[Form 4] ZILLOW GROUP INC CLASS A Insider Trading Activity

Rhea-AI Filing Summary

April Underwood, a Director of Zillow Group, reported the sale of 595 shares of Class C common stock at an average price of $86.0147 per share on 08/07/2025. After the reported sale, she beneficially owns 725 shares of Class C stock in a direct capacity. The Form 4 was signed by an attorney-in-fact.

Positive

• Transaction was disclosed via Form 4, indicating compliance with reporting requirements
• No derivatives or complex transactions are reported, simplifying investor interpretation

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A board director executed a small, disclosed sale leaving a modest residual holding; no indications of control change.

The reported transaction is a straightforward disclosure of an insider sale by a director. The sale size (595 shares) and remaining holding (725 shares) are both relatively small, suggesting the transaction is personal liquidity rather than a shift in ownership or control. Reporting through Form 4 and signature by an attorney-in-fact follows standard compliance practice. No derivative transactions or additional compensatory grants are reported.

Securities Analyst

TL;DR: The sale is a routine insider disposition with limited market impact given the modest share count.

From a securities perspective, the disclosed sale does not appear materially impactful to shareholders: the number of shares sold and retained are small in absolute terms and there are no accompanying derivative or hedging transactions disclosed. The reported per-share sale price provides a concrete execution level for the sale. There is no information here implying a change in management stake or corporate strategy.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Underwood April

(Last) (First) (Middle)

C/O ZILLOW GROUP, INC.

1301 SECOND AVENUE, FLOOR 36

(Street)

SEATTLE WA 98101

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ZILLOW GROUP, INC. [ Z AND ZG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class C Capital Stock	08/07/2025		S		595	D	$86.0147	725	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/s/ Shannon Cartales Attorney-in-Fact	08/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Zillow director April Underwood sell according to the Form 4?

She sold 595 shares of Class C common stock at an average price of $86.0147 per share.

How many Zillow Class C shares does April Underwood own after the sale?

She beneficially owns 725 shares of Class C common stock following the reported transaction.

What was the transaction date reported on the Form 4 for April Underwood's sale?

The sale is reported with a transaction date of 08/07/2025.

Was the Form 4 signed directly by April Underwood?

The form shows a signature executed by an attorney-in-fact, not a direct signature from the reporting person.

Did the Form 4 report any option exercises, grants, or derivative transactions for April Underwood?

No. The filing reports only a non-derivative sale of Class C common stock; no derivatives or option activity is listed.