Zillow Group (NASDAQ:ZG) Price Target Raised to $94.00

Key Points

• JPMorgan Chase & Co. raised Zillow Group's price target from $93.00 to $94.00, representing a potential 15.89% upside from its current stock price.
• Analysts generally maintain an "overweight" rating on Zillow Group, with the average price target now at $85.38 following recent upward revisions by other research firms.
• In the most recent quarter, Zillow Group reported revenue of $655 million, exceeding expectations, although its earnings per share fell short of analyst predictions.

Zillow Group (NASDAQ:ZG - Get Free Report) had its target price lifted by research analysts at JPMorgan Chase & Co. from $93.00 to $94.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 15.89% from the stock's current price.

A number of other research analysts have also recently issued reports on the company. Piper Sandler lifted their price target on shares of Zillow Group from $82.00 to $94.00 and gave the company an "overweight" rating in a research note on Thursday. Canaccord Genuity Group set a $84.00 price target on Zillow Group in a research note on Thursday. UBS Group cut their price target on shares of Zillow Group from $98.00 to $85.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Wedbush reissued an "outperform" rating and set a $90.00 price objective (down previously from $100.00) on shares of Zillow Group in a research note on Thursday, May 8th. Finally, Wells Fargo & Company boosted their price objective on Zillow Group from $60.00 to $75.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Zillow Group presently has an average rating of "Moderate Buy" and an average price target of $85.38.

Zillow Group Price Performance

Shares of ZG traded down $0.40 during mid-day trading on Thursday, reaching $81.11. 1,121,433 shares of the company's stock were exchanged, compared to its average volume of 561,028. The stock has a market capitalization of $19.58 billion, a PE ratio of -238.56, a price-to-earnings-growth ratio of 14.64 and a beta of 2.07. Zillow Group has a 52-week low of $45.49 and a 52-week high of $86.58. The business's fifty day simple moving average is $71.90 and its 200-day simple moving average is $70.77.

Zillow Group (NASDAQ:ZG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.04). The business had revenue of $655.00 million during the quarter, compared to analysts' expectations of $647.06 million. Zillow Group had a negative net margin of 3.51% and a negative return on equity of 1.62%. Zillow Group'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 EPS. Equities research analysts predict that Zillow Group will post 0.32 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Jun Choo sold 10,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $70.65, for a total value of $706,500.00. Following the completion of the sale, the chief operating officer owned 120,186 shares in the company, valued at approximately $8,491,140.90. This trade represents a 7.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jeremy Hofmann sold 7,959 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $68.98, for a total value of $549,011.82. Following the transaction, the chief financial officer owned 97,481 shares of the company's stock, valued at $6,724,239.38. This trade represents a 7.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 83,371 shares of company stock valued at $5,775,204 over the last 90 days. 17.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Zillow Group

Several large investors have recently bought and sold shares of ZG. National Bank of Canada FI lifted its holdings in shares of Zillow Group by 79.4% during the first quarter. National Bank of Canada FI now owns 488 shares of the technology company's stock valued at $33,000 after purchasing an additional 216 shares during the last quarter. Salem Investment Counselors Inc. purchased a new stake in shares of Zillow Group during the 1st quarter valued at about $42,000. CX Institutional purchased a new stake in Zillow Group in the first quarter worth approximately $46,000. Wood Tarver Financial Group LLC purchased a new position in shares of Zillow Group in the 4th quarter worth $70,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Zillow Group by 33.0% in the first 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 period. 20.32% of the stock is currently owned by 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.

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