Bank of America Forecasts Strong Price Appreciation for Zillow Group (NASDAQ:ZG) Stock

Zillow Group (NASDAQ:ZG) had its price objective hoisted by equities research analysts at Bank of America from $81.00 to $84.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Bank of America‘s price target points to a potential upside of 9.65% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the company. Craig Hallum increased their price target on Zillow Group from $70.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $88.00 price target on shares of Zillow Group in a report on Wednesday. UBS Group increased their price target on Zillow Group from $90.00 to $98.00 and gave the stock a “buy” rating in a report on Monday, January 27th. JMP Securities raised their target price on Zillow Group from $82.00 to $92.00 and gave the company a “market outperform” rating in a report on Monday, December 16th. Finally, Evercore ISI raised their target price on Zillow Group from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.95.

Zillow Group Trading Down 8.6 %

Shares of ZG traded down $7.23 during midday trading on Wednesday, reaching $76.61. The company had a trading volume of 1,489,822 shares, compared to its average volume of 483,407. Zillow Group has a 1-year low of $38.06 and a 1-year high of $86.58. The stock has a market cap of $17.89 billion, a PE ratio of -134.40, a price-to-earnings-growth ratio of 15.65 and a beta of 2.09. The firm has a 50 day simple moving average of $75.77 and a 200-day simple moving average of $65.66. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 0.11.

Zillow Group (NASDAQ:ZG) last issued its earnings results on Tuesday, February 11th. The technology company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.48). Zillow Group had a negative return on equity of 2.33% and a negative net margin of 6.17%. Research analysts forecast that Zillow Group will post -0.42 EPS for the current fiscal year.

Insider Transactions at Zillow Group

In related news, CTO David A. Beitel sold 56,750 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $72.39, for a total value of $4,108,132.50. Following the completion of the transaction, the chief technology officer now directly owns 92 shares in the company, valued at approximately $6,659.88. This represents a 99.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Jeremy Hofmann sold 23,388 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $84.98, for a total value of $1,987,512.24. Following the sale, the chief financial officer now owns 99,362 shares of the company’s stock, valued at $8,443,782.76. This represents a 19.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 142,730 shares of company stock valued at $10,896,034 over the last three months. 17.14% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Zillow Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership increased its stake in Zillow Group by 1,261.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 260,465 shares of the technology company’s stock worth $18,454,000 after acquiring an additional 241,331 shares during the last quarter. Norges Bank acquired a new stake in Zillow Group during the fourth quarter worth about $165,326,000. Long Corridor Asset Management Ltd increased its stake in Zillow Group by 5.6% during the fourth quarter. Long Corridor Asset Management Ltd now owns 59,395 shares of the technology company’s stock worth $4,208,000 after acquiring an additional 3,146 shares during the last quarter. Virtu Financial LLC increased its stake in Zillow Group by 101.3% during the fourth quarter. Virtu Financial LLC now owns 420,255 shares of the technology company’s stock worth $29,775,000 after acquiring an additional 211,482 shares during the last quarter. Finally, Summit Global Investments acquired a new stake in Zillow Group during the fourth quarter worth about $364,000. 20.32% 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.