Zillow Group (NASDAQ:ZG) CFO Jeremy Hofmann Sells 5,661 Shares

Key Points

• CFO Jeremy Hofmann sold 5,661 Zillow Group shares for approximately $193,493 at an average price of $34.18. The transaction was made under a Rule 10b5-1 plan to cover tax withholding tied to vested equity awards, reducing his direct holdings by 8.74%.
• Zillow shares fell 2.4% to $34.32, well below the 12-month high of $90.22. The stock trades at a high price-to-earnings ratio of 156.01 and has a market capitalization of about $7.72 billion.
• The company exceeded quarterly expectations, reporting adjusted EPS of $0.52 versus the $0.44 consensus and revenue of $772 million, up 17.9% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $52.29.

Zillow Group, Inc. (NASDAQ:ZG - Get Free Report) CFO Jeremy Hofmann sold 5,661 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.18, for a total value of $193,492.98. Following the completion of the sale, the chief financial officer directly owned 59,144 shares of the company's stock, valued at $2,021,541.92. This represents a 8.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 Hofmann also recently made the following trade(s):

• On Thursday, August 13th, Jeremy Hofmann sold 3,510 shares of Zillow Group stock. The shares were sold at an average price of $34.24, for a total value of $120,182.40.

Zillow Group Trading Down 2.4%

Zillow Group stock traded down $0.84 during trading hours on Monday, reaching $34.32. 1,454,360 shares of the company were exchanged, compared to its average volume of 1,202,979. Zillow Group, Inc. has a 12 month low of $29.03 and a 12 month high of $90.22. The stock has a 50-day moving average of $33.03 and a 200 day moving average of $40.23. The firm has a market cap of $7.72 billion, a price-to-earnings ratio of 156.01, a PEG ratio of 1.53 and a beta of 1.95.

Zillow Group (NASDAQ:ZG - Get Free Report) last released its earnings results on Wednesday, August 5th. The technology company reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.08. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The firm had revenue of $772.00 million during the quarter, compared to analyst estimates of $758.25 million. During the same quarter in the previous year, the business earned $0.40 EPS. The business's revenue was up 17.9% on a year-over-year basis. As a group, research analysts forecast that Zillow Group, Inc. will post 0.89 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its position in Zillow Group by 10.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,156 shares of the technology company's stock worth $147,000 after buying an additional 198 shares in the last quarter. Lido Advisors LLC grew its holdings in shares of Zillow Group by 0.4% in the 4th quarter. Lido Advisors LLC now owns 50,846 shares of the technology company's stock valued at $3,627,000 after acquiring an additional 215 shares in the last quarter. Royal London Asset Management Ltd. increased its position in shares of Zillow Group by 1.4% in the second quarter. Royal London Asset Management Ltd. now owns 18,217 shares of the technology company's stock valued at $1,248,000 after acquiring an additional 247 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Zillow Group by 8.5% during the third quarter. Mackenzie Financial Corp now owns 3,301 shares of the technology company's stock worth $246,000 after acquiring an additional 258 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in Zillow Group by 9.2% during the second quarter. California State Teachers Retirement System now owns 3,147 shares of the technology company's stock worth $216,000 after acquiring an additional 264 shares in the last quarter. 20.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ZG shares. Barclays lowered their target price on Zillow Group from $58.00 to $54.00 and set an "equal weight" rating on the stock in a report on Friday, May 8th. Cantor Fitzgerald dropped their target price on shares of Zillow Group from $34.00 to $32.00 and set a "neutral" rating on the stock in a research report on Thursday, August 6th. Piper Sandler reduced their price target on shares of Zillow Group from $55.00 to $46.00 and set an "overweight" rating for the company in a report on Friday, August 7th. Citigroup dropped their price objective on shares of Zillow Group from $68.00 to $52.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Finally, KeyCorp reduced their target price on shares of Zillow Group from $65.00 to $57.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. Eleven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $52.29.

About Zillow Group

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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