Zillow Group (NASDAQ:Z) Share Price Crosses Below 50-Day Moving Average - Here's Why

Zillow Group, Inc. (NASDAQ:Z - Get Free Report)'s share price passed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $31.46 and traded as low as $30.53. Zillow Group shares last traded at $30.77, with a volume of 5,062,628 shares.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Morgan Stanley reduced their price target on Zillow Group from $60.00 to $35.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 13th. Needham & Company LLC restated a "hold" rating on shares of Zillow Group in a research report on Friday, October 16th. JPMorgan Chase & Co. lowered their price objective 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. Evercore cut shares of Zillow Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Zillow Group in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Zillow Group has a consensus rating of "Hold" and an average target price of $57.71.

Zillow Group Trading Down 4.0%

The stock has a 50-day moving average price of $31.46 and a 200 day moving average price of $39.54. The stock has a market capitalization of $6.92 billion, a price-to-earnings ratio of 139.87, a PEG ratio of 1.41 and a beta of 2.04.

Zillow Group (NASDAQ:Z - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.07. The company had revenue of $772.00 million during the quarter, compared to analysts' expectations of $758.10 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%. Equities research analysts anticipate that Zillow Group, Inc. will post 0.91 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Jeremy Wacksman sold 9,339 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $34.18, for a total value of $319,207.02. Following the completion of the sale, the chief executive officer directly owned 138,574 shares in the company, valued at $4,736,459.32. The trade was a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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. Also, insider Dan Spaulding sold 3,169 shares of the company's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $35.37, for a total value of $112,087.53. Following the transaction, the insider directly owned 44,561 shares of the company's stock, valued at approximately $1,576,122.57. The trade was a 6.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 38,539 shares of company stock valued at $1,323,800. 23.76% of the stock is owned by insiders.

Institutional Investors Weigh In On Zillow Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC purchased a new position in Zillow Group in the 3rd quarter valued at $27,000. Root Financial Partners LLC purchased a new stake in shares of Zillow Group during the third quarter worth $34,000. Leonteq Securities AG grew its holdings in shares of Zillow Group by 627.0% during the first quarter. Leonteq Securities AG now owns 1,345 shares of the financial services provider's stock worth $56,000 after buying an additional 1,160 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Zillow Group by 283.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,414 shares of the financial services provider's stock worth $59,000 after buying an additional 1,045 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Zillow Group in the second quarter valued at about $78,000. Hedge funds and other institutional investors own 71.01% of the company's stock.

About Zillow Group

Zillow Group, Inc NASDAQ: Z operates a digital real estate marketplace in the United States. Its platforms help consumers search for homes, research neighborhoods and market conditions, connect with real estate professionals, and manage various steps in the home-buying, selling, renting and financing processes.

The company's portfolio includes Zillow, Trulia, StreetEasy and HotPads, which provide property listings and real estate information. Zillow Group also offers services for real estate professionals, including marketing, lead generation, transaction management and showing coordination through products such as Zillow Premier Agent and ShowingTime+.

Through Zillow Home Loans and other affiliated services, the company provides or facilitates mortgage and closing-related solutions.

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