Zillow Group (NASDAQ:Z) Price Target Cut to $62.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan cut Zillow Group’s price target from $76 to $62 while maintaining an “overweight” rating, implying roughly 80% upside from the reported $34.44 share price.
• Other brokerages also lowered their targets, bringing Zillow’s average analyst target to $66.75 and its consensus rating to “Moderate Buy.”
• Zillow exceeded quarterly expectations, reporting $0.52 in EPS versus a $0.45 estimate and revenue of $772 million versus $758.1 million expected.

Zillow Group (NASDAQ:Z - Get Free Report) had its price target cut by investment analysts at JPMorgan Chase & Co. from $76.00 to $62.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 80.01% from the company's current price.

Several other brokerages have also recently weighed in on Z. Morgan Stanley set a $60.00 price target on shares of Zillow Group in a research note on Thursday. Keefe, Bruyette & Woods decreased their target price on Zillow Group from $37.00 to $34.00 and set a "market perform" rating on the stock in a report on Friday. UBS Group lowered their target price on Zillow Group from $80.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, April 28th. Royal Bank Of Canada cut their price target on Zillow Group from $95.00 to $70.00 and set an "outperform" rating for the company in a report on Wednesday, June 10th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Zillow Group from $80.00 to $68.00 and set a "buy" rating for the company in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Zillow Group presently has an average rating of "Moderate Buy" and an average target price of $66.75.

Zillow Group Price Performance

Shares of Z traded up $0.69 during trading hours on Tuesday, hitting $34.44. The stock had a trading volume of 812,156 shares, compared to its average volume of 4,230,170. The firm has a market capitalization of $7.88 billion, a PE ratio of 155.88, a PEG ratio of 1.44 and a beta of 1.98. Zillow Group has a 12 month low of $29.23 and a 12 month high of $93.88. The stock has a fifty day moving average price of $33.00 and a 200 day moving average price of $41.12.

Zillow Group (NASDAQ:Z - Get Free Report) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.07. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.The business had revenue of $772.00 million for the quarter, compared to analysts' expectations of $758.10 million. As a group, analysts anticipate that Zillow Group will post 0.9 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Jeremy Hofmann sold 5,501 shares of the firm's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $37.40, for a total transaction of $205,737.40. Following the completion of the transaction, the chief financial officer owned 68,315 shares in the company, valued at $2,554,981. This trade represents a 7.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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. Also, General Counsel Bradley D. Owens sold 3,364 shares of the business's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $37.23, for a total value of $125,241.72. Following the completion of the sale, the general counsel owned 65,245 shares in the company, valued at $2,429,071.35. This represents a 4.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold a total of 42,910 shares of company stock worth $1,605,732 in the last 90 days. 23.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Independent Franchise Partners LLP increased its position in Zillow Group by 0.9% in the fourth quarter. Independent Franchise Partners LLP now owns 10,953,405 shares of the financial services provider's stock worth $747,241,000 after purchasing an additional 94,569 shares during the last quarter. Capital World Investors grew its stake in shares of Zillow Group by 1.8% in the 4th quarter. Capital World Investors now owns 10,826,066 shares of the financial services provider's stock worth $738,554,000 after buying an additional 191,058 shares in the last quarter. Tiger Global Management LLC increased its holdings in shares of Zillow Group by 21.7% in the 1st 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. State Street Corp increased its holdings in shares of Zillow Group by 3.9% in the 4th quarter. State Street Corp now owns 3,838,788 shares of the financial services provider's stock worth $261,882,000 after buying an additional 143,726 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Zillow Group by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 3,363,657 shares of the financial services provider's stock valued at $228,898,000 after buying an additional 55,323 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

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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