David Beitel Sells 1,798 Shares of Zillow Group (NASDAQ:Z) Stock

Zillow Group, Inc. (NASDAQ:Z) CTO David Beitel sold 1,798 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $34.24, for a total transaction of $61,563.52. Following the transaction, the chief technology officer directly owned 133,013 shares of the company’s stock, valued at $4,554,365.12. The trade was a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Zillow Group Stock Up 2.5%

NASDAQ:Z opened at $34.57 on Wednesday. Zillow Group, Inc. has a 52 week low of $29.23 and a 52 week high of $93.88. The stock’s fifty day moving average is $32.87 and its two-hundred day moving average is $39.73. The stock has a market capitalization of $7.77 billion, a price-to-earnings ratio of 157.14, a price-to-earnings-growth ratio of 1.51 and a beta of 1.98.

Zillow Group (NASDAQ:Z) last posted its quarterly earnings data 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 firm had revenue of $772.00 million for the quarter, compared to the consensus estimate of $758.10 million. On average, sell-side analysts expect that Zillow Group, Inc. will post 0.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on Z. Sanford C. Bernstein downgraded shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. reduced their price objective on Zillow Group from $76.00 to $62.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 11th. Evercore cut Zillow Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. Wall Street Zen lowered Zillow Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Zacks Research lowered shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Two investment 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 given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.75.

Key Stories Impacting Zillow Group

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

• Positive Sentiment: Rents are accelerating: Zillow’s Observed Rent Index showed typical U.S. asking rent reached $1,962 in July, up 2.3% year over year—the fastest growth in more than a year. Strong rental demand could support Zillow’s listings, advertising and property-manager businesses. Rents near $2,000, rising at the fastest pace in over a year
• Neutral Sentiment: Rental conditions are mixed: Although rents are rising, 39.8% of Zillow-listed rentals offered concessions in July, compared with 35.9% a year earlier. This suggests demand is healthy but property managers still face enough competition to provide discounts, potentially limiting revenue benefits.
• Neutral Sentiment: Insider sales were largely tax-related: Executives and insiders, including CEO Jeremy Wacksman, CFO Jeremy Hofmann, CAO Jennifer Rock, CTO David Beitel and others, sold a combined 35,373 shares worth roughly $1.21 million. The transactions occurred under a pre-arranged trading plan or to cover tax withholding on vested equity awards, reducing—but not eliminating—the bearish significance. Zillow Group insider trading report
• Negative Sentiment: Analyst views remain cautious: Recent target-price reductions and an Evercore downgrade to “hold” indicate concern about Zillow’s outlook and valuation. The consensus rating remains “Moderate Buy,” but the stock’s elevated earnings multiple and price well below its 200-day moving average highlight ongoing investor concerns.

Hedge Funds Weigh In On Zillow Group

Several hedge funds have recently added to or reduced their stakes in Z. The Manufacturers Life Insurance Company raised its stake in Zillow Group by 106.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 41,519 shares of the financial services provider’s stock worth $1,718,000 after acquiring an additional 21,439 shares in the last quarter. Tiger Global Management LLC grew its holdings in shares of Zillow Group by 21.7% during the first quarter. Tiger Global Management LLC now owns 7,368,957 shares of the financial services provider’s stock worth $304,927,000 after purchasing an additional 1,312,000 shares during the last quarter. IFP Advisors Inc increased its position in shares of Zillow Group by 17,458.4% during the fourth quarter. IFP Advisors Inc now owns 73,921 shares of the financial services provider’s stock worth $5,043,000 after purchasing an additional 73,500 shares in the last quarter. Emmett Investment Management LP lifted its holdings in shares of Zillow Group by 353.9% in the 1st quarter. Emmett Investment Management LP now owns 96,236 shares of the financial services provider’s stock valued at $3,897,000 after purchasing an additional 75,036 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new stake in shares of Zillow Group in the 1st quarter valued at about $1,743,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Zillow Group Company Profile

Zillow Group, Inc is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company’s platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company’s automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.