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

Zillow Group (NASDAQ:ZG) had its target price hoisted by Royal Bank of Canada from $66.00 to $74.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

ZG has been the topic of a number of other reports. The Goldman Sachs Group lifted their price objective on Zillow Group from $42.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday. JMP Securities boosted their price target on shares of Zillow Group from $62.00 to $82.00 and gave the stock a “market outperform” rating in a research report on Thursday. Wedbush raised shares of Zillow Group from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $50.00 to $80.00 in a research note on Monday, September 16th. Barclays lifted their target price on shares of Zillow Group from $35.00 to $36.00 and gave the stock an “underweight” rating in a research note on Thursday, August 8th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $73.00 price target (up previously from $62.00) on shares of Zillow Group in a research report on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $66.06.

Zillow Group Price Performance

ZG stock opened at $71.26 on Thursday. The company has a market capitalization of $16.49 billion, a P/E ratio of -125.02 and a beta of 2.02. The company has a fifty day moving average price of $59.60 and a 200-day moving average price of $50.62. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.12 and a current ratio of 3.13. Zillow Group has a 52-week low of $34.33 and a 52-week high of $72.03.

Zillow Group (NASDAQ:ZG) last posted its quarterly earnings data on Wednesday, November 6th. The technology company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. The business had revenue of $581.00 million during the quarter, compared to the consensus estimate of $555.45 million. Zillow Group had a negative return on equity of 2.33% and a negative net margin of 6.17%. Zillow Group’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.12) earnings per share. As a group, equities analysts expect that Zillow Group will post -0.33 EPS for the current year.

Insider Activity

In related news, Director Amy Bohutinsky sold 20,625 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $67.23, for a total value of $1,386,618.75. Following the transaction, the director now directly owns 5,652 shares in the company, valued at $379,983.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Dan Spaulding sold 2,991 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $53.18, for a total transaction of $159,061.38. Following the completion of the sale, the insider now owns 70,342 shares in the company, valued at approximately $3,740,787.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Amy Bohutinsky sold 20,625 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $67.23, for a total value of $1,386,618.75. Following the transaction, the director now owns 5,652 shares in the company, valued at approximately $379,983.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,596 shares of company stock worth $3,938,581 over the last quarter. 17.14% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ZG. Edgestream Partners L.P. raised its position in Zillow Group by 140.6% in the first quarter. Edgestream Partners L.P. now owns 20,735 shares of the technology company’s stock worth $992,000 after acquiring an additional 12,116 shares during the period. US Bancorp DE lifted its position in shares of Zillow Group by 42.6% during the first quarter. US Bancorp DE now owns 246,020 shares of the technology company’s stock worth $11,775,000 after acquiring an additional 73,504 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Zillow Group in the 1st quarter worth about $1,597,000. Russell Investments Group Ltd. boosted its position in shares of Zillow Group by 148.6% in the first quarter. Russell Investments Group Ltd. now owns 31,934 shares of the technology company’s stock valued at $1,528,000 after acquiring an additional 19,087 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in Zillow Group by 24.7% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 49,569 shares of the technology company’s stock worth $2,233,000 after purchasing an additional 9,828 shares in the last quarter. Hedge funds and other institutional investors own 20.32% of the company’s stock.

About Zillow Group

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.