Wells Fargo & Company Issues Pessimistic Forecast for Zillow Group (NASDAQ:ZG) Stock Price

Key Points

• Wells Fargo & Company has lowered its price target for Zillow Group from $75.00 to $73.00, indicating a potential downside of 11.53% from the stock's previous closing price.
• Despite Wells Fargo's downgrade, other analysts have increased their target prices for Zillow Group, with some targeting as high as $95.00.
• Insiders have significantly sold shares of Zillow Group recently, with notable transactions revealing a 59.21% decrease in ownership for one insider and a 19.17% decrease for another.

Zillow Group (NASDAQ:ZG - Free Report) had its price objective lowered by Wells Fargo & Company from $75.00 to $73.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the technology company's stock.

Other equities analysts also recently issued reports about the company. Susquehanna reissued a "neutral" rating on shares of Zillow Group in a research note on Friday, August 8th. KeyCorp reissued an "overweight" rating and set a $92.00 target price (up from $90.00) on shares of Zillow Group in a research note on Thursday, August 7th. Canaccord Genuity Group increased their target price on Zillow Group from $76.00 to $84.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Barclays reissued an "underweight" rating and set a $66.00 target price (up from $60.00) on shares of Zillow Group in a research note on Thursday, August 7th. Finally, Piper Sandler increased their target price on Zillow Group from $82.00 to $94.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Thirteen analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $85.52.

Zillow Group Trading Up 1.2%

Shares of NASDAQ ZG traded up $1.01 during trading hours on Thursday, reaching $84.71. The stock had a trading volume of 243,849 shares, compared to its average volume of 555,466. Zillow Group has a fifty-two week low of $55.08 and a fifty-two week high of $88.45. The firm has a 50-day moving average of $79.24 and a 200-day moving average of $71.37. The firm has a market cap of $20.52 billion, a price-to-earnings ratio of -325.38, a PEG ratio of 23.49 and a beta of 2.02.

Zillow Group (NASDAQ:ZG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.44 by ($0.04). Zillow Group had a negative return on equity of 1.26% and a negative net margin of 2.60%.The company had revenue of $655.00 million for the quarter, compared to analyst estimates of $647.06 million. During the same period in the previous year, the business posted $0.39 earnings per share. The firm's revenue was up 14.5% compared to the same quarter last year. On average, equities analysts predict that Zillow Group will post 0.32 EPS for the current year.

Insider Activity at Zillow Group

In other news, COO Jun Choo sold 45,710 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $85.21, for a total transaction of $3,894,949.10. Following the sale, the chief operating officer owned 117,098 shares in the company, valued at $9,977,920.58. This trade represents a 28.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Dan Spaulding sold 100,000 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $85.91, for a total value of $8,591,000.00. Following the sale, the insider owned 68,889 shares in the company, valued at $5,918,253.99. This trade represents a 59.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 657,087 shares of company stock valued at $56,286,479 in the last ninety days. 17.14% of the stock is owned by insiders.

Institutional Investors Weigh In On Zillow Group

Several hedge funds have recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Zillow Group by 3.0% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 4,550 shares of the technology company's stock worth $312,000 after purchasing an additional 131 shares during the last quarter. Voya Investment Management LLC boosted its holdings in Zillow Group by 2.8% in the first quarter. Voya Investment Management LLC now owns 5,778 shares of the technology company's stock valued at $386,000 after acquiring an additional 156 shares during the last quarter. M&T Bank Corp boosted its holdings in Zillow Group by 4.1% in the first quarter. M&T Bank Corp now owns 5,437 shares of the technology company's stock valued at $363,000 after acquiring an additional 215 shares during the last quarter. National Bank of Canada FI boosted its holdings in Zillow Group by 79.4% in the first quarter. National Bank of Canada FI now owns 488 shares of the technology company's stock valued at $33,000 after acquiring an additional 216 shares during the last quarter. Finally, Unified Investment Management boosted its holdings in Zillow Group by 1.7% in the second quarter. Unified Investment Management now owns 14,144 shares of the technology company's stock valued at $969,000 after acquiring an additional 235 shares during the last quarter. Institutional investors and hedge funds own 20.32% of the company's stock.

About Zillow Group

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.