Jeremy Hofmann Sells 3,671 Shares of Zillow Group (NASDAQ:ZG) Stock

Key Points

• Zillow CFO Jeremy Hofmann sold 3,671 shares on May 14 at an average price of $37.93, for proceeds of about $139,241. The sale was made under a pre-arranged 10b5-1 plan to cover tax withholding tied to equity awards.
• Zillow’s latest earnings topped expectations, with Q1 EPS of $0.53 versus estimates of $0.43 and revenue of $708 million versus $705.17 million expected. Revenue rose 18.4% year over year, and analysts now expect full-year EPS of 0.82.
• Analyst sentiment remains mixed but positive overall, with Zillow holding a consensus rating of “Moderate Buy” and an average price target of $71.24. However, several firms recently trimmed targets, reflecting some caution despite the strong earnings report.

Zillow Group, Inc. (NASDAQ:ZG - Get Free Report) CFO Jeremy Hofmann sold 3,671 shares of Zillow Group stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $37.93, for a total transaction of $139,241.03. Following the completion of the transaction, the chief financial officer directly owned 73,816 shares in the company, valued at $2,799,840.88. This trade represents a 4.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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, May 18th, Jeremy Hofmann sold 5,501 shares of Zillow Group stock. The shares were sold at an average price of $37.40, for a total transaction of $205,737.40.
• On Wednesday, February 18th, Jeremy Hofmann sold 7,786 shares of Zillow Group stock. The shares were sold at an average price of $43.73, for a total transaction of $340,481.78.

Zillow Group Price Performance

NASDAQ:ZG traded down $0.45 during mid-day trading on Monday, reaching $37.61. The stock had a trading volume of 1,697,655 shares, compared to its average volume of 1,113,151. The stock has a 50-day simple moving average of $42.99 and a two-hundred day simple moving average of $56.42. The stock has a market capitalization of $8.61 billion, a PE ratio of 150.44, a P/E/G ratio of 1.78 and a beta of 2.04. Zillow Group, Inc. has a 12 month low of $37.26 and a 12 month high of $90.22.

Zillow Group (NASDAQ:ZG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The technology company reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.10. The business had revenue of $708.00 million for the quarter, compared to analysts' expectations of $705.17 million. Zillow Group had a net margin of 2.27% and a return on equity of 1.41%. The firm's quarterly revenue was up 18.4% compared to the same quarter last year. During the same period last year, the firm posted $0.41 earnings per share. Equities analysts expect that Zillow Group, Inc. will post 0.82 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on ZG. Zacks Research upgraded shares of Zillow Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 10th. Mizuho cut their target price on shares of Zillow Group from $65.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday, May 7th. Canaccord Genuity Group cut their target price on shares of Zillow Group from $72.00 to $52.00 and set a "hold" rating on the stock in a research report on Thursday, May 7th. Weiss Ratings upgraded shares of Zillow Group from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday, May 7th. Finally, Citigroup cut their target price on shares of Zillow Group from $78.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Zillow Group has an average rating of "Moderate Buy" and a consensus target price of $71.24.

Hedge Funds Weigh In On Zillow Group

Hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC lifted its holdings in shares of Zillow Group by 78.9% during the third quarter. Smartleaf Asset Management LLC now owns 424 shares of the technology company's stock worth $33,000 after purchasing an additional 187 shares during the period. Arax Advisory Partners lifted its holdings in shares of Zillow Group by 402.3% during the fourth quarter. Arax Advisory Partners now owns 442 shares of the technology company's stock worth $30,000 after purchasing an additional 354 shares during the period. First Command Advisory Services Inc. acquired a new position in shares of Zillow Group during the fourth quarter worth $34,000. Kestra Advisory Services LLC acquired a new position in shares of Zillow Group during the fourth quarter worth $47,000. Finally, Quarry LP acquired a new position in shares of Zillow Group during the fourth quarter worth $56,000. Institutional investors and hedge funds own 20.32% of the company's stock.

About Zillow Group

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.

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