Great Lakes Advisors LLC Invests $6.08 Million in Zillow Group, Inc. $Z

Key Points

• Great Lakes Advisors LLC acquired 88,709 shares of Zillow Group, Inc. valued at approximately $6,082,000, marking significant institutional investment in the company.
• In the most recent quarter, several large investors including IFP Advisors Inc and National Pension Service significantly increased their stakes in Zillow Group, showing growing confidence in the stock.
• Zillow Group's stock is currently rated as a “Moderate Buy” with a consensus target price of $88.29, as analysts have adjusted their expectations upward.

Great Lakes Advisors LLC bought a new position in Zillow Group, Inc. (NASDAQ:Z - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 88,709 shares of the financial services provider's stock, valued at approximately $6,082,000.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Zillow Group by 7.8% during the 1st quarter. Vanguard Group Inc. now owns 22,589,955 shares of the financial services provider's stock worth $1,548,767,000 after acquiring an additional 1,628,577 shares in the last quarter. Independent Franchise Partners LLP grew its stake in shares of Zillow Group by 2.5% in the first quarter. Independent Franchise Partners LLP now owns 11,153,697 shares of the financial services provider's stock valued at $764,697,000 after buying an additional 271,084 shares in the last quarter. Ninety One UK Ltd boosted its position in shares of Zillow Group by 11.4% in the first quarter. Ninety One UK Ltd now owns 4,029,503 shares of the financial services provider's stock valued at $276,263,000 after acquiring an additional 411,742 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Zillow Group by 3.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,584,537 shares of the financial services provider's stock valued at $108,636,000 after acquiring an additional 45,828 shares during the period. Finally, Altimeter Capital Management LP lifted its position in Zillow Group by 1.8% during the first quarter. Altimeter Capital Management LP now owns 1,323,554 shares of the financial services provider's stock worth $90,743,000 after purchasing an additional 22,816 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Zillow Group Price Performance

Shares of Z traded down $1.49 during midday trading on Friday, reaching $87.78. 1,732,852 shares of the stock were exchanged, compared to its average volume of 2,383,369. Zillow Group, Inc. has a twelve month low of $56.82 and a twelve month high of $91.93. The business's 50-day moving average price is $82.05 and its 200 day moving average price is $73.30. The company has a market capitalization of $21.27 billion, a price-to-earnings ratio of -337.62, a PEG ratio of 9.36 and a beta of 2.04.

Insider Activity at Zillow Group

In related news, Director Erik C. Blachford sold 966 shares of the company's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $81.91, for a total transaction of $79,125.06. Following the completion of the sale, the director directly owned 34,508 shares of the company's stock, valued at approximately $2,826,550.28. This represents a 2.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director April Underwood sold 3,621 shares of the stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $90.12, for a total transaction of $326,324.52. Following the sale, the director owned 483 shares in the company, valued at approximately $43,527.96. This trade represents a 88.23% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 657,087 shares of company stock worth $56,286,479. 25.03% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Z has been the subject of several research analyst reports. Bank of America boosted their target price on Zillow Group from $81.00 to $88.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. upped their price objective on Zillow Group from $79.00 to $94.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $88.29.

Zillow Group Company 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.