Insider Selling: Zillow Group (NASDAQ:Z) CTO Sells $299,683.44 in Stock

Key Points

• Zillow Group's CTO David A. Beitel sold 3,678 shares of the company's stock at an average price of $81.48, totaling approximately $299,683, which led to a 2.15% decrease in his ownership.
• The stock price of Zillow Group (NASDAQ:Z) dipped $0.16 to $85.11 during midday trading, with a significant market volume of 2,391,941 shares exchanged.
• Several analysts have raised their price targets for Zillow Group, with JPMorgan Chase increasing their target to $94 and Bank of America to $88, reflecting positive expectations for the company's performance.

Zillow Group, Inc. (NASDAQ:Z - Get Free Report) CTO David A. Beitel sold 3,678 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $81.48, for a total value of $299,683.44. Following the sale, the chief technology officer directly owned 167,059 shares of the company's stock, valued at approximately $13,611,967.32. This represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Zillow Group Stock Performance

NASDAQ:Z traded down $2.01 during mid-day trading on Wednesday, reaching $81.49. The stock had a trading volume of 235,215 shares, compared to its average volume of 2,655,202. The business has a 50 day simple moving average of $76.49 and a 200 day simple moving average of $72.75. The firm has a market capitalization of $19.74 billion, a price-to-earnings ratio of -313.87, a PEG ratio of 15.91 and a beta of 2.09. Zillow Group, Inc. has a twelve month low of $52.86 and a twelve month high of $89.39.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Marex Group plc purchased a new position in Zillow Group during the second quarter worth about $2,031,000. L1 Capital Pty Ltd acquired a new position in shares of Zillow Group during the 2nd quarter valued at about $26,651,000. CANADA LIFE ASSURANCE Co increased its stake in shares of Zillow Group by 29.2% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 69,442 shares of the financial services provider's stock valued at $4,870,000 after acquiring an additional 15,707 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Zillow Group by 86.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,384 shares of the financial services provider's stock valued at $517,000 after acquiring an additional 3,415 shares during the last quarter. Finally, Corient Private Wealth LLC increased its stake in shares of Zillow Group by 40.9% during the 2nd quarter. Corient Private Wealth LLC now owns 14,060 shares of the financial services provider's stock valued at $985,000 after acquiring an additional 4,078 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on Z shares. JPMorgan Chase & Co. lifted their price target on Zillow Group from $79.00 to $94.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Keefe, Bruyette & Woods cut their target price on shares of Zillow Group from $80.00 to $76.00 and set a "market perform" rating for the company in a research report on Wednesday, May 7th. Wells Fargo & Company upgraded shares of Zillow Group to a "hold" rating in a research report on Monday, April 28th. Bank of America lifted their price objective on Zillow Group from $81.00 to $88.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Finally, Wedbush restated an "outperform" rating and set a $100.00 price objective on shares of Zillow Group in a research report on Monday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $88.29.

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.