Morgan Stanley Raises Zillow Group Price Target to $75.00

Investment firm Morgan Stanley has raised its price target for Zillow Group (NASDAQ:Z) from $60.00 to $75.00 in a recent research report published on Monday. This new price target reflects an anticipated upside of 7.01% from the company's previous closing price. Morgan Stanley has also maintained an "equal weight" rating on the stock, signaling a balanced approach to its investment outlook.

Reactions from Other Analysts

Following Morgan Stanley's updated price target, several other analysts have shared their insights on Zillow Group. Needham & Company LLC reiterated a "hold" rating on the stock on November 7. Bank of America increased its target for Zillow shares from $54.00 to $71.00, categorizing it with a "neutral" rating in a report dated October 18. Meanwhile, Jefferies Financial Group raised its target price from $80.00 to $90.00, recommending a "buy" rating on October 22. Additionally, Wedbush upgraded its rating from "neutral" to "outperform" and adjusted its price target from $50.00 to $80.00 on September 16. In total, four analysts have rated the stock as a hold, while four suggested a buy, and two analysts have marked it as a strong buy. Overall, Zillow Group holds a consensus rating of "Moderate Buy" with an average price target of approximately $72.83.

Current Stock Performance

On the trading day following the research report, Zillow Group's shares declined by 1.6%, closing at $70.09. More than 795,000 shares changed hands during the day, compared to an average trading volume of over 2 million. The stock's 50-day simple moving average stands at $76.88, while its 200-day average is at $63.05. Zillow's market capitalization is around $16.37 billion, with a P/E ratio of -122.96. Over the past year, the company's stock has reached a low of $38.45 and a high of $86.88, reflecting considerable volatility.

Insider Transactions

Recent reports also indicate insider trading activity at Zillow Group. CEO Jeremy Wacksman sold 5,985 shares at an average price of $73.96 on November 13, totaling approximately $442,650.60. Following this transaction, he retains ownership of 161,678 shares. Another insider, CAO Jennifer Rock, sold 3,033 shares on December 6 at an average of $82.78, which amounted to approximately $251,071.74. After this sale, she continues to hold 57,166 shares. Over the past three months, insiders have sold 139,689 shares of the company, equating to a total value of around $10.4 million.

Institutional Ownership Trends

Hedge funds and institutional investors have recently adjusted their holdings of Zillow Group. Livforsakringsbolaget Skandia Omsesidigt increased its holdings by 400% during the third quarter, now owning 500 shares currently valued at $32,000. Other institutional movements include V Square Quantitative Management LLC purchasing new shares worth approximately $35,000, and Blue Trust Inc. enhancing their stake by 66.3% to own 785 shares valued at $50,000. Overall, institutional investors hold 71.01% of the company's stock.

About Zillow Group

Zillow Group, Inc. operates a range of real estate brands in mobile applications and websites across the United States. The company offers various services such as a premier agent marketplace, rental listings, new construction marketplaces, and advertising solutions. It also provides mortgage origination, title, and escrow services, catering to both consumers and mortgage professionals.

MorganStanley, Zillow, Stock