Zillow Group (NASDAQ:ZG) Hits New 12-Month High After Analyst Upgrade

Zillow Group, Inc. (NASDAQ:ZG)’s share price reached a new 52-week high during mid-day trading on Thursday after Canaccord Genuity Group raised their price target on the stock from $56.00 to $64.00. Canaccord Genuity Group currently has a hold rating on the stock. Zillow Group traded as high as $69.95 and last traded at $68.76, with a volume of 359297 shares traded. The stock had previously closed at $56.08.

Several other analysts also recently commented on the stock. Susquehanna increased their target price on shares of Zillow Group from $42.00 to $55.00 and gave the company a “neutral” rating in a report on Monday, August 12th. Benchmark increased their price objective on Zillow Group from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. DA Davidson increased their price target on shares of Zillow Group from $71.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday. The Goldman Sachs Group boosted their price target on Zillow Group from $42.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Craig Hallum boosted their target price on shares of Zillow Group from $55.00 to $70.00 and gave the company a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $65.28.

Insiders Place Their Bets

In other Zillow Group news, General Counsel Bradley D. Owens sold 752 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $53.13, for a total transaction of $39,953.76. Following the transaction, the general counsel now directly owns 35,259 shares in the company, valued at $1,873,310.67. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Zillow Group news, CFO Jeremy Hofmann sold 4,729 shares of Zillow Group stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $52.85, for a total transaction of $249,927.65. Following the completion of the sale, the chief financial officer now owns 118,394 shares of the company’s stock, valued at approximately $6,257,122.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Bradley D. Owens sold 752 shares of Zillow Group stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $53.13, for a total value of $39,953.76. Following the sale, the general counsel now directly owns 35,259 shares of the company’s stock, valued at $1,873,310.67. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,596 shares of company stock valued at $3,938,581 over the last 90 days. Insiders own 17.14% of the company’s stock.

Institutional Investors Weigh In On Zillow Group

Hedge funds have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans raised its holdings in Zillow Group by 93.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 142,917 shares of the technology company’s stock worth $8,851,000 after purchasing an additional 68,984 shares during the period. Hartline Investment Corp lifted its position in Zillow Group by 6.7% during the third quarter. Hartline Investment Corp now owns 62,537 shares of the technology company’s stock worth $3,873,000 after buying an additional 3,942 shares in the last quarter. Baillie Gifford & Co. boosted its position in shares of Zillow Group by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 91,516 shares of the technology company’s stock valued at $5,668,000 after acquiring an additional 811 shares during the last quarter. GSA Capital Partners LLP grew its stake in shares of Zillow Group by 207.2% in the 3rd quarter. GSA Capital Partners LLP now owns 15,248 shares of the technology company’s stock valued at $944,000 after buying an additional 10,285 shares during the period. Finally, River Global Investors LLP increased its position in shares of Zillow Group by 4.1% during the 3rd quarter. River Global Investors LLP now owns 40,219 shares of the technology company’s stock worth $2,492,000 after purchasing an additional 1,571 shares during the last quarter. 20.32% of the stock is owned by hedge funds and other institutional investors.

Zillow Group Price Performance

The company’s fifty day moving average is $59.25 and its two-hundred day moving average is $50.30. The stock has a market cap of $16.22 billion, a price-to-earnings ratio of -114.90 and a beta of 2.02. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.11.

Zillow Group (NASDAQ:ZG) last released its earnings results on Wednesday, August 7th. The technology company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.08. The firm had revenue of $572.00 million for the quarter, compared to analyst estimates of $538.36 million. Zillow Group had a negative net margin of 6.81% and a negative return on equity of 2.50%. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) earnings per share. As a group, research analysts predict that Zillow Group, Inc. will post -0.33 earnings per share for the current year.

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.