Jeremy Hofmann, Chief Financial Officer of Zillow Group, Inc. (NASDAQ:Z), has sold 7,786 shares of the company’s stock in a transaction dated February 18, 2024. The shares were sold at an average price of $43.73, amounting to a total value of approximately $340,481.78. Following this transaction, Hofmann’s remaining holdings consist of 57,487 shares, valued at around $2,513,906.51, reflecting an 11.93% decrease in his position. This sale was reported in a filing with the U.S. Securities and Exchange Commission (SEC).
Zillow Group’s stock experienced a slight uptick, trading up by $1.01 to reach $44.98 on the same day. The trading volume stood at 6,717,868 shares, which is notably higher than the average volume of 4,561,821 shares. The company boasts a market capitalization of $10.89 billion and has a price-to-earnings (P/E) ratio of 499.83, along with a beta of 2.08. Zillow’s stock has fluctuated significantly over the past year, with a 52-week low of $42.50 and a high of $93.88.
Analysts Adjust Ratings and Price Targets
Several brokerage firms have recently updated their assessments of Zillow Group. On January 8, Mizuho downgraded the stock from a “strong-buy” rating to a “hold.” In contrast, JPMorgan Chase & Co. raised their price target from $94.00 to $95.00 and maintained an “overweight” rating as of October 31, 2023. Furthermore, Barclays upgraded Zillow from a “strong sell” to a “hold” rating on January 29. In a positive shift, Zelman & Associates upgraded the stock from “hold” to “strong-buy” on February 12, while Needham & Company LLC reaffirmed a “hold” rating on February 11.
Currently, the stock has received a mix of recommendations: two analysts have issued a “strong buy” rating, three recommend a “buy,” eight suggest holding, and one has given a “sell” rating. According to data from MarketBeat.com, the average rating for Zillow Group stands at “hold,” with a consensus target price of $90.60.
Institutional Investors Increase Holdings
Recent modifications by institutional investors indicate growing interest in Zillow Group. Notably, Root Financial Partners LLC acquired a new position in the third quarter, valued at approximately $27,000. Similarly, V Square Quantitative Management LLC purchased shares worth $28,000 in the fourth quarter.
Other investments include Pilgrim Partners Asia Pte Ltd, which acquired a position valued at $29,000, and Cullen Frost Bankers Inc., which increased its stake by 58.6% in the third quarter, now holding 441 shares valued at $34,000. Additionally, SBI Securities Co. Ltd. raised its stake by 58.2% during the second quarter, now owning 503 shares worth $35,000.
Currently, institutional investors and hedge funds hold 71.01% of Zillow Group’s stock, highlighting the significant interest from major financial entities.
About Zillow Group
Zillow Group, Inc. is a prominent online real estate marketplace that offers a range of consumer-facing websites and mobile applications. These platforms connect buyers, sellers, renters, homeowners, and real estate professionals, facilitating the search for homes, property value estimates, and connections with agents and service providers.
The company generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers, and mortgage lenders. Key offerings include the Zillow and Trulia websites and apps, which feature searchable listings, photos, neighborhood data, and the automated home valuation tool known as the “Zestimate.” Additionally, Zillow provides a rentals marketplace, a mortgage marketplace, and various tools for home buying and selling, including Zillow Premier Agent, which supports agent advertising and leads.
As Zillow Group continues to navigate the evolving real estate landscape, these financial maneuvers and analyst ratings will be closely monitored by investors and market observers alike.
