Zillow Group (NASDAQ:Z) Shares Down 5.6% - What's Next?

Key Points

• Zillow Group's stock price fell by 5.6% to $81.87, with a significant trading volume of approximately 2.85 million shares exchanged.
• Analysts have varying price targets for Zillow, with Bank of America setting a target of $88, and Sanford C. Bernstein a target of $105, indicating a generally positive outlook.
• Recent insider trading includes sales by COO Jun Choo and Director Erik C. Blachford, decreasing their ownership stakes in the company.

Zillow Group, Inc. (NASDAQ:Z - Get Free Report)'s stock price dropped 5.6% during mid-day trading on Monday . The company traded as low as $82.03 and last traded at $81.87. Approximately 2,849,594 shares traded hands during trading, an increase of 6% from the average daily volume of 2,677,524 shares. The stock had previously closed at $86.74.

Wall Street Analyst Weigh In

Z has been the subject of a number of recent research reports. Bank of America boosted their price objective on Zillow Group from $81.00 to $88.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. boosted their price objective on Zillow Group from $79.00 to $94.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Finally, Sanford C. Bernstein raised Zillow Group from a "market perform" rating to an "outperform" rating and set a $105.00 price target on the stock in a report on Wednesday, September 17th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $90.38.

Zillow Group Price Performance

The firm has a market cap of $19.63 billion, a price-to-earnings ratio of -311.69, a P/E/G ratio of 24.15 and a beta of 2.04. The firm has a fifty day simple moving average of $83.36 and a two-hundred day simple moving average of $73.71.

Insiders Place Their Bets

In other Zillow Group news, COO Jun Choo sold 25,575 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $91.06, for a total value of $2,328,859.50. Following the completion of the sale, the chief operating officer 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Erik C. Blachford sold 966 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $81.91, for a total value of $79,125.06. Following the completion of the sale, the director directly owned 34,508 shares of the company's stock, valued at approximately $2,826,550.28. This represents a 2.72% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 657,087 shares of company stock valued at $56,286,479. 25.03% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Jump Financial LLC purchased a new position in Zillow Group during the first quarter valued at approximately $334,000. TB Alternative Assets Ltd. raised its position in Zillow Group by 49.0% during the first quarter. TB Alternative Assets Ltd. now owns 570,913 shares of the financial services provider's stock valued at $39,142,000 after acquiring an additional 187,671 shares in the last quarter. American Assets Investment Management LLC purchased a new position in Zillow Group during the first quarter valued at approximately $468,000. Alberta Investment Management Corp purchased a new position in Zillow Group during the first quarter valued at approximately $3,661,000. Finally, Cerity Partners LLC raised its position in Zillow Group by 67.0% during the first quarter. Cerity Partners LLC now owns 20,475 shares of the financial services provider's stock valued at $1,404,000 after acquiring an additional 8,215 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.