Wells Fargo & Company Cuts Zillow Group (NASDAQ:ZG) Price Target to $73.00

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 - Get Free Report) had its price objective dropped by investment analysts at Wells Fargo & Company from $75.00 to $73.00 in a report released on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the technology company's stock. Wells Fargo & Company's target price points to a potential downside of 11.53% from the company's previous close.

A number of other analysts have also commented on ZG. Evercore ISI lifted their price target on shares of Zillow Group from $90.00 to $95.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. DA Davidson lifted their price target on shares of Zillow Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Piper Sandler boosted their target price on shares of Zillow Group from $82.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Barclays restated an "underweight" rating and set a $66.00 target price (up from $60.00) on shares of Zillow Group in a research report on Thursday, August 7th. Finally, Susquehanna restated a "neutral" rating on shares of Zillow Group in a research report on Friday, August 8th. Thirteen equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $85.52.

Zillow Group Stock Down 1.6%

Shares of ZG stock opened at $82.51 on Thursday. The company has a 50 day moving average price of $78.39 and a 200-day moving average price of $71.20. Zillow Group has a 52 week low of $52.17 and a 52 week high of $88.45. The firm has a market capitalization of $19.99 billion, a PE ratio of -317.35, a P/E/G ratio of 8.79 and a beta of 2.02.

Zillow Group (NASDAQ:ZG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The technology company reported $0.40 EPS 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 during the quarter, compared to the consensus estimate of $647.06 million. During the same quarter in the prior year, the firm earned $0.39 earnings per share. The business's revenue was up 14.5% compared to the same quarter last year. Analysts anticipate that Zillow Group will post 0.32 earnings per share for the current year.

Insider Buying and Selling at Zillow Group

In other Zillow Group news, insider Dan Spaulding sold 100,000 shares of Zillow Group stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $85.91, for a total transaction of $8,591,000.00. Following the transaction, the insider owned 68,889 shares of the company's stock, valued at $5,918,253.99. The trade was a 59.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard N. Barton sold 200,000 shares of Zillow Group stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $84.92, for a total transaction of $16,984,000.00. Following the transaction, the chairman directly owned 843,248 shares in the company, valued at $71,608,620.16. This represents a 19.17% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 657,087 shares of company stock valued at $56,286,479. 17.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Zillow Group

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in shares of Zillow Group by 38.0% in the first quarter. GAMMA Investing LLC now owns 1,828 shares of the technology company's stock worth $122,000 after buying an additional 503 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Zillow Group by 60.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,044 shares of the technology company's stock worth $404,000 after buying an additional 2,288 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Zillow Group by 253.3% in the first quarter. SG Americas Securities LLC now owns 20,980 shares of the technology company's stock worth $1,403,000 after buying an additional 15,042 shares in the last quarter. Cetera Investment Advisers purchased a new position in shares of Zillow Group in the fourth quarter worth $228,000. Finally, Two Sigma Advisers LP lifted its holdings in shares of Zillow Group by 21.5% in the fourth quarter. Two Sigma Advisers LP now owns 14,090 shares of the technology company's stock worth $998,000 after buying an additional 2,490 shares in the last quarter. Hedge funds and other institutional investors own 20.32% of the company's stock.

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.

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