Zillow Group, Inc. (Z) - NASDAQ
  • Mon, Jun. 6, 5:36 PM
    • Zillow (Z, ZG) has settled a lawsuit filed by News Corp.-owned (NWS, NWSA) Move Inc., the National Association of Realtors (NAR), and three related entities for $130M. The settlement doesn't contain any admission of wrongdoing. (8-K filing)
    • Move had sued Zillow for trade secret theft over its hiring of two former Move execs - chief industry development officer Errol Samuelson and MLS partnerships VP Curt Beardsley - and had claimed $2B in damages. Zillow sold off last month after receiving a mixed ruling in the suit regarding allegations the hired execs destroyed evidence that could've helped Move's case.
    • Z +8.5% after hours to $32.90. ZG +4% to $32.00. Legal costs related to the lawsuit have had a big impact on Zillow's bottom line.
    | Mon, Jun. 6, 5:36 PM | 3 Comments
  • Mon, Jun. 6, 5:35 PM
    • Top gainers, as of 5.25 p.m.: GRMN +12.4%. QUNR +12.0%. UNFI +10.4%. Z +4.5%. DNAI +3.9%.
    • Top losers, as of 5.25p.m.: ALXN -10.3%. IBN -16.6%. ENVA -10.0%. ESI -8.2%. SIGM -5.9%.
    | Mon, Jun. 6, 5:35 PM
  • Wed, May 18, 5:40 PM
    • In a response to today's rulings in its trade-secrets case against Zillow, Move Inc. (NWS, NWSA) says it's pleased with the actions and is looking forward to presenting evidence to a jury June 6.
    • That, despite the fact that the company would have preferred a more declaratory judgment to end the case in its favor.
    • The judge allowed an instruction that allows the jury to infer that destroyed evidence could have helped Move's case, or hurt Zillow's. Curt Beardsley -- who left Move along with Errol Samuelson for Zillow -- had testified that he had erased files from Zillow computers to cover up viewing of pornography, in what Zillow chief Spencer Rascoff called a "knucklehead" move.
    • "This important ruling validates our claim that one of Zillow's top executives, Curt Beardsley, acted with 'willfulness and bad faith' in destroying evidence, and his actions have 'prejudiced plaintiffs' ability to prosecute their case,' " Move says. It adds that the case has cost Zillow more than $40M, "making the two poached executives among the most expensive in corporate history."
    • Meanwhile, Zillow (NASDAQ:Z), which declined as much 6.6% in the ruling's aftermath, recovered quickly to close up 2.8% on the day, and has added another 0.8% in gains after hours.
    • Updated 7:25 p.m.: Zillow looks forward to the trial as well: "We applaud the Court’s decision with respect to Zillow and Errol Samuelson, which validates what we already knew: that during the pre-trial hearing, News Corp did not offer evidence that Zillow or Errol did anything wrong or that the we failed to live up to our obligations in this case. ... Ultimately this comes down to News Corp. trying to win in the courts, since they aren’t winning in the court of consumer opinion."
    • Now read Dual Share Class Arbitrage Opportunity With News Corp. »
    | Wed, May 18, 5:40 PM | 4 Comments
  • Wed, May 18, 3:04 PM
    • The Washington state judge handling a Move lawsuit against Zillow (Z -3.1%) has denied a Move motion for sanctions against Zillow in response to allegations two former Move execs hired by Zillow destroyed evidence. But he also granted Move (owned by News Corp.) a jury instruction that will allow the jury to infer the missing evidence would have benefited Move's case or hurt Zillow's.
    • Move has sued Zillow for trade secret theft, while claiming its rival owes $2B in damages related to the theft and the related destruction of documents. Errol Samuelson, one of the execs who left Move for Zillow, was previously Move's chief strategy officer and is now Zillow's chief industry development officer.
    • Zillow forecast earlier this month legal costs related to its battle with Move/News Corp. will have a $50M-$55M impact on 2016 adjusted EBITDA.
    | Wed, May 18, 3:04 PM
  • Wed, May 4, 9:10 AM
    | Wed, May 4, 9:10 AM
  • Tue, May 3, 4:39 PM
    • Zillow's (Z, ZG) core Marketplace revenue rose 23% Y/Y in Q1 on a merger-adjusted basis to $169M, an improvement from Q4's 14% growth. Helping out: Average revenue per Premier Agent advertiser (ARPA) rose 40% Y/Y to $487, as Zillow's strategy of focusing on higher-value Premier Agent clients pays off.
    • Within the Marketplace segment, real estate revenue rose 34% to $152.5M, and mortgages revenue 65% to $16.5M. Display ad revenue, which is being de-emphasized, fell 34% to $17M. Zillow notes sales to Premier Agent clients who have been customers for over a year rose 56%, and that sales to those spending more than $5K/month rose 83% on a dollar basis.
