Zillow capital update, insider purchase helping to move shares, says Stephens

Stephens analyst John Campbell notes that Zillow Group provided an intra-quarter capital update, detailing that the company has deployed $380M on repurchases thus far in Q2, including about $88M in principal of its convertible senior notes due 2025 and about $292M of common share repurchases. The firm, which says it is “fans of the move to repurchase common shares given the ZG stock has experienced significant dislocation since early March,” adds that the buyback news also follows a significant insider purchase of about $100M made public earlier in the week that has helped the stock move about 15% on the week. Stephens reiterates an Overweight rating and $68 price target on Zillow shares.