approximately $313,675 over the same two dates. He retained a substantial position, and the stated purpose was tax withholding rather than discretionary selling. CFO Form 4 filing
• Negative Sentiment: Additional sales by Dan Spaulding, Errol G. Samuelson, Jennifer Rock and David A. Beitel totaled 11,077 shares and approximately $382,857. The breadth of selling across management and insiders may weigh on investor sentiment and add near-term supply, even though the transactions were tax-related and relatively small compared with their remaining holdings. Insider Form 4 filings

Institutional Investors Weigh In On Zillow Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Technology Crossover Management XI Ltd. bought a new position in shares of Zillow Group in the 2nd quarter worth approximately $73,694,895,000. Norges Bank bought a new stake in Zillow Group during the fourth quarter valued at approximately $152,050,000. M&T Bank Corp grew its position in 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 valued at $120,092,000 after buying an additional 1,600,097 shares during the period. UBS Group AG increased its holdings in Zillow Group by 44.5% during the fourth quarter. UBS Group AG now owns 1,018,448 shares of the technology company’s stock valued at $69,489,000 after buying an additional 313,643 shares during the last quarter. Finally, Tiger Global Management LLC increased its holdings in Zillow Group by 30.7% during the fourth quarter. Tiger Global Management LLC now owns 1,023,733 shares of the technology company’s stock valued at $69,849,000 after buying an additional 240,690 shares during the last quarter. Hedge funds and other institutional investors own 20.32% of the company’s stock.

Analyst Upgrades and Downgrades

ZG has been the subject of a number of recent analyst reports. Royal Bank Of Canada decreased their target price on Zillow Group from $70.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. BTIG Research reaffirmed a “neutral” rating on shares of Zillow Group in a report on Thursday, June 11th. Benchmark reduced their price target on shares of Zillow Group from $110.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Citigroup decreased their price objective on shares of Zillow Group from $68.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Finally, Weiss Ratings downgraded shares of Zillow Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, May 22nd. Eleven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target 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.