Benchmark Reiterates “Buy” Rating for Zillow Group (Z)

Benchmark reiterated their buy rating on shares of Zillow Group (NASDAQ:Z) in a report published on Friday morning. Benchmark currently has a $64.00 price target 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.”,” Benchmark’s analyst commented.

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Several other equities research analysts also recently issued reports on Z. BidaskClub downgraded shares of Zillow Group from a hold rating to a sell rating in a research note on Saturday, December 30th. Morgan Stanley raised Zillow Group from an equal weight rating to an overweight rating and set a $50.00 target price for the company in a research report on Wednesday, January 10th. Cowen reaffirmed a hold rating on shares of Zillow Group in a research report on Friday, February 9th. KeyCorp reaffirmed an overweight rating and issued a $65.00 target price (up from $54.00) on shares of Zillow Group in a research report on Thursday, March 15th. Finally, DA Davidson initiated coverage on Zillow Group in a research report on Wednesday, April 4th. They issued a hold rating and a $60.00 target price for the company. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Zillow Group currently has a consensus rating of Buy and an average price target of $53.73.

Shares of Z stock opened at $49.61 on Friday. Zillow Group has a 12 month low of $34.52 and a 12 month high of $59.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 7.11 and a current ratio of 7.11.

Zillow Group (NASDAQ:Z) last announced its quarterly earnings data on Thursday, February 8th. The financial services provider reported $0.09 earnings per share (EPS) for the quarter. The business had revenue of $282.33 million for the quarter. Zillow Group had a negative net margin of 8.77% and a positive return on equity of 0.03%.

In related news, CEO Spencer M. Rascoff sold 58,050 shares of Zillow Group stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $44.64, for a total value of $2,591,352.00. Following the completion of the transaction, the chief executive officer now directly owns 70,050 shares of the company’s stock, valued at $3,127,032. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Amy Bohutinsky sold 168,748 shares of Zillow Group stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $52.88, for a total value of $8,923,394.24. Following the completion of the transaction, the chief operating officer now directly owns 90,624 shares of the company’s stock, valued at $4,792,197.12. The disclosure for this sale can be found here. Insiders sold 489,778 shares of company stock valued at $25,026,148 over the last ninety days. 21.72% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in Z. Advisor Group Inc. increased its position in Zillow Group by 574.2% in the fourth quarter. Advisor Group Inc. now owns 3,708 shares of the financial services provider’s stock worth $152,000 after purchasing an additional 3,158 shares during the period. Virtu Financial LLC acquired a new position in shares of Zillow Group during the 4th quarter worth about $202,000. Toronto Dominion Bank grew its position in shares of Zillow Group by 41.8% during the 4th quarter. Toronto Dominion Bank now owns 6,265 shares of the financial services provider’s stock worth $256,000 after buying an additional 1,848 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Zillow Group during the 4th quarter worth about $294,000. Finally, SG Americas Securities LLC grew its position in shares of Zillow Group by 148.6% during the 4th quarter. SG Americas Securities LLC now owns 8,312 shares of the financial services provider’s stock worth $340,000 after buying an additional 4,968 shares during the period. Hedge funds and other institutional investors own 58.62% of the company’s stock.

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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.

Analyst Recommendations for Zillow Group (NASDAQ:Z)

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