SCS Capital Management LLC Purchases New Position in Zillow Group, Inc. $Z

Key Points

• SCS Capital Management LLC acquired 6,411 shares of Zillow Group, Inc. valued at approximately $440,000 in the first quarter, adding to a trend of increased institutional investment in the company.
• Shares of Zillow have shown significant movement, with a 52-week low of $55.46 and a high of $91.93, opening at $89.27 recently.
• Analysts have upgraded Zillow Group's stock ratings, with JPMorgan raising the price target from $79.00 to $94.00 and a consensus rating of "Moderate Buy" with a target price of $88.29.

SCS Capital Management LLC acquired a new position in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,411 shares of the financial services provider's stock, valued at approximately $440,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Zillow Group by 2.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 985,003 shares of the financial services provider's stock worth $67,532,000 after purchasing an additional 24,951 shares in the last quarter. Empowered Funds LLC lifted its holdings in Zillow Group by 4.7% during the 1st quarter. Empowered Funds LLC now owns 3,822 shares of the financial services provider's stock worth $262,000 after purchasing an additional 171 shares in the last quarter. Great Lakes Advisors LLC purchased a new stake in Zillow Group during the 1st quarter worth about $6,082,000. Fred Alger Management LLC purchased a new stake in Zillow Group during the 1st quarter worth about $475,000. Finally, Nissay Asset Management Corp Japan ADV lifted its holdings in Zillow Group by 4.6% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 19,250 shares of the financial services provider's stock worth $1,320,000 after purchasing an additional 839 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on Z shares. Sanford C. Bernstein raised Zillow Group from a "market perform" rating to an "outperform" rating and set a $105.00 price objective on the stock in a report on Wednesday. JPMorgan Chase & Co. raised their price target on Zillow Group from $79.00 to $94.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Finally, Bank of America raised their price target on Zillow Group from $81.00 to $88.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.38.

Zillow Group Stock Performance

Shares of Z stock traded up $3.55 during mid-day trading on Wednesday, hitting $92.10. The company's stock had a trading volume of 1,688,604 shares, compared to its average volume of 2,647,451. The stock has a market cap of $22.31 billion, a price-to-earnings ratio of -354.18, a PEG ratio of 24.26 and a beta of 2.04. Zillow Group, Inc. has a 52-week low of $57.00 and a 52-week high of $93.45. The business has a 50-day moving average price of $82.66 and a 200 day moving average price of $73.43.

Insider Activity at Zillow Group

In other Zillow Group news, Director April Underwood sold 3,621 shares of the company's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $90.12, for a total value of $326,324.52. Following the completion of the sale, the director owned 483 shares in the company, valued at $43,527.96. This represents a 88.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Erik C. Blachford sold 966 shares of the company's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $81.91, for a total value of $79,125.06. Following the completion of the transaction, the director directly owned 34,508 shares of the company's stock, valued at approximately $2,826,550.28. This trade represents a 2.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 657,087 shares of company stock valued at $56,286,479 in the last 90 days. 23.76% of the stock is owned by company insiders.

Zillow Group Profile

Zillow Group, Inc operates real estate brands in mobile applications and Websites in the United States. The company offers premier agent and rentals marketplaces, new construction marketplaces, advertising, display advertising, and business technology solutions, as well as dotloop and floor plans. It also provides mortgage originations and the sale of mortgages, and advertising to mortgage lenders and other mortgage professionals; and title and escrow services.