357,104 Zillow Group, Inc. $ZG Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Zillow Group stake by 724.4% in the third quarter, buying 357,104 additional shares and bringing its holdings to 406,398 shares valued at approximately $11.3 million.
• Several other institutional investors also initiated or expanded positions, while institutional investors and hedge funds collectively owned 20.32% of Zillow Group. Insiders sold 38,539 shares worth $1.32 million over the past three months, primarily to cover tax obligations.
• Zillow reported quarterly revenue of $772 million and adjusted earnings of $0.52 per share, exceeding analyst estimates, with revenue up 17.9% year over year. Despite analyst price targets ranging from $40 to $80, the consensus rating remains “Hold” with a $51.19 target.

Assenagon Asset Management S.A. grew its stake in shares of Zillow Group, Inc. (NASDAQ:ZG - Free Report) by 724.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 406,398 shares of the technology company's stock after purchasing an additional 357,104 shares during the period. Assenagon Asset Management S.A. owned approximately 0.18% of Zillow Group worth $11,257,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ZG. Ninety One UK Ltd acquired a new position in Zillow Group during the third quarter worth about $548,000. Ninety One SA Pty Ltd acquired a new stake in shares of Zillow Group during the 3rd quarter valued at approximately $26,000. Tidal Investments LLC purchased a new stake in shares of Zillow Group during the 2nd quarter worth approximately $436,000. Engineers Gate Manager LP boosted its stake in shares of Zillow Group by 1,290.7% during the 2nd quarter. Engineers Gate Manager LP now owns 95,959 shares of the technology company's stock worth $3,010,000 after acquiring an additional 89,059 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of Zillow Group during the 2nd quarter worth approximately $29,000. 20.32% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Zillow Group

In related news, insider Errol Samuelson sold 3,154 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $34.24, for a total transaction of $107,992.96. Following the transaction, the insider directly owned 130,885 shares in the company, valued at approximately $4,481,502.40. This represents a 2.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Beitel sold 1,798 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $34.24, for a total value of $61,563.52. Following the transaction, the chief technology officer owned 133,013 shares in the company, valued at $4,554,365.12. This trade represents a 1.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 38,539 shares of company stock valued at $1,323,800. Corporate insiders own 29.88% of the company's stock.

Zillow Group Price Performance

Zillow Group stock opened at $31.82 on Tuesday. The stock has a market capitalization of $7.16 billion, a P/E ratio of 144.64, a P/E/G ratio of 1.39 and a beta of 2.02. Zillow Group, Inc. has a 12-month low of $27.25 and a 12-month high of $76.32. The firm's 50-day moving average is $32.49 and its two-hundred day moving average is $35.24.

Zillow Group (NASDAQ:ZG - Get Free Report) last released its earnings results on Wednesday, August 5th. The technology company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.44 by $0.08. The firm had revenue of $772.00 million during the quarter, compared to analysts' expectations of $758.25 million. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. Zillow Group's revenue for the quarter was up 17.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.40 EPS. As a group, analysts forecast that Zillow Group, Inc. will post 0.89 EPS for the current year.

Wall Street Analysts Forecast Growth

ZG has been the topic of a number of research reports. Evercore set a $40.00 price target on Zillow Group and gave the stock an "in-line" rating in a report on Thursday, August 6th. Canaccord Genuity Group reduced their price objective on Zillow Group from $52.00 to $40.00 and set a "hold" rating for the company in a report on Thursday, August 6th. JPMorgan Chase & Co. decreased their target price on Zillow Group from $76.00 to $62.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 11th. Citigroup lowered their target price on Zillow Group from $68.00 to $52.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Finally, Deutsche Bank Aktiengesellschaft set a $80.00 price target on Zillow Group in a research report on Monday, August 24th. Ten investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Zillow Group has a consensus rating of "Hold" and a consensus price target of $51.19.

Zillow Group Company Profile

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms for consumers, real estate professionals, and other housing industry participants. Its services are designed to help people search for homes, understand property values, connect with agents, and manage transactions throughout the residential real estate process.

The company's portfolio includes Zillow, Trulia, StreetEasy, HotPads, and ShowingTime+. Zillow provides home listings, estimated property values, rental information, agent connections, mortgage resources, and other housing-related tools.

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