Wells Fargo & Company Boosts Zillow Group (NASDAQ:ZG) Price Target to $46.00

Key Points

• Wells Fargo raised its price target on Zillow Group from $45 to $46 while keeping an equal weight rating, implying about 39.6% upside from the prior close.
• Analyst sentiment on Zillow remains mixed: the stock has 13 Buy, 12 Hold, and 1 Sell rating, with a consensus price target of $69.48.
• Zillow recently posted a strong quarter, reporting $0.53 EPS versus $0.43 expected and 18.4% year-over-year revenue growth to $708 million.

Zillow Group (NASDAQ:ZG - Get Free Report) had its target price increased by equities research analysts at Wells Fargo & Company from $45.00 to $46.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the technology company's stock. Wells Fargo & Company's target price points to a potential upside of 39.61% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. Piper Sandler cut their price target on Zillow Group from $70.00 to $55.00 and set an "overweight" rating for the company in a report on Thursday, May 7th. Evercore reiterated an "outperform" rating on shares of Zillow Group in a research report on Tuesday, March 17th. Canaccord Genuity Group cut their target price on shares of Zillow Group from $72.00 to $52.00 and set a "hold" rating for the company in a report on Thursday, May 7th. Royal Bank Of Canada reduced their price target on shares of Zillow Group to $70.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 10th. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Zillow Group in a research note on Thursday, June 11th. Thirteen equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $69.48.

Zillow Group Stock Performance

ZG opened at $32.95 on Tuesday. The stock has a market capitalization of $7.54 billion, a price-to-earnings ratio of 131.80, a PEG ratio of 1.43 and a beta of 1.95. The company has a fifty day moving average of $36.41 and a 200 day moving average of $47.19. Zillow Group has a fifty-two week low of $29.03 and a fifty-two week high of $90.22.

Zillow Group (NASDAQ:ZG - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The technology company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.43 by $0.10. Zillow Group had a net margin of 2.27% and a return on equity of 1.41%. The business had revenue of $708.00 million during the quarter, compared to the consensus estimate of $705.17 million. During the same quarter in the prior year, the firm earned $0.41 EPS. The business's revenue was up 18.4% on a year-over-year basis. On average, equities research analysts forecast that Zillow Group will post 0.9 earnings per share for the current year.

Insider Buying and Selling at Zillow Group

In other news, CEO Jeremy Wacksman sold 9,072 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $36.54, for a total transaction of $331,490.88. Following the transaction, the chief executive officer owned 153,699 shares of the company's stock, valued at approximately $5,616,161.46. The trade was a 5.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Erik C. Blachford sold 791 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $34.80, for a total value of $27,526.80. Following the sale, the director owned 34,952 shares in the company, valued at $1,216,329.60. The trade was a 2.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 42,910 shares of company stock valued at $1,605,732. Corporate insiders own 29.88% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Arax Advisory Partners lifted its holdings in shares of Zillow Group by 402.3% in the 4th quarter. Arax Advisory Partners now owns 442 shares of the technology company's stock worth $30,000 after acquiring an additional 354 shares during the last quarter. First Command Advisory Services Inc. bought a new position in Zillow Group during the 4th quarter valued at about $34,000. EverSource Wealth Advisors LLC grew its holdings in Zillow Group by 183.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company's stock valued at $41,000 after purchasing an additional 637 shares during the last quarter. Fifth Third Bancorp raised its position in Zillow Group by 990.3% in the 1st quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company's stock worth $42,000 after purchasing an additional 921 shares during the period. Finally, Kestra Advisory Services LLC purchased a new stake in Zillow Group in the 4th quarter worth about $47,000. Institutional investors 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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