Zillow Group (NASDAQ:ZG) Hits New 12-Month High - What's Next?

Key Points

• Zillow Group's stock reached a new 52-week high of $87.75 during recent trading, indicating strong market performance.
• Equities analysts have generally optimistic views on Zillow, with target prices ranging from $85 to $95, and the majority rating it with a "Buy" or "Overweight."
• Recent insider sales totaled over $49 million, suggesting some executives are reducing their positions despite the company's stock gains.

Zillow Group, Inc. (NASDAQ:ZG - Get Free Report)'s share price reached a new 52-week high during trading on Monday . The stock traded as high as $87.64 and last traded at $87.75, with a volume of 338396 shares. The stock had previously closed at $84.78.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. DA Davidson lifted their target price on shares of Zillow Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. KeyCorp reissued an "overweight" rating and set a $92.00 target price (up previously from $90.00) on shares of Zillow Group in a research report on Thursday, August 7th. Zelman & Associates raised shares of Zillow Group to a "hold" rating in a report on Friday, August 8th. Evercore ISI boosted their price target on shares of Zillow Group from $90.00 to $95.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Zillow Group from $93.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Thirteen research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $85.62.

Zillow Group Price Performance

The firm has a market capitalization of $21.24 billion, a P/E ratio of -337.27, a P/E/G ratio of 15.97 and a beta of 2.02. The firm's 50 day simple moving average is $77.47 and its two-hundred day simple moving average is $70.93.

Zillow Group (NASDAQ:ZG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The technology company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.04). The business had revenue of $655.00 million during the quarter, compared to the consensus estimate of $647.06 million. Zillow Group had a negative return on equity of 1.26% and a negative net margin of 2.60%.The business's revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.39 earnings per share. As a group, equities research analysts forecast that Zillow Group, Inc. will post 0.32 EPS for the current year.

Insider Activity

In other news, insider Dan Spaulding sold 5,680 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $85.22, for a total transaction of $484,049.60. Following the sale, the insider owned 59,616 shares in the company, valued at $5,080,475.52. This represents a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Jeremy Hofmann sold 8,168 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $85.35, for a total transaction of $697,138.80. Following the sale, the chief financial officer owned 84,146 shares in the company, valued at approximately $7,181,861.10. The trade was a 8.85% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 580,622 shares of company stock valued at $49,350,788. Company insiders own 17.14% of the company's stock.

Institutional Investors Weigh In On Zillow Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. National Bank of Canada FI boosted its stake in shares of Zillow Group by 79.4% during the 1st quarter. National Bank of Canada FI now owns 488 shares of the technology company's stock worth $33,000 after acquiring an additional 216 shares during the last quarter. Salem Investment Counselors Inc. bought a new stake in shares of Zillow Group during the 1st quarter valued at $42,000. CX Institutional bought a new stake in shares of Zillow Group during the 1st quarter valued at $46,000. Wood Tarver Financial Group LLC bought a new stake in shares of Zillow Group during the 4th quarter valued at $70,000. Finally, PNC Financial Services Group Inc. increased its holdings in Zillow Group by 33.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,129 shares of the technology company's stock valued at $75,000 after acquiring an additional 280 shares during the last quarter. Hedge funds and other institutional investors own 20.32% of the company's stock.

About Zillow Group

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.

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