However, on CNBC's "Cramer's Stop Trading" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, pointed out that both Pacific Crest and RBC Capital Markets downgraded the stock.
The firms reasoned that shares of Zillow have little upside and are unattractive from a valuation perspective.
Cramer argued that CEO Spencer Rascoff will likely be out to defend his company's stock, referring to him as "one of the most activist CEOs."However, Cramer did agree that shares are expensive, and warned investors to be careful looking for a bottom in the stock. He concluded that it could still head lower. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell >>Read More: People Express Revival - Airline Magic or Wishful Thinking? >>Read More: 10 Stocks Legendary Value Investor Benjamin Graham Would Buy Now >>Read More: Precious Metals: A Golden Fall >>Read More: Vermont Wants Aetna, Cigna and Other Health Insurers Dead