Benchmark reiterated their buy rating on shares of Zillow Group (NASDAQ:Z) in a report issued on Friday morning. The firm currently has a $64.00 target price on the financial services provider’s stock.
“We see Zillow being able to win market share via its dominant consumer funnel, reducing customer acquisition costs, while leveraging its size to and scale to steadily grow its portfolio, even before any ancillary benefits to lead-gen, pricing and mortgage are achieved. The lead-gen decision to qualify consumers before passing the lead along to a responsive agent seems like an enhanced blast from the past. We noted years ago that Zillow’s initial business model included an aggressive daisy-chaining process that significantly enhanced monetization but caused agent friction and reduced conversion rates. With most of the weaker realtors churned from the system and a more efficient structure dictated by dynamic auction market pricing, we see a path to improved conversion with less friction, resulting in lead-gen pricing support and even potentially further ARPA upside.”,” the firm’s analyst wrote.
Several other brokerages have also recently commented on Z. KeyCorp restated an overweight rating and set a $65.00 target price (up previously from $54.00) on shares of Zillow Group in a report on Thursday, March 15th. Morgan Stanley upgraded Zillow Group from an equal weight rating to an overweight rating and set a $50.00 target price on the stock in a report on Wednesday, January 10th. BidaskClub upgraded Zillow Group from a buy rating to a strong-buy rating in a report on Thursday, March 8th. Craig Hallum cut Zillow Group from a buy rating to a hold rating and set a $49.75 target price on the stock. in a report on Friday. Finally, Cowen restated a hold rating on shares of Zillow Group in a report on Friday, February 9th. Four research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Zillow Group has an average rating of Buy and a consensus price target of $53.73.
Zillow Group (NASDAQ:Z) last announced its quarterly earnings results on Thursday, February 8th. The financial services provider reported $0.09 earnings per share for the quarter. Zillow Group had a positive return on equity of 0.03% and a negative net margin of 8.77%. The firm had revenue of $282.33 million for the quarter.
In other news, CEO Spencer M. Rascoff sold 58,050 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $44.64, for a total transaction of $2,591,352.00. Following the transaction, the chief executive officer now owns 70,050 shares of the company’s stock, valued at $3,127,032. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Lloyd D. Frink sold 13,600 shares of the company’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $44.60, for a total value of $606,560.00. Following the transaction, the insider now directly owns 4,334,008 shares in the company, valued at approximately $193,296,756.80. The disclosure for this sale can be found here. Insiders have sold 489,778 shares of company stock worth $25,026,148 in the last 90 days. Company insiders own 21.72% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of Z. Caledonia Private Investments Pty Ltd lifted its stake in shares of Zillow Group by 2.4% during the fourth quarter. Caledonia Private Investments Pty Ltd now owns 28,636,248 shares of the financial services provider’s stock valued at $1,171,795,000 after acquiring an additional 665,737 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Zillow Group during the fourth quarter valued at $25,636,000. VGI PARTNERS PTY Ltd lifted its stake in shares of Zillow Group by 27.0% during the fourth quarter. VGI PARTNERS PTY Ltd now owns 1,646,226 shares of the financial services provider’s stock valued at $67,364,000 after acquiring an additional 350,081 shares during the period. Coatue Management LLC acquired a new position in shares of Zillow Group during the fourth quarter valued at $13,807,000. Finally, Millennium Management LLC acquired a new position in shares of Zillow Group during the fourth quarter valued at $6,377,000. 58.58% of the stock is currently owned by institutional investors and hedge funds.
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Zillow Group Company Profile
Zillow Group, Inc operates real estate and home-related information marketplaces on mobile and the Web in the United States. The company offers a portfolio of brands and products to enable consumers find information about homes and connect with local professionals. Its brands focus on various stages of the home lifecycle, including renting, buying, selling, and financing.
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