    • Monthly unique users rose 22% Y/Y in March to over 166M (a new high), and averaged over 156M in Q1. Zillow claims a record online real estate audience share of 63% for March (per comScore), with a 72% share on mobile.
    • Though sales guidance has been hiked, full-year adjusted EBITDA guidance remains at $115M-$125M. Legal costs related to the News Corp. suit are expected to have a $50M-$55M impact. 2016 capex guidance is at $41M-$43M.
    • Z +12.3% after hours to $28.13. ZG +13.3% to $29.15.
    • Zillow's results/guidance, earnings release
    | Tue, May 3, 4:39 PM | 1 Comment
  • Tue, May 3, 4:16 PM
    • Zillow (Z, ZG): Q1 EPS of -$0.13 misses by $0.04.
    • Revenue of $186M (+25% Y/Y on a pro forma basis) beats by $9.3M.
    • Expects Q2 revenue of $203M-$208M, above a $193.4M consensus.
    • Expects 2016 revenue of $825M-$835M, above an $806.5M consensus.
    • Shares +11.5% after hours.
    • Press Release
    | Tue, May 3, 4:16 PM | 7 Comments
  • Tue, Mar. 22, 9:38 AM
    • Declaring a survey for ~470 real estate agents to be positive for Zillow (Z +6.5%, ZG +6.5%), RBC's Mark Mahaney has upgraded the online real estate leader to Outperform, and hiked his target by $13 to $34.
    • RBC's survey found online real estate adoption remains significant, Zillow's share among agents is at a record high, agents are most likely to up their spend on Zillow, and that Zillow is strong with agents spending over $500/month on online ads.
    • Mahaney adds the NAR's most recent profile of home buyers/sellers showed growing reliance on the Internet by buyers, and that Q1 comScore data indicates Zillow's traffic is up 21% Q/Q and 34% Y/Y (unique visitors stand at 65M).
    • Insider buys, a "relatively attractive valuation setup," and a belief "Street estimates have been sufficiently de-risked" are also seen as reasons to be bullish.
    | Tue, Mar. 22, 9:38 AM | 8 Comments
  • Tue, Mar. 22, 9:20 AM
    | Tue, Mar. 22, 9:20 AM | 4 Comments
  • Wed, Mar. 2, 9:46 AM
    • Spencer Rascoff discloses he bought 12K Zillow Class C shares on Monday at $21.63. (source: InsiderInsights.com)
    • Both the Class C (Z +3.1%) and A (ZG +3.3%) shares are rallying. Rascoff's buy comes shortly after VC firm TCV bought 1.635M shares via two purchases at prices close to $20.
    | Wed, Mar. 2, 9:46 AM | 2 Comments
  • Thu, Feb. 25, 12:31 PM
    • After having disclosed earlier this week Technology Crossover Ventures bought (through its Mariner Investor II fund) 700K Zillow Class C shares (Z +2.5%) last Thursday and Friday, director Jay Hoag has disclosed TCV bought another 935K shares on Monday at $20.03.
    • TCV/Mariner also owns 375K Zillow Class A shares (ZG +2.8%). Both share classes are moving higher on a quiet morning for equities.
    • In other news, Zillow/Trulia rival Zumper is acquiring fellow apartment-listing site PadMapper. Zumper, which allows prospective renters to submit applications through its site, reported having 4M monthly visits as of January.
    | Thu, Feb. 25, 12:31 PM
  • Tue, Feb. 23, 10:06 AM
    • Zillow (Z +9.3%, ZG +7.7%) director/VC Jay Hoag discloses his firm (Technology Crossover Ventures) bought 700K Class C shares (NASDAQ:Z) last Thursday and Friday through its Mariner Investor II fund at prices ranging from $19.49-$20.25. His total purchase price was $13.8M. (source: InsiderInsights.com)
    • The vote of confidence comes with the online real estate leader trading far below its 2014 highs (hit around the time the Trulia deal was announced) on a split-adjusted basis. The Class C shares are up 21% since Zillow posted mixed Q4 results and sales guidance on Feb. 11. 2015 EPS was hurt by $8.1M in News Corp. litigation expenses.
    | Tue, Feb. 23, 10:06 AM | 9 Comments
  • Thu, Feb. 11, 5:58 PM
    • Zillow (Z, ZG) has guided on its earnings call for Q1 revenue of $174M-$179M, below a $180M consensus. However, 2016 revenue guidance of $805M-$815M is above a $796.8M consensus.
    • Top-line performance: Marketplace revenue rose 14% Y/Y to $148.3M, with real estate revenue rising 27% to $136.6M and mortgages revenue 48% to $11.7M. Display ad revenue fell 25% to $21.1M as Zillow continues de-emphasizing display ads.
