Form 4: Zillow CPO Sells Shares for Tax & 10b5-1 Plan

Zillow Group's Chief People Officer, Dan Spaulding, reported sales of Class C Capital Stock totaling 9,274 shares across multiple transactions in November 2025, primarily for tax withholding and under a pre-arranged 10b5-1 trading plan.

Summary

• Dan Spaulding, Chief People Officer of Zillow Group, Inc. (Z and ZG), reported multiple sales of the company's Class C Capital Stock.
• On November 12, 2025, a total of 3,819 shares were sold across four separate transactions at weighted average prices ranging from $70.8031 to $73.5747. These sales were executed to cover tax withholding obligations due upon the vesting of restricted stock units.
• On November 14, 2025, an additional 5,455 shares were sold at a weighted average price of $69.3956. This transaction was conducted pursuant to a Rule 10b5-1 trading plan, which was adopted by Mr. Spaulding on August 30, 2024.
• Following these reported transactions, Mr. Spaulding beneficially owns 50,342 shares of Zillow Group's Class C Capital Stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral. The reported sales are routine, primarily for tax obligations upon restricted stock unit vesting and pursuant to a pre-established 10b5-1 trading plan, which are common practices for corporate executives and do not typically indicate a change in company fundamentals or outlook.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This is a routine insider transaction report, common for executives managing their equity compensation. It does not provide specific insights into broader industry trends or Zillow's competitive position.

Stakeholder Impact

• Shareholders: Minimal impact, as these are routine, pre-planned insider sales for tax purposes and under a 10b5-1 plan, not indicative of a change in management's confidence or company performance.

Key Dates

Recommendation

The reported insider sales by Zillow's Chief People Officer are primarily for tax withholding purposes upon restricted stock unit vesting and pursuant to a pre-established 10b5-1 trading plan. These are routine transactions and do not typically signal a change in the company's fundamental outlook or warrant a shift from a 'hold' recommendation based solely on this filing. Investors should continue to evaluate Zillow based on its operational performance, market position, and broader economic factors.

Keywords

Zillow, insider trading, Form 4, stock sale, 10b5-1 plan, executive compensation, tax withholding