Zillow Group (NASDAQ:Z) CEO Jeremy Wacksman Sells 9,339 Shares of Stock

Key Points

• CEO Jeremy Wacksman sold 9,339 Zillow shares for approximately $319,207 under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards. He retained 138,574 shares, a 6.31% reduction in his direct holdings.
• Zillow shares fell 3.0% to $33.72 during Monday trading. The company recently exceeded quarterly expectations, reporting $0.52 in adjusted earnings per share versus a $0.45 consensus estimate and $772 million in revenue.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $66.75, although several firms have recently lowered targets or downgraded the stock. Institutional investors own approximately 71.01% of Zillow’s shares.

Zillow Group, Inc. (NASDAQ:Z - Get Free Report) CEO Jeremy Wacksman sold 9,339 shares of the company's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $34.18, for a total value of $319,207.02. Following the transaction, the chief executive officer directly owned 138,574 shares in the company, valued at approximately $4,736,459.32. This represents a 6.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Jeremy Wacksman also recently made the following trade(s):

• On Thursday, August 13th, Jeremy Wacksman sold 5,786 shares of Zillow Group stock. The shares were sold at an average price of $34.24, for a total value of $198,112.64.
• On Friday, May 22nd, Jeremy Wacksman sold 9,072 shares of Zillow Group stock. The stock was sold at an average price of $36.54, for a total value of $331,490.88.

Zillow Group Trading Down 3.0%

Zillow Group stock traded down $1.06 during mid-day trading on Monday, hitting $33.72. The stock had a trading volume of 5,034,691 shares, compared to its average volume of 4,238,369. The stock has a 50-day simple moving average of $32.91 and a two-hundred day simple moving average of $40.19. The stock has a market capitalization of $7.72 billion, a PE ratio of 153.28, a P/E/G ratio of 1.51 and a beta of 1.98. Zillow Group, Inc. has a 12 month low of $29.23 and a 12 month high of $93.88.

Zillow Group (NASDAQ:Z - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.07. The firm had revenue of $772.00 million during the quarter, compared to analysts' expectations of $758.10 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%. Sell-side analysts expect that Zillow Group, Inc. will post 0.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in Z. The Manufacturers Life Insurance Company boosted its holdings in shares of Zillow Group by 106.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 41,519 shares of the financial services provider's stock valued at $1,718,000 after buying an additional 21,439 shares during the last quarter. Tiger Global Management LLC increased its holdings in Zillow Group by 21.7% during the first quarter. Tiger Global Management LLC now owns 7,368,957 shares of the financial services provider's stock worth $304,927,000 after buying an additional 1,312,000 shares during the last quarter. IFP Advisors Inc raised its position in Zillow Group by 17,458.4% during the fourth quarter. IFP Advisors Inc now owns 73,921 shares of the financial services provider's stock worth $5,043,000 after acquiring an additional 73,500 shares in the last quarter. Emmett Investment Management LP lifted its stake in Zillow Group by 353.9% in the first quarter. Emmett Investment Management LP now owns 96,236 shares of the financial services provider's stock valued at $3,897,000 after acquiring an additional 75,036 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new stake in Zillow Group in the first quarter valued at $1,743,000. 71.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Z has been the topic of a number of recent research reports. Royal Bank Of Canada reduced their price objective on shares of Zillow Group from $95.00 to $70.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 10th. UBS Group cut their price target on Zillow Group from $80.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, April 28th. Zacks Research cut Zillow Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft cut their target price on Zillow Group from $80.00 to $68.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Finally, Sanford C. Bernstein cut Zillow Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Zillow Group currently has an average rating of "Moderate Buy" and an average target price of $66.75.

About Zillow Group

Zillow Group, Inc is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company's platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company's automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.

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