Zillow Group (NASDAQ:ZG) CTO Sells $61,563.52 in Stock

Key Points

• Zillow Group CTO David Beitel sold 1,798 shares at an average price of $34.24, worth $61,563.52, to cover tax withholding on vested equity awards. He retained 133,013 shares after the transaction.
• Zillow shares fell 2.4% to $34.32, while the company’s latest quarterly results exceeded expectations: EPS was $0.52 versus a $0.44 estimate, and revenue rose 17.9% year over year to $772 million.
• Analysts have reduced their price targets, resulting in a consensus “Hold” rating and average target of $52.29; institutional investors own 20.32% of the company.

Zillow Group, Inc. (NASDAQ:ZG - Get Free Report) CTO David Beitel sold 1,798 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $34.24, for a total transaction of $61,563.52. Following the sale, the chief technology officer directly owned 133,013 shares in the company, valued at $4,554,365.12. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Zillow Group Stock Down 2.4%

ZG stock traded down $0.84 during trading on Monday, hitting $34.32. The company had a trading volume of 1,454,360 shares, compared to its average volume of 1,202,979. The firm has a 50-day moving average price of $33.03 and a 200-day moving average price of $40.23. Zillow Group, Inc. has a 12 month low of $29.03 and a 12 month high of $90.22. The stock 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 announced its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.52 EPS for the quarter, beating analysts' consensus estimates of $0.44 by $0.08. The firm had revenue of $772.00 million for the quarter, compared to analyst estimates of $758.25 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.The business's quarterly revenue was up 17.9% compared to the same quarter last year. During the same period last year, the company earned $0.40 EPS. Equities analysts expect that Zillow Group, Inc. will post 0.89 EPS for the current year.

Analyst Ratings Changes

ZG has been the subject of a number of research reports. Wells Fargo & Company lowered their price objective on Zillow Group from $46.00 to $35.00 and set an "equal weight" rating for the company in a research report on Friday, August 7th. Citizens Jmp reduced their target price on shares of Zillow Group from $75.00 to $46.00 and set a "market outperform" rating on the stock in a research note on Friday, August 7th. Benchmark lowered their price target on shares of Zillow Group from $110.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Royal Bank Of Canada dropped their price target on shares of Zillow Group from $70.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, August 6th. Finally, UBS Group cut their price objective on shares of Zillow Group from $75.00 to $50.00 and set a "buy" rating on the stock in a report on Friday, July 31st. Eleven analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Zillow Group presently has a consensus rating of "Hold" and an average price target of $52.29.

Institutional Investors Weigh In On Zillow Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Abacus FCF Advisors LLC acquired a new position in Zillow Group in the second quarter valued at about $8,712,000. Technology Crossover Management XI Ltd. acquired a new position in shares of Zillow Group during the 2nd quarter worth about $73,694,895,000. Polianta Ltd grew its position in shares of Zillow Group by 60.9% during the 2nd quarter. Polianta Ltd now owns 58,100 shares of the technology company's stock worth $1,822,000 after buying an additional 22,000 shares during the period. MFG Wealth Management Inc. bought a new stake in shares of Zillow Group in the 2nd quarter valued at about $2,146,000. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Zillow Group in the 2nd quarter valued at about $1,546,000. Institutional investors own 20.32% of the company's stock.

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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