Zillow Group (NASDAQ:ZG) CEO Sells $229,453.92 in Stock

Key Points

• Zillow CEO Jeremy Wacksman sold 6,051 shares on May 14 for about $229,454, a move the company said was to cover tax withholding tied to vesting equity awards. After the sale, he still held 162,771 shares.
• Zillow reported solid quarterly results on May 6, posting $0.53 EPS versus the $0.43 estimate and revenue of $708 million, with sales up 18.4% year over year. Analysts still expect $0.82 EPS for the current fiscal year.
• Wall Street sentiment is mixed to cautious: several brokerages cut price targets, and MarketBeat shows a consensus rating of Moderate Buy with a consensus target of $71.24. The stock was trading near its 52-week low, and recent insider selling plus a securities-law investigation add pressure.

Zillow Group, Inc. (NASDAQ:ZG - Get Free Report) CEO Jeremy Wacksman sold 6,051 shares of the company's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $37.92, for a total value of $229,453.92. Following the completion of the transaction, the chief executive officer directly owned 162,771 shares in the company, valued at approximately $6,172,276.32. The trade was a 3.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Tuesday, February 17th, Jeremy Wacksman sold 13,661 shares of Zillow Group stock. The shares were sold at an average price of $44.25, for a total value of $604,499.25.

Zillow Group Stock Performance

Shares of NASDAQ ZG traded up $0.20 during mid-day trading on Friday, hitting $38.06. The stock had a trading volume of 1,220,724 shares, compared to its average volume of 1,107,114. The company has a 50 day moving average of $43.15 and a two-hundred day moving average of $56.67. The firm has a market cap of $8.71 billion, a PE ratio of 152.24, a PEG ratio of 1.82 and a beta of 2.04. Zillow Group, Inc. has a twelve month low of $37.26 and a twelve month high of $90.22.

Zillow Group (NASDAQ:ZG - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The technology company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.10. The company had revenue of $708.00 million for the quarter, compared to the consensus estimate of $705.17 million. Zillow Group had a return on equity of 1.41% and a net margin of 2.27%.The firm's revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS. Equities research analysts predict that Zillow Group, Inc. will post 0.82 EPS for the current fiscal year.

Institutional Investors Weigh In On Zillow Group

A number of institutional investors have recently modified their holdings of the business. Norges Bank acquired a new stake in shares of Zillow Group during the 4th quarter valued at about $152,050,000. Independent Franchise Partners LLP grew its position in shares of Zillow Group by 1.1% during the 4th quarter. Independent Franchise Partners LLP now owns 2,024,556 shares of the technology company's stock valued at $138,135,000 after acquiring an additional 21,862 shares during the period. M&T Bank Corp grew its position in shares of Zillow Group by 38,344.0% during the 4th quarter. M&T Bank Corp now owns 1,604,270 shares of the technology company's stock valued at $120,092,000 after acquiring an additional 1,600,097 shares during the period. Tiger Global Management LLC grew its position in shares of Zillow Group by 30.7% during the 4th quarter. Tiger Global Management LLC now owns 1,023,733 shares of the technology company's stock valued at $69,849,000 after acquiring an additional 240,690 shares during the period. Finally, UBS Group AG grew its position in shares of Zillow Group by 44.5% during the 4th quarter. UBS Group AG now owns 1,018,448 shares of the technology company's stock valued at $69,489,000 after acquiring an additional 313,643 shares during the period. 20.32% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Zillow Group

Here are the key news stories impacting Zillow Group this week:

• Positive Sentiment: Zillow highlighted survey results showing most prospective home sellers want broad public exposure rather than private listing networks. The company said 85% of soon-to-be sellers are more likely to hire an agent who can pre-market to the broadest online audience, reinforcing Zillow’s core pitch that open-market listings benefit sellers. Article Title
• Positive Sentiment: Zillow also emphasized its data showing sellers lose money in same-agent dual agency deals and off-MLS listings, a message that could support demand for Zillow’s public-listing ecosystem and advertising tools. Article Title
• Neutral Sentiment: JPMorgan/other analyst commentary pointed to a lower price target for Zillow Group, suggesting Wall Street expectations have softened and may be limiting upside sentiment. Article Title
• Negative Sentiment: Multiple Zillow insiders, including the CEO, COO, CTO, CAO, general counsel, and another executive, sold shares this week. The company said the sales were mainly to cover tax withholding tied to vesting equity awards and some were made under a 10b5-1 plan, but the cluster of insider selling can still create a bearish overhang for investors. Article Title
• Negative Sentiment: Rosen Law Firm said it is investigating potential securities claims against Zillow, adding legal uncertainty that may be a headwind for the stock. Article Title

Analysts Set New Price Targets

Several brokerages have weighed in on ZG. Citigroup cut their price target on Zillow Group from $78.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday. Weiss Ratings raised Zillow Group from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday, May 7th. Canaccord Genuity Group cut their price target on Zillow Group from $72.00 to $52.00 and set a "hold" rating on the stock in a research report on Thursday, May 7th. Susquehanna set a $50.00 price target on Zillow Group in a research report on Thursday, February 12th. Finally, Cantor Fitzgerald cut their price target on Zillow Group from $56.00 to $46.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Zillow Group has a consensus rating of "Moderate Buy" and a consensus price target of $71.24.

Zillow Group Company Profile

Zillow Group NASDAQ: ZG is a U.S.-based online real estate marketplace that connects consumers, real estate professionals and mortgage lenders through a suite of digital products and advertising services. Founded in 2006 by Rich Barton and Lloyd Frink and headquartered in Seattle, Washington, the company operates a portfolio of consumer-facing brands and tools designed to simplify home search, rental discovery, valuation and mortgage shopping.

Zillow's core products include its consumer websites and mobile apps that list homes for sale and rent, the Zestimate automated home value estimate, and marketplaces that connect buyers and renters with agents and lenders.

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