Zillow Group (NASDAQ:Z) Sets New 12-Month High on Analyst Upgrade

Key Points

• Zillow Group shares reached a new 52-week high after being upgraded by Sanford C. Bernstein from 'market perform' to 'outperform', with a price target of $105.00.
• Other analysts, including JPMorgan and Bank of America, also increased their price targets for Zillow Group to $94.00 and $88.00 respectively, indicating a generally positive outlook for the stock.
• Insider trading activity showed significant sales, with COO Jun Choo and Director Erik C. Blachford selling shares, contributing to a total of 657,087 shares sold by insiders over the last quarter.

Zillow Group, Inc. (NASDAQ:Z - Get Free Report) shares hit a new 52-week high during trading on Wednesday after Sanford C. Bernstein upgraded the stock from a market perform rating to an outperform rating. Sanford C. Bernstein now has a $105.00 price target on the stock. Zillow Group traded as high as $93.45 and last traded at $91.24, with a volume of 1132915 shares changing hands. The stock had previously closed at $88.55.

Z has been the topic of a number of other research reports. Bank of America upped their target price on shares of Zillow Group from $81.00 to $88.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. upped their target price on shares of Zillow Group from $79.00 to $94.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $90.38.

Insider Transactions at Zillow Group

In related news, COO Jun Choo sold 25,575 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $91.06, for a total value of $2,328,859.50. Following the completion of the transaction, the chief operating officer directly owned 114,129 shares of the company's stock, valued at approximately $10,392,586.74. This trade represents a 18.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Erik C. Blachford sold 966 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $81.91, for a total transaction of $79,125.06. Following the completion of the transaction, the director directly owned 34,508 shares of the company's stock, valued at approximately $2,826,550.28. This trade represents a 2.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 657,087 shares of company stock worth $56,286,479. Company insiders own 25.03% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of Z. Vanguard Group Inc. boosted its holdings in Zillow Group by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 23,002,526 shares of the financial services provider's stock valued at $1,611,327,000 after purchasing an additional 412,571 shares during the period. Independent Franchise Partners LLP boosted its holdings in Zillow Group by 2.5% in the 1st quarter. Independent Franchise Partners LLP now owns 11,153,697 shares of the financial services provider's stock valued at $764,697,000 after purchasing an additional 271,084 shares during the period. Ninety One UK Ltd boosted its holdings in Zillow Group by 17.4% in the 2nd quarter. Ninety One UK Ltd now owns 4,731,948 shares of the financial services provider's stock valued at $331,473,000 after purchasing an additional 702,445 shares during the period. Eminence Capital LP boosted its holdings in Zillow Group by 63.6% in the 2nd quarter. Eminence Capital LP now owns 3,978,731 shares of the financial services provider's stock valued at $278,710,000 after purchasing an additional 1,546,577 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Zillow Group by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,142,403 shares of the financial services provider's stock valued at $219,467,000 after purchasing an additional 69,630 shares during the period. 71.01% of the stock is owned by institutional investors.

Zillow Group Trading Down 3.6%

The company's fifty day simple moving average is $83.36 and its 200 day simple moving average is $73.71. The stock has a market capitalization of $21.01 billion, a P/E ratio of -333.62, a P/E/G ratio of 24.15 and a beta of 2.04.

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.