    • Metrics: Agent advertisers totaled 92,366 at the end of Q4, up 48% Y/Y but down 5% Q/Q. Zillow has said it cares less now about agent count than growing revenue from high-ARPA agents. Monthly unique users fell to 123.7M from Q3's 142.1M (seasonality played a role).
    • Financials: GAAP costs/expenses totaled $195.7M - $77.8M was spent on sales/marketing, $55.8M on tech and R&D, and $45.9M on G&A. Zillow ended Q4 with $520M in cash and $230M in debt.
    • Z -11% after hours to $16.00. ZG -10.8% to $17.10.
    • Zillow's Q4 results, earnings release
    | Thu, Feb. 11, 5:58 PM | 8 Comments
  • Thu, Feb. 11, 5:35 PM
    | Thu, Feb. 11, 5:35 PM
  • Fri, Feb. 5, 12:43 PM
    • On a day the Nasdaq is down 2.4%, Internet stocks are seeing outsized losses after LinkedIn (down 41.3%) issued weak Q1/2016 guidance with its Q4 beat.
    • The professional social networking leader forecast its corporate hiring solutions business would see slower growth in 2016 (international macro issues were blamed). It also noted display ad sales fell by a high-30s % Y/Y in Q4 amid ongoing secular industry pressures, and reported just 7% Y/Y unique visitor member growth.
    • Facebook (FB -5.5%), which soared last week after blowing away Q4 estimates on the back of 57% Y/Y ad revenue growth, is among the casualties. As is Amazon (AMZN -4.9%), which sold off last week after missing Q4 estimates and issuing in-line Q1 sales guidance, is also down sharply. As is Twitter (TWTR -5.3%), which reports in five days and continues trading near post-IPO lows amid growth/engagement concerns.
    • Other decliners include Yelp (YELP -7.9%), TripAdvisor (TRIP -6.3%), Expedia (EXPE -6%), LendingClub (LC -8.3%), Wix.com (WIX -6.8%), Wayfair (W -7.6%), Groupon (GRPN -4.9%), Shopify (SHOP -6.3%), and Zillow (Z -6%), as well as ad tech firms Criteo (CRTO -8.9%) and TubeMogul (TUBE -7.6%). The aforementioned companies are generally expected to post Q4 results in the coming weeks.
    • Earlier: Enterprise software and security stocks hammered after Tableau/LinkedIn's earnings
    | Fri, Feb. 5, 12:43 PM | 107 Comments
  • Wed, Jan. 20, 1:18 PM
    • Like clockwork, high-beta tech stocks continue selling off at a feverish pace as markets nosedive. Today's selloff comes with the Nasdaq down 2.7%, and the S&P 3%. Margin calls are likely a contributing factor.
    • Solar stocks, which sold off yesterday even as major indices moved little, are underperforming again as energy stocks get routed once more and oil drops below $27/barrel. Hard-luck SunEdison (SUNE -13.6%) is now close to $2. Also tumbling: Canadian Solar (CSIQ -8.8%), ReneSola (SOL -8.2%), and Yingli (YGE -6.9%).
    • Security tech plays FireEye (FEYE -9.3%), Palo Alto Networks (PANW -6.1%), Rapid7 (RPD -11.6%), and Vasco (VDSI -10.5%) aren't faring better - peers Fortinet and Barrcauda were downgraded this morning. Nor are Splunk (SPLK -7.7%) and Tableau (DATA -7.2%), two firms often hyped as big data/analytics plays, or Russian tech firms Yandex (YNDX -6.6%) and Qiwi (QIWI -6.9%), which often sell off when oil prices and the ruble are under pressure.
    • Elsewhere in tech, big decliners include Zillow (Z -7.1%), Square (SQ -6.7%), Fitbit (FIT -6.6%), Groupon (GRPN -6.9%), TrueCar (TRUE -7.7%), Pure Storage (PSTG -7.8%), Jive Software (JIVE -7.4%), Shopify (SHOP -7.2%), Ruckus Wireless (RKUS -8%), Renren (RENN -6.8%), Infinera (INFN -6.1%), TripAdvisor (TRIP -6.5%), Ellie Mae (ELLI -6.7%), and Knowles (KN -6.2%).
    • Also off sharply: Several large-cap tech stocks, TowerJazz, Synaptics, Adtran
    | Wed, Jan. 20, 1:18 PM | 20 Comments
Company Description
Zillow Group, Inc. provides online real estate information and services. The company was founded by Richard N. Barton and Lloyd D. Frink on July 25, 2014 and is headquartered in Seattle, WA.
Sector: Technology
Industry: Internet Information Providers
Country: United States