Zillow Group Inc (NASDAQ: ZG) is up 5.1% to trade at $164.89 this morning, after earlier hitting an all-time high of $166.21, following an upgrade from Goldman Sachs to "buy" from "neutral." The firm also lifted its price target by $1 to $200, citing an improving macro environment for real estate, and adding that online companies will likely continue to capture market share. 

Zillow stock has seen some impressive price action on the charts during the past year. While the security did experience a brief February selloff, shares toppled pre-pandemic levels as early as July. The security has since gone off to capture records on a monthly basis, with underlying support from the 60-day moving average capturing any pullbacks. Today's pop puts ZG past recent pressure at the $160 level, while the stock is up over 220% year-over-year. 

There's still room for analysts to follow Goldman Sachs's lead. While the majority called ZG a "buy" or better coming into today, eight of the 22 in coverage consider the security a "hold" or worse. What's more, the 12-month consensus target price of $141.25 sits at a 13.7% discount to current levels.

An unwinding of pessimism in the options pits could push the security even higher. This is per ZG's 50-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits in the 70th percentile of its annual range, suggesting puts have been picked up at a slightly quicker clip during the past 10 weeks. 

To boot, the equity’s Schaeffer's Volatility Scorecard (SVS) stands at a high 82 out of 100, meaning the stock has exceeded options traders' volatility expectations during the past year.