Jeremy Hofmann, Chief Financial Officer of Zillow Group, Inc. (NASDAQ:Z), sold 7,786 shares of the company’s stock on February 18, 2024. The shares were sold at an average price of $43.73, resulting in a total transaction value of $340,481.78. Following this sale, Hofmann retains 57,487 shares in Zillow, with a current valuation of approximately $2,513,906.51. This recent transaction indicates an 11.93% decrease in his ownership stake.
On the same day, Zillow’s stock price increased by $1.01, closing at $44.98. The trading volume reached 6,717,868 shares, significantly surpassing the average volume of 4,561,821 shares. Zillow’s market capitalization stands at approximately $10.89 billion, with a P/E ratio of 499.83 and a PEG ratio of 3.23. The stock has fluctuated within a 52-week range of $42.50 to $93.88.
Market Analysis and Analyst Ratings
Several financial analysts have recently revised their ratings for Zillow Group. Notably, Mizuho downgraded the stock from a “strong-buy” rating to a “hold” rating on January 8, 2024. Conversely, JPMorgan Chase & Co. raised its price target from $94.00 to $95.00, maintaining an “overweight” rating as of October 31, 2023. Barclays upgraded Zillow from a “strong sell” to a “hold” rating on January 29, 2024, while Zelman & Associates upgraded the stock to a “strong-buy” on February 12, 2024.
Overall, the stock has received mixed ratings. Two analysts have issued a “Strong Buy” recommendation, three have rated it as “Buy,” eight have assigned a “Hold” rating, and one has given a “Sell” rating. According to data from MarketBeat.com, Zillow currently holds an average rating of “Hold” with a consensus target price of $90.60.
Institutional Investor Activity
Recent changes in institutional holdings reflect a growing interest in Zillow Group. Root Financial Partners LLC established a new position in the third quarter, investing approximately $27,000. V Square Quantitative Management LLC also made a new investment in the fourth quarter, valued at $28,000. Pilgrim Partners Asia Pte Ltd acquired shares worth $29,000 during the same period.
Additionally, Cullen Frost Bankers Inc. increased its stake by 58.6% in the third quarter, bringing its total to 441 shares valued at $34,000. Similarly, SBI Securities Co. Ltd. grew its holdings by 58.2%, now owning 503 shares valued at $35,000. Currently, institutional investors and hedge funds control approximately 71.01% of Zillow’s stock.
About Zillow Group
Zillow Group, Inc. operates as an online real estate marketplace, providing a portfolio of consumer-facing websites and mobile applications aimed at connecting buyers, sellers, renters, homeowners, and real estate professionals. The company aggregates property listings and rental information to assist users in finding homes, estimating property values, and connecting with agents.
Revenue primarily derives from advertising and lead-generation services for real estate professionals, property managers, and mortgage lenders. Key products include the Zillow and Trulia platforms, which feature searchable listings, photos, neighborhood data, and the automated home valuation tool known as the “Zestimate.” Additional offerings include a rentals marketplace, a mortgage marketplace, and various tools designed to facilitate home buying and selling, as well as ancillary services related to transactions.
Zillow Group remains a significant player in the real estate technology sector, actively adapting to market dynamics and investor interests.
