Zillow Group Inc (NASDAQ:Z), which houses a portfolio of the largest and most vibrant real estate and home-related brands on mobile and Web, today announced the pending sale of ActiveRain®, a social networking, blogging, and training platform for the real estate industry, to the Ben Kinney family of companies. The sale is expected to close June 30, 2015.
“Ben Kinney taking on the ownership of ActiveRain is a positive step forward in the stewardship of this important and influential community of real estate professionals,” said Spencer Rascoff, Zillow Group chief executive officer. “As part of Ben’s organization, ActiveRain will be a major focus, benefiting from Ben’s leadership and oversight, helping ActiveRain continue to flourish within the agent community. We look forward to watching ActiveRain grow and evolve.”
“We’re eager to bring ActiveRain back to its roots and continue the work Jonathan Washburn, Bob Stewart and the team started in 2006,” said Kinney. “We have some great things in store for ActiveRain that we think agents who use the site are going to love.”
The Ben Kinney family of companies is a collection of real estate-related training and software companies, including Real Launch, Brivity and Blossor, as well as the technology firms Big Fresh and Tech Help. Kinney has been a licensed real estate professional for 11 years and leads nearly 1,000 agents in the real estate brokerages he owns and operates in the U.S. and the U.K.
ActiveRain became part of Zillow Group through its acquisition of Trulia®, which closed in February 2015. Kwkly®, a text-to-lead service that helps connect buyers with agents, is also being acquired as part of this transaction, and is expected to transfer to the Ben Kinney companies within the next 30 days. (Original Source)
Shares of Zillow closed today at $90.875, up $3.895 or 4.48%. Z has a 1-year high of $164.90 and a 1-year low of $81.07. The stock’s 50-day moving average is $92.24 and its 200-day moving average is $102.14.
On the ratings front, Zillow has been the subject of a number of recent research reports. In a report issued on June 15, Oppenheimer analyst Jason Helfstein reiterated a Hold rating on Z. Separately, on May 13, Cowen’s John Blackledge maintained a Hold rating on the stock and has a price target of $90.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Helfstein and John Blackledge have a total average return of 10.1% and 0.8% respectively. Helfstein has a success rate of 54.8% and is ranked #361 out of 3635 analysts, while Blackledge has a success rate of 51.8% and is ranked #2172.
The street is mostly Neutral on Z stock. Out of 9 analysts who cover the stock, 5 suggest a Hold rating and 4 recommend to Buy the stock. The 12-month average price target assigned to the stock is $127.60, which represents a potential upside of 44.2% from where the stock is currently trading.
Zillow Group Incoperates the real estate and home-related information marketplaces on mobile and the Web, with a complementary portfolio of brands and products to help people find vital information about homes and connect with local professionals.