Royal Bank of Canada Cuts Zillow Group (NASDAQ:ZG) Price Target to $60.00

Zillow Group (NASDAQ:ZG) had its price target dropped by research analysts at Royal Bank of Canada from $66.00 to $60.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 49.74% from the company’s current price.

A number of other analysts also recently issued reports on the company. Stephens restated an “overweight” rating and issued a $79.00 price target on shares of Zillow Group in a research report on Wednesday, February 14th. Barclays lifted their price target on shares of Zillow Group from $32.00 to $40.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 21st. Piper Sandler boosted their target price on Zillow Group from $70.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, February 14th. Benchmark reiterated a “buy” rating and issued a $60.00 price target on shares of Zillow Group in a report on Tuesday. Finally, Canaccord Genuity Group dropped their price objective on Zillow Group from $58.00 to $50.00 and set a “hold” rating for the company in a report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.25.

Zillow Group Stock Performance

Shares of NASDAQ:ZG opened at $40.07 on Thursday. The firm has a fifty day simple moving average of $47.44 and a two-hundred day simple moving average of $47.55. The company has a quick ratio of 3.24, a current ratio of 3.32 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $9.36 billion, a P/E ratio of -58.07 and a beta of 1.87. Zillow Group has a 52 week low of $33.23 and a 52 week high of $59.23.

Zillow Group (NASDAQ:ZG) last issued its quarterly earnings data on Tuesday, February 13th. The technology company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.06. The company had revenue of $474.00 million for the quarter, compared to analysts’ expectations of $450.75 million. Zillow Group had a negative return on equity of 2.28% and a negative net margin of 7.93%. On average, analysts expect that Zillow Group will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Dan Spaulding sold 5,114 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $55.45, for a total transaction of $283,571.30. Following the completion of the sale, the insider now owns 43,180 shares in the company, valued at $2,394,331. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Errol G. Samuelson sold 4,219 shares of the company’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $49.60, for a total transaction of $209,262.40. Following the completion of the transaction, the insider now owns 168,863 shares of the company’s stock, valued at approximately $8,375,604.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Dan Spaulding sold 5,114 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $55.45, for a total transaction of $283,571.30. Following the transaction, the insider now directly owns 43,180 shares of the company’s stock, valued at approximately $2,394,331. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 171,289 shares of company stock worth $9,642,508. 17.14% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Zillow Group by 27.4% in the fourth quarter. Vanguard Group Inc. now owns 8,054,673 shares of the technology company’s stock valued at $456,861,000 after acquiring an additional 1,730,731 shares in the last quarter. Norges Bank bought a new position in Zillow Group in the 4th quarter worth approximately $102,096,000. Qube Research & Technologies Ltd lifted its holdings in Zillow Group by 50.5% in the third quarter. Qube Research & Technologies Ltd now owns 946,571 shares of the technology company’s stock worth $42,397,000 after purchasing an additional 317,683 shares during the period. UBS Group AG lifted its holdings in shares of Zillow Group by 73.0% in the fourth quarter. UBS Group AG now owns 420,170 shares of the technology company’s stock valued at $23,832,000 after buying an additional 177,265 shares during the period. Finally, Raymond James & Associates lifted its holdings in shares of Zillow Group by 1.7% during the first quarter. Raymond James & Associates now owns 180,407 shares of the technology company’s stock valued at $8,634,000 after purchasing an additional 2,999 shares during the last quarter. 20.32% of the stock is owned by hedge funds and other institutional investors.

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.