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 that CFO Chad Cohen will resign effective Aug. 7, 2015 to pursue other business interests.
“Chad has made meaningful contributions to Zillow during his nine years here” said CEO Spencer Rascoff. “In 2006, I hired Chad as our first corporate controller when I was Zillow’s first CFO. During his tenure, Chad has built an excellent team who have implemented tight financial controls and efficient processes that have allowed us to scale through Zillow’s IPO, our rapid growth and our acquisition of Trulia and establishment of Zillow Group. He has left us with a strong foundation and an excellent team to see us through this next phase of our growth. We wish him the best in his future endeavors.”
Zillow Group is conducting a search for a new chief financial officer, and Cohen will remain as chief financial officer through second quarter earnings and the 10-Q filing. (Original Source)
Shares of Zillow closed today at $80.98, down $2.92 or 3.48%. 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 $89.29 and its 200-day moving average is $99.44.
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, The Benchmark Company’s Daniel Kurnos reiterated a Buy rating on the stock and has a price target of $135.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Helfstein and Daniel Kurnos have a total average return of 6.7% and 5.7% respectively. Helfstein has a success rate of 50.6% and is ranked #568 out of 3694 analysts, while Kurnos has a success rate of 52.4% and is ranked #921.
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 49.7% 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.