Zillow Group (NASDAQ:Z) Reaches New 52-Week Low – Here’s Why

Zillow Group, Inc. (NASDAQ:Z)’s stock price reached a new 52-week low during trading on Wednesday. The company traded as low as $28.89 and last traded at $28.9080, with a volume of 2903703 shares. The stock had previously closed at $30.95.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Morgan Stanley set a $60.00 price objective on shares of Zillow Group in a report on Thursday, August 6th. JPMorgan Chase & Co. reduced their price target on Zillow Group from $76.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 11th. Sanford C. Bernstein cut Zillow Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Jefferies Financial Group reduced their target price on Zillow Group from $75.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, July 14th. Finally, Evercore cut Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.29.

Zillow Group Stock Down 1.8%

The firm has a 50 day simple moving average of $33.42 and a two-hundred day simple moving average of $36.68. The stock has a market capitalization of $6.33 billion, a P/E ratio of 127.91, a PEG ratio of 1.35 and a beta of 2.00.

Zillow Group (NASDAQ:Z) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.07. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.The company had revenue of $772.00 million for the quarter, compared to analyst estimates of $758.10 million. On average, research analysts predict that Zillow Group, Inc. will post 0.89 earnings per share for the current year.

Insider Transactions at Zillow Group

In other news, insider Errol Samuelson sold 3,154 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $34.24, for a total value of $107,992.96. Following the sale, the insider directly owned 130,885 shares in the company, valued at approximately $4,481,502.40. This trade represents a 2.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeremy Hofmann sold 5,661 shares of Zillow Group stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $34.18, for a total transaction of $193,492.98. Following the sale, the chief financial officer directly owned 59,144 shares in the company, valued at $2,021,541.92. This trade represents a 8.74% 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 have sold 38,539 shares of company stock valued at $1,323,800. 25.03% of the stock is owned by company insiders.

Institutional Investors Weigh In On Zillow Group

Hedge funds have recently modified their holdings of the company. Independent Franchise Partners LLP raised its position in Zillow Group by 0.9% in the fourth quarter. Independent Franchise Partners LLP now owns 10,953,405 shares of the financial services provider’s stock valued at $747,241,000 after purchasing an additional 94,569 shares during the last quarter. Capital World Investors raised its holdings in Zillow Group by 1.8% in the 4th quarter. Capital World Investors now owns 10,826,066 shares of the financial services provider’s stock valued at $738,554,000 after buying an additional 191,058 shares during the last quarter. Tiger Global Management LLC raised its holdings in Zillow Group by 21.7% in the 1st quarter. Tiger Global Management LLC now owns 7,368,957 shares of the financial services provider’s stock valued at $304,927,000 after buying an additional 1,312,000 shares during the last quarter. Geode Capital Management LLC boosted its position in Zillow Group by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 3,363,657 shares of the financial services provider’s stock worth $228,898,000 after buying an additional 55,323 shares during the period. Finally, Contour Asset Management LLC grew its holdings in Zillow Group by 29.8% during the 4th quarter. Contour Asset Management LLC now owns 3,260,474 shares of the financial services provider’s stock worth $222,430,000 after acquiring an additional 747,808 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Zillow Group Company Profile

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms designed to help consumers discover, buy, sell, rent and finance homes. Its websites and mobile applications provide property listings, home values, market data, search tools and connections to real estate professionals.

The company’s portfolio includes Zillow, Trulia, StreetEasy and HotPads, which serve residential real estate consumers and professionals across the United States.