Form 4: Zillow CFO Sells Shares for Tax, 10b5-1 Plan

Zillow Group's Chief Financial Officer, Jeremy Hofmann, reported sales of Class C Capital Stock totaling 13,335 shares, primarily for tax obligations and a pre-arranged 10b5-1 trading plan.

Summary

• Jeremy Hofmann, Zillow Group's Chief Financial Officer, reported multiple sales of Class C Capital Stock.
• On November 12, 2025, a total of 5,470 shares were sold at weighted average prices ranging from $70.816 to $73.6168. These sales were specifically to cover tax withholding obligations upon the vesting of restricted stock units.
• On November 14, 2025, an additional 7,865 shares were sold at a price of $69.53 per share. This transaction was executed under a Rule 10b5-1 trading plan established on September 4, 2024.
• Following these transactions, Hofmann beneficially owns 70,811 shares of Class C Capital Stock.

Sentiment

Score: 5

Explanation: The filing reports routine insider stock sales for tax purposes and a pre-scheduled 10b5-1 plan. These are neutral events and do not indicate a positive or negative sentiment about the company's future performance.

Positives

• The sales related to tax withholding are a routine event for executives receiving equity compensation, not indicative of a negative outlook.
• The sale under a Rule 10b5-1 plan indicates a pre-scheduled, non-discretionary transaction, which can reduce concerns about insider trading motives.

Negatives

• A reduction in insider ownership, even if for routine reasons, can sometimes be perceived negatively by investors.

Future Outlook

NA

Industry Context

This Form 4 filing is a routine disclosure of insider stock transactions and does not provide information directly related to broader industry trends or competitive landscape.

Stakeholder Impact

• Shareholders: The reduction in insider ownership is minor and primarily for routine reasons (tax, 10b5-1 plan), so the direct impact on shareholder confidence is likely minimal. However, some investors may view any insider selling as a slight negative.
• Employees: No direct impact on employees is indicated by this filing.
• Customers, Suppliers, Creditors: No direct impact on these stakeholders is indicated by this filing.

Key Dates

Recommendation

This Form 4 filing details routine insider stock sales by Zillow's CFO, primarily for tax obligations related to vested restricted stock units and a pre-scheduled 10b5-1 trading plan. Such transactions are common and generally not indicative of a change in the company's fundamental outlook or the insider's confidence. Therefore, based solely on this filing, there is no new information to warrant a change from a 'hold' position, assuming the investor's existing thesis remains intact.

Keywords

Zillow Group, Zillow, ZG, Z, Jeremy Hofmann, CFO, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, Restricted Stock Units, Equity Compensation