The 7.7% stock decline from the first insider sale date (May 15) to the CEO's sale (May 22) suggests accelerating insider conviction, which per the AMPLIFIER calibration warrants cautious monitoring. A confirming 8-K (restructuring, revised guidance, or financing) would validate the bearish signal. If the stock approaches $34 area (roughly -7% from last insider sale), look for Form 4 filings with open-market purchases by any officer as a potential stabilization signal.
How the stock moved after the report
NEUTRAL VIEWSTOCK ABOVE ENTRY AT T+60- T+0 · May 26 $36.37entry
- T+1 · 5mo ago −1.57%α −2.12% · $35.80
- T+5 · 5mo ago −2.14%α −2.65% · $35.59
- T+20 · 5mo ago −19.88%α −17.73% · $29.14
- T+60 · 3mo ago +1.13%α −0.91% · $36.78
Price Chart
REPLAYWatch the reaction play outHow similar events traded
Executive Summary
Four Zillow insiders, including CEO Jeremy Wacksman and CFO Jeremy Hofmann, sold a combined ~$778K in open-market sales over a seven-day window. The CEO's sale ($331K at $36.54) and CFO's sale ($206K at $37.40) constitute the bulk of the cluster. While the cluster size is a modest ~0.24% of market cap, the concentration of C-suite selling warrants attention, albeit dampened by the weak predictive power of insider sales and potential vesting/plan patterns.
Key Financial Metrics
Key Facts
- CEO Jeremy Wacksman sold 9,072 shares for ~$331K at $36.54 on 2026-05-22
- CFO Jeremy Hofmann sold 5,450 shares for ~$206K at $37.40 on 2026-05-18
- General Counsel Bradley Owens sold 3,361 shares for ~$125K at $37.23 on 2026-05-15
- CPO Dan Spaulding sold 3,075 shares for ~$115K at $37.40 on 2026-05-18
- Total cluster value of ~$778K is roughly 0.24% of Zillow's approximate $327M market cap
- This cluster is classified as 'cluster-insider-trades' with multiple confirmed AMPLIFIER cross-filing signals
Financial Impact
~$778K in open-market sales by 4 insiders, representing about 0.24% of market cap
Risk Factors
- CEO CFO and GC all selling in the same window may indicate shared non-public concerns about near-term performance
- 10b5-1 plan timing could explain the sales, but no plan details were disclosed in the cluster
- The 0.24% of market cap is below the 0.5% threshold for high materiality, limiting the direct bearish read-through
- No insider has bought shares in the cluster, creating a one-sided selling signal
- The cross-filing AMPLIFIER verdicts suggest this cluster's signal is amplified by broader context (e.g., earnings and agreement events)
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-1779836131101 |
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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