Zillow Group, Inc. (NASDAQ:ZG) Shares Sold by US Bancorp DE

Key Points

• US Bancorp DE sold 57.1% of its shares in Zillow Group, reducing its holdings to 105,912 shares valued at approximately $7.08 million.
• Several analysts have downgraded their price targets for Zillow Group, with the consensus price target now set at $82.45 and most ratings falling between "hold" and "buy."
• Zillow Group reported a quarterly earnings miss with earnings per share of $0.41, below the expected $0.47, despite revenue growth of 13% year-over-year.

US Bancorp DE reduced its position in Zillow Group, Inc. (NASDAQ:ZG - Free Report) by 57.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 105,912 shares of the technology company's stock after selling 140,939 shares during the period. US Bancorp DE's holdings in Zillow Group were worth $7,081,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. California Public Employees Retirement System raised its stake in Zillow Group by 5.5% in the fourth quarter. California Public Employees Retirement System now owns 132,332 shares of the technology company's stock valued at $9,376,000 after buying an additional 6,951 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in shares of Zillow Group by 13.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 1,191 shares of the technology company's stock valued at $84,000 after purchasing an additional 138 shares during the last quarter. Franklin Resources Inc. boosted its stake in Zillow Group by 42.1% in the 4th quarter. Franklin Resources Inc. now owns 4,739 shares of the technology company's stock worth $336,000 after purchasing an additional 1,405 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Zillow Group during the 4th quarter valued at approximately $453,000. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Zillow Group by 13.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,137 shares of the technology company's stock worth $364,000 after buying an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 20.32% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Citigroup lowered their price objective on shares of Zillow Group from $98.00 to $87.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Wells Fargo & Company lifted their price target on Zillow Group from $60.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. William Blair initiated coverage on Zillow Group in a research note on Monday, April 21st. They issued a "market perform" rating for the company. Benchmark dropped their target price on Zillow Group from $110.00 to $95.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Piper Sandler raised their price target on shares of Zillow Group from $80.00 to $82.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Zillow Group currently has a consensus rating of "Hold" and an average price target of $82.45.

Zillow Group Price Performance

NASDAQ ZG traded up $2.26 on Wednesday, hitting $81.51. The company had a trading volume of 1,455,450 shares, compared to its average volume of 557,210. The company's fifty day moving average price is $71.59 and its 200-day moving average price is $70.70. The company has a market capitalization of $19.68 billion, a PE ratio of -239.74, a PEG ratio of 14.85 and a beta of 2.07. Zillow Group, Inc. has a 12-month low of $40.30 and a 12-month high of $86.58.

Zillow Group (NASDAQ:ZG - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.06). The company had revenue of $598.00 million for the quarter, compared to analyst estimates of $587.88 million. Zillow Group had a negative return on equity of 1.62% and a negative net margin of 3.51%. The firm's revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter last year, the company earned $0.36 EPS. On average, sell-side analysts anticipate that Zillow Group, Inc. will post 0.32 EPS for the current year.

Insider Activity at Zillow Group

In related news, CFO Jeremy Hofmann sold 7,959 shares of Zillow Group stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $68.98, for a total transaction of $549,011.82. Following the transaction, the chief financial officer owned 97,481 shares in the company, valued at approximately $6,724,239.38. This trade represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Erik C. Blachford sold 965 shares of the business's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $70.35, for a total value of $67,887.75. Following the transaction, the director directly owned 35,474 shares in the company, valued at $2,495,595.90. This trade represents a 2.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,093 shares of company stock worth $6,989,688 in the last quarter. Corporate insiders own 17.14% of the company's stock.

Zillow Group Company Profile

Zillow Group, Inc operates real estate brands in mobile applications and Websites in the United States. The company offers premier agent and rentals marketplaces, new construction marketplaces, advertising, display advertising, and business technology solutions, as well as dotloop and floor plans. It also provides mortgage originations and the sale of mortgages, and advertising to mortgage lenders and other mortgage professionals; and title and escrow services.