The sales are small relative to market cap and follow a strong earnings beat, suggesting routine post-earnings diversification rather than informed bearishness. Monitor for any follow-on sales in the next 30 days; if the CEO or CFO sells >$1M in a single week, that would be a more material signal. The Q1 results (revenue +18%, net income +475% YoY) remain the dominant narrative.
How the stock moved after the report
NEUTRAL VIEWSTOCK BELOW ENTRY AT T+60- T+0 · May 18 $36.42entry
- T+1 · 6mo ago +1.37%α +0.35% · $36.92
- T+5 · 5mo ago −0.14%α −2.42% · $36.37
- T+20 · 5mo ago −11.45%α −12.44% · $32.25
- T+60 · 3mo ago −3.46%α −9.27% · $35.16
Price Chart
REPLAYWatch the reaction play outHow similar events traded
Executive Summary
Seven Zillow insiders, including CEO Jeremy Wacksman and CFO Jeremy Hofmann, sold a total of ~$667K in open-market sales on May 14-15, 2026, following the company's strong Q1 earnings release on May 6. The cluster is concentrated in a 2-day window after earnings, with the CEO and CFO accounting for ~52% of the total dollar value. While the sales are notable for involving the entire C-suite, the total value is only ~0.2% of Zillow's ~$8.5B market cap, falling in the modest range. The cluster is amplified by the proximity to earnings (12 days) per cross-filing actuarial verdicts, but the dollar amount is too small to signal material bearish conviction.
Key Financial Metrics
Key Facts
- 7 insiders sold a total of ~$667K in open-market sales on May 14-15, 2026
- CEO Jeremy Wacksman sold $218K (5,751 shares at ~$37.88), CFO Jeremy Hofmann sold $333K total across two transactions
- Sales occurred 8-9 days after Zillow reported strong Q1 results (revenue +18% YoY to $708M, net income $46M vs $8M YoY)
- Total cluster value of ~$667K represents ~0.2% of Zillow's estimated $8.5B market cap
- All sales were open-market (code S); no 10b5-1 plan pattern evident from the data
- Cross-filing actuarial verdicts show AMPLIFIER for cluster-insider-trades + cluster-earnings-context
Financial Impact
~$667K in insider sales, ~0.2% of market cap
Risk Factors
- Insider sales could accelerate if the stock continues to rise, creating overhang
- The cluster includes the entire C-suite, which may raise governance questions despite small dollar amounts
- Zillow's cash position declined from $1.3B to $788M in Q1 due to $626M in buybacks, reducing financial flexibility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-Z AND ZG-1779138357313 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 4, 2026 1d ago | 8-K | $29.23 | awaiting T+20 | awaiting T+20 | $31.21 (−6.77%) |
Oct 28, 2026 8d ago | 8-K | $32.10 | awaiting T+20 | awaiting T+20 | $31.21 (−2.77%) |
Oct 15, 2026 21d ago | Institutional Cluster | $32.43 | awaiting T+20 | awaiting T+20 | $31.21 (−3.76%) |
Sep 3, 2026 9w ago | 144 | $35.32 $28.13 | ▼ −20.36% | ▼ −20.96% | $31.21 (−11.64%) |
Aug 24, 2026 10w ago | 8-K | $37.95 $31.59 | ▼ −16.76% | ▼ −18.07% | $31.21 (−17.76%) |
Aug 17, 2026 11w ago | Insider Cluster | $35.28 $32.00 | ▲ +9.30% | ▲ +7.99% | $31.21 (+11.54%) |
Aug 17, 2026 11w ago | Insider Cluster | $35.28 $32.77 | ▼ −7.11% | ▼ −6.12% | $31.21 (−11.54%) |
May 26, 2026 23w ago | Insider Cluster | $36.37 $29.14 | ▼ −19.88% | ▼ −17.73% | $31.21 (−14.19%) |
May 18, 2026 24w ago | Insider Cluster | $36.42 $32.25 | ▼ −11.45% | ▼ −12.44% | $31.21 (−14.31%) |
May 15, 2026 24w ago | Insider Cluster | No price | awaiting T+20 | awaiting T+20 | No price |
US Market Status
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