Seeking Alpha

Zillow (Z)

  • Tue, May 12, 5:44 PM
    • After coming off a halt, Zillow (NASDAQ:Z) is up 1.8% AH in the wake of its Q1 report. In spite of a Q1 revenue miss, the company is reiterating full-year revenue and adjusted EBITDA guidance of $690M and $80M-$85M (provided on April 14).
    • The Market Leader real estate CRM software unit (acquired by Trulia in 2013) was a weak spot in Q1: Its sales fell 11% Y/Y to $13.6M. Display ad sales were also light, rising only 5% on a pro forma basis (i.e. counting both Zillow and Trulia's full numbers) to $25.6M. Yelp, LinkedIn, and others have reported soft Q1 display ad sales, while often blaming industry adoption of programmatic (automated) ad-buying platforms that have depressed prices.
    • Core real estate services revenue was stronger, rising 54% to $113.4M. Mortgage services revenue rose 33% to $10M.
    • Business metrics: Zillow had 103,415 Premier Agent advertisers at the end of Q1 - that figure includes Trulia agents. Premier Agent ARPA was $354; it was $359 for Zillow proper in Q4. Following the end of the ListHub deal, Zillow says it now receives 100% of real estate listings directly. March unique visitors totaled nearly 140M, and close to 2/3 of Zillow brand usage now occurs on mobile.
    • Pro forma adjusted EBITDA more than doubled Y/Y to $24.5M. $12.5M worth of acquisition costs were recorded, as were $25.1M worth of restructuring costs - Zillow/Trulia announced job cuts after their merger closed in February.
    • Q1 results, PR
  • Mon, May 11, 10:35 AM
    • SunTrust's Bob Peck has upgraded Zillow (NASDAQ:Z) to Buy ahead of tomorrow's Q1 report, and hiked his target by $20 to $130.
    • Among the positives cited by Peck: A large and growing online real estate market; rising mobile usage; Zillow's network effect; strong ROIs for real estate agents; margin leverage (Peck thinks 45%+ op. margins are possible); and the optionality provided by adjacent opportunities.
    • He also dismisses concerns about Zillow's dependence on 3rd-party listings data, competition from News Corp./, and the size of Zillow's addressable agent pool. "At ~55% penetration of the top 350K agents (or ~200K) Zillow could generate ~$4B in agent revenues."
    • Zillow rallied last month after providing below-consensus 2015 guidance amid low expectations. Two weeks ago, Peck downgraded Twitter just before the company posted a Q1 sales miss and cut its full-year guidance (and crashed in response).
    | Comment!
  • Mon, Apr. 27, 3:06 PM
    • Today's notable tech gainers include online real estate leader Zillow (Z +4.3%), online travel deals platform Travelzoo (TZOO +8%), and gaming IP licensing firm Worlds (OTCQB:WDDD +15.5%).
    • Notable decliners include wireless charging tech developer Energous (WATT -9.3%), enterprise mobility management software firm MobileIron (MOBL -9.4%), Chinese mobile game publisher iDreamSky (DSKY -7.1%), and cloud tech support software provider (SPRT -6.6%). The Nasdaq is down 0.6%.
    • Zillow is now up 10% since providing soft full-year guidance on April 14. Travelzoo is up 32% since posting a Q4 beat on April 16.
    • Energous is selling off after filing a $75M mixed shelf following Friday's close. MobileIron is down 34% since issuing a Q1 warning last Wednesday. iDreamSky is missing out on a Chinese tech rally.
    • Previously covered: Applied Materials, Aerohive, Taser, Oclaro,, Sky-mobi, 3D Systems/Stratasys
    | 1 Comment
  • Tue, Apr. 14, 10:03 AM
    • Zillow (NASDAQ:Z) has fallen to new 52-week lows after providing light 2015 revenue guidance on its CC, and forecasting full-year adjusted EBITDA of just $80M-$85M. However, shares have quickly bounced from a low of $81.07.
    • Zillow also stated on the CC 2015 will be a "transition year," and suggested Premier Agent net adds will be light. Shares trade for 6.9x Zillow's 2015 revenue forecast.
    • Update (1:50PM ET): Zillow is now only down 1.9%.
  • Tue, Apr. 14, 9:13 AM
    • Zillow (NASDAQ:Z) guides on this morning's CC (webcast) for 2015 revenue of $690M, below a $753M consensus.
    • Shares are halted. Barclays downgraded on April 6, and Cowen cut its target on March 31.
    • Yesterday: Zillow higher after scheduling CC
  • Mon, Apr. 13, 6:35 PM
    • Zillow (NASDAQ:Z) has scheduled a conference call for 9AM ET tomorrow (webcast). The online real estate giant will use it to provide "an operational progress report" on the Trulia deal, and to "discuss its preliminary full-year pro forma outlook for 2015."
    • Shares have risen to $95.15 AH. They fell 4.8% in regular trading ahead of the announcement.
  • Mon, Apr. 13, 5:39 PM
    • Top gainers, as of 5:15 p.m.: GSAT +4.5%. AMCN +3.4%. GWPH +2.4%. IAG +2.3%. Z +2.2%.
    • Top losers, as of 5:15 p.m.: GLUU -9.1%. NSC -3.8%. NOK -2.5%. CSX -2.1%. REED -2.0%.
