Sanford C. Bernstein Upgrades Zillow Group (NASDAQ:Z) to "Outperform"

Key Points

• Sanford C. Bernstein upgraded Zillow Group (NASDAQ:Z) from "market perform" to "outperform" with a price target of $105.00, indicating a potential upside of 18.58% from its current price.
• Other analysts have also increased their price targets, with Bank of America raising theirs to $88.00 and JPMorgan Chase increasing theirs to $94.00.
• Insider trading activity has seen significant sales, with directors selling over 657,000 shares in total over the past three months, indicating a notable decline in their ownership stakes.

Zillow Group (NASDAQ:Z - Get Free Report) was upgraded by equities researchers at Sanford C. Bernstein from a "market perform" rating to an "outperform" rating in a research note issued on Wednesday, MarketBeat reports. The firm presently has a $105.00 price objective on the financial services provider's stock. Sanford C. Bernstein's target price points to a potential upside of 21.05% from the stock's current price.

A number of other brokerages have also commented on Z. JPMorgan Chase & Co. upped their price objective on Zillow Group from $79.00 to $94.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Bank of America upped their price objective on Zillow Group from $81.00 to $88.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, Zillow Group has a consensus rating of "Moderate Buy" and an average target price of $90.38.

Zillow Group Stock Performance

NASDAQ Z traded down $3.24 during trading on Wednesday, hitting $86.74. The stock had a trading volume of 4,524,635 shares, compared to its average volume of 2,569,500. Zillow Group has a 12 month low of $57.00 and a 12 month high of $93.88. The company has a market capitalization of $21.01 billion, a PE ratio of -333.62, a P/E/G ratio of 24.15 and a beta of 2.04. The company's 50-day moving average price is $83.36 and its two-hundred day moving average price is $73.71.

Insiders Place Their Bets

In other Zillow Group news, COO Jun Choo sold 25,575 shares of the firm's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $91.06, for a total value of $2,328,859.50. Following the completion of the sale, the chief operating officer directly owned 114,129 shares of the company's stock, valued at $10,392,586.74. This trade represents a 18.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Jeremy Hofmann sold 25,000 shares of the firm's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $89.99, for a total value of $2,249,750.00. Following the completion of the sale, the chief financial officer directly owned 84,146 shares of the company's stock, valued at $7,572,298.54. This represents a 22.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 657,087 shares of company stock valued at $56,286,479. Company insiders own 25.03% of the company's stock.

Hedge Funds Weigh In On Zillow Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. L1 Capital Pty Ltd purchased a new position in Zillow Group during the second quarter worth about $26,651,000. Osaic Holdings Inc. grew its position in Zillow Group by 10.4% during the second quarter. Osaic Holdings Inc. now owns 22,964 shares of the financial services provider's stock worth $1,606,000 after buying an additional 2,163 shares in the last quarter. Thrivent Financial for Lutherans grew its position in Zillow Group by 4.7% during the second quarter. Thrivent Financial for Lutherans now owns 101,412 shares of the financial services provider's stock worth $7,104,000 after buying an additional 4,514 shares in the last quarter. Marex Group plc purchased a new position in Zillow Group during the second quarter worth about $2,031,000. Finally, CANADA LIFE ASSURANCE Co grew its position in Zillow Group by 29.2% during the second quarter. CANADA LIFE ASSURANCE Co now owns 69,442 shares of the financial services provider's stock worth $4,870,000 after buying an additional 15,707 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

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.