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Zillow Group Inc’s stock reached a significant milestone, hitting a 52-week high at $86.63, with the real estate technology company now commanding a market capitalization of $20.85 billion. InvestingPro analysis indicates the stock is trading above its Fair Value, with analyst price targets ranging from $66 to $100. This achievement reflects a substantial upward trajectory over the past year, with the stock delivering a 64.53% return. The real estate technology company’s performance has been bolstered by strong market dynamics, with revenue growing 15.31% and a healthy current ratio of 3.34. As the stock continues to gain momentum, market analysts are closely watching its performance to gauge future trends in the real estate sector. Discover more insights and 11 additional ProTips for Zillow Group with an InvestingPro subscription.
In other recent news, Zillow Group announced it will unwind capped call transactions, expecting to receive 3.1 million shares of its Class C capital stock and $38.2 million in cash, which will reduce the number of its outstanding Class C shares. Additionally, Piper Sandler raised its price target on Zillow to $94.00, maintaining an Overweight rating due to the company’s strong execution amid a housing slump. Zillow’s second-quarter results exceeded expectations, with revenue and EBITDA coming in about 1% ahead of projections. The firm’s Flex revenue grew by 44% year-over-year, significantly outpacing the core MBP growth of 12%, although it marked a deceleration for the second consecutive quarter.
RBC Capital also reiterated its Outperform rating with a $95.00 price target, citing the company’s resilience in AI and strategic market positioning. In partnership news, Zillow and Berkshire Hathaway HomeServices have expanded their collaboration to provide U.S.-based agents access to Zillow Showcase, an AI-driven listing tool. This partnership is expected to enhance the likelihood of listings going pending within the first 14 days and achieving a 2% higher sale price compared to non-Showcase listings. These developments indicate Zillow’s active engagement in strategic partnerships and financial maneuvers to bolster its market position.
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