  • Mon, Apr. 6, 10:29 AM
    • Believing traffic growth is slowing for both the Zillow and Trulia brands and that the slowdown could be a sign of market saturation, Barclays' Chris Merwin has downgraded Zillow (Z -1.3%) to Equal Weight, and cut his target by $35 to $105.
    • Merwin also thinks premier agent net add growth is slowing, and expects Zillow to offer large brokerages discounts in order to get access to their listing inventory - he does qualify by stating Zillow could later re-price "at a substantial premium." He adds the company hasn't reported monthly unique visitor traffic since January, a month during which growth slowed to 24%.
    • Shares opened down over 3%, but have since bounced. They're down 40% from a high of $164.90 (set amid Trulia merger euphoria).
    • Last week: Cowen cuts Zillow target; more MLS deals struck
  • Tue, Feb. 24, 4:05 PM
    • A few days after Zillow (Z -3.1%) announced it's filing for a temporary restraining order against News Corp.-owned Listhub for ending its Trulia listings deal (effective Feb. 26) well before its planned June 2016 expiration, a San Francisco judge has granted a restraining order.
    • The order will remain in place at least until March 12 - the date set for a court hearing on the matter. Trulia: "We’re very pleased with this preliminary decision, and hopeful the court will grant us the further time necessary to make this transition in an orderly way."
    • Shares nonetheless sold off today, thanks to a downgrade to Neutral from Macquarie. The downgrade comes in the wake of a sharply rally in Zillow's shares following the closing of its merger with Trulia.
  • Wed, Feb. 18, 12:51 PM
    | Comment!
  • Wed, Feb. 18, 12:30 PM
    • Zillow (Z +14.6%) has taken off on its first trading day as a company containing both Zillow and Trulia's assets. 3.6M shares have already been traded; the 3-month average for Zillow proper is 1.4M.
    • During a CC, CEO Spencer Rascoff reiterated Zillow expects the merger to give it more scale/bargaining power when negotiating for MLS data, and declared the company has already made much progress in finding alternate sources for listings to be lost by the April expiration of a deal with Listhub (owned by owner News Corp.). "When we announced parting with News Corp. we were freed from the constraint of being reliant on a competitor for listings."
    • Yesterday: Zillow closes Trulia deal, plans to cut 350 jobs
  • Fri, Feb. 13, 5:52 PM
    • More specific metrics from Zillow's (NASDAQ:Z) Q4 report: Average monthly unique users of nearly 77M (up 41%); mobile visits (nearly two-thirds of Zillow's visits) were up 57%.
    • Premier Agent advertising revenue hit an annualized run rate of more than $268M vs. prior year's $157M. Zillow netted 1,428 new Premier Agent advertisers at average revenue of $359, up from prior year's $271.
    • For the full year, revenues were up 65% to record $325.9M (Marketplace Revenue up 73% to $267.2M; Display Revenue up 37% to $58.7M).
    • There's no conference call to discuss earnings, but Zillow is holding a call to discuss the Trulia acquisition Wed., Feb. 18 at 9 a.m. ET, the day after it expects to close the deal.
    • Shares now significantly higher after hours, +5.2%.
  • Fri, Feb. 13, 5:12 PM
    • Zillow (NASDAQ:Z): Q4 EPS of $0.24 misses by $0.04.
    • Revenue of $92.3M (+58.3% Y/Y) beats by $2.29M.
    • Shares +2.35% AH.
    • Press Release
  • Thu, Feb. 12, 11:23 AM
    • Merger partners Zillow (Z +6.6%) and Trulia (TRLA +6.4%) are posting big gains in morning trading. Zillow has already seen 1.12M shares change hands vs. a 3-month daily average of 1.39M, and Trulia 561K vs. a 3-month average of 607K.
    • Both companies soared last month on a report stating the FTC staff has recommended approving their all-stock merger. Neither has posted Q4 results yet.
    • Short-covering could be driving today's moves: Zillow had 14.5M shares shorted as of Jan. 30, a 52-week high and equal to a whopping 54% of its float. Trulia had 8.3 shares shorted, well below a May 30 level of nearly 14M but still equal to 24% of its float.
  • Tue, Feb. 3, 1:25 PM
    • Though the Nasdaq is only up 0.4%, a long list of tech firms are posting outsized gains today.
    • It's a good day for online real estate: Merger partners Zillow (Z +5%) and Trulia (TRLA +4.9%) are up sharply, as are Chinese online real estate plays SouFun (SFUN +5.2%), E-House (EJ +6.5%), and Leju (LEJU +3.8%).
    • Other major tech gainers include security software firm Imperva (IMPV +4.7%), gaming headset maker Turtle Beach (HEAR +6.6%), salvage auction site Liquidity Holdings (LQDT +7.4%), RF filter tech developer Resonant (RESN +10.7%), telecom equipment/SDN software vendor Cyan (CYNI +10.1%), Chinese CDN owner ChinaCache (CCIH +10.8%), application delivery controller vendor A10 Networks (ATEN +6.1%), Chinese sports lottery site (WBAI +7.6%), and unified communications hardware/software firm ShoreTel (SHOR +6.7%).
    • Earlier: Solar stocks soar as oil tops $51, CSIQ strikes deal
    • Earlier: 3D printing stocks routed after Stratasys warns
    | Comment!
  • Fri, Jan. 23, 12:46 PM
Visit Seeking Alpha's
Z vs. ETF Alternatives
Company Description
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.