Zillow Group (NASDAQ:Z) Price Target Raised to $60.00

Zillow Group (NASDAQ:Z) had its price target hoisted by equities researchers at Morgan Stanley from $46.00 to $60.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price would suggest a potential downside of 7.19% from the stock’s current price.

Several other research firms also recently weighed in on Z. Needham & Company LLC reaffirmed a “hold” rating on shares of Zillow Group in a research note on Thursday, August 8th. UBS Group upgraded shares of Zillow Group to a “strong-buy” rating in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Zillow Group from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 9th. Wedbush upgraded shares of Zillow Group from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $50.00 to $80.00 in a research note on Monday, September 16th. Finally, Cantor Fitzgerald raised shares of Zillow Group to a “hold” rating in a research note on Thursday, September 5th. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Zillow Group has a consensus rating of “Moderate Buy” and an average target price of $67.20.

Zillow Group Price Performance

Z stock opened at $64.65 on Wednesday. Zillow Group has a 52 week low of $33.80 and a 52 week high of $68.73. The firm has a market capitalization of $15.27 billion, a P/E ratio of -93.70 and a beta of 1.94. The company has a fifty day simple moving average of $55.12 and a two-hundred day simple moving average of $48.87. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.11.

Zillow Group (NASDAQ:Z) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.13. Zillow Group had a negative net margin of 6.81% and a negative return on equity of 2.50%. The company had revenue of $572.00 million for the quarter, compared to the consensus estimate of $539.74 million. Analysts anticipate that Zillow Group will post -0.33 earnings per share for the current fiscal year.

Insider Transactions at Zillow Group

In other news, CAO Jennifer Rock sold 4,050 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $49.23, for a total transaction of $199,381.50. Following the completion of the sale, the chief accounting officer now owns 79,694 shares in the company, valued at approximately $3,923,335.62. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Jennifer Rock sold 4,050 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $49.23, for a total transaction of $199,381.50. Following the sale, the chief accounting officer now owns 79,694 shares in the company, valued at $3,923,335.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thielke Claire Cormier sold 2,826 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $61.11, for a total transaction of $172,696.86. Following the transaction, the director now owns 2,826 shares in the company, valued at approximately $172,696.86. The disclosure for this sale can be found here. Insiders have sold a total of 221,999 shares of company stock valued at $11,780,363 in the last 90 days. Insiders own 23.76% of the company’s stock.

Institutional Investors Weigh In On Zillow Group

Several institutional investors and hedge funds have recently made changes to their positions in Z. Focus Financial Network Inc. ADV purchased a new position in shares of Zillow Group in the fourth quarter worth about $210,000. Allianz Asset Management GmbH raised its position in Zillow Group by 100.7% during the 4th quarter. Allianz Asset Management GmbH now owns 37,248 shares of the financial services provider’s stock worth $2,155,000 after buying an additional 18,686 shares during the last quarter. California State Teachers Retirement System raised its position in Zillow Group by 4.6% during the 4th quarter. California State Teachers Retirement System now owns 269,128 shares of the financial services provider’s stock worth $15,572,000 after buying an additional 11,896 shares during the last quarter. Cibc World Markets Corp acquired a new stake in Zillow Group during the 4th quarter valued at approximately $3,309,000. Finally, CenterBook Partners LP purchased a new stake in shares of Zillow Group in the 4th quarter valued at $1,181,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

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.