Abacus FCF Advisors LLC acquired a new stake in shares of Zillow Group, Inc. (NASDAQ:ZG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 73,120 shares of the technology company's stock, valued at approximately $8,712,000. Zillow Group comprises 1.6% of Abacus FCF Advisors LLC's investment portfolio, making the stock its 26th largest holding.
A number of other institutional investors have also recently made changes to their positions in the business. PNC Financial Services Group Inc. lifted its stake in shares of Zillow Group by 10.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,156 shares of the technology company's stock worth $147,000 after buying an additional 198 shares during the period. Lido Advisors LLC increased its position in shares of Zillow Group by 0.4% in the 4th quarter. Lido Advisors LLC now owns 50,846 shares of the technology company's stock valued at $3,627,000 after acquiring an additional 215 shares during the period. Royal London Asset Management Ltd. raised its stake in Zillow Group by 1.4% in the 2nd quarter. Royal London Asset Management Ltd. now owns 18,217 shares of the technology company's stock worth $1,248,000 after acquiring an additional 247 shares during the last quarter. Mackenzie Financial Corp lifted its position in Zillow Group by 8.5% during the 3rd quarter. Mackenzie Financial Corp now owns 3,301 shares of the technology company's stock worth $246,000 after acquiring an additional 258 shares during the period. Finally, California State Teachers Retirement System grew its stake in Zillow Group by 9.2% during the 2nd quarter. California State Teachers Retirement System now owns 3,147 shares of the technology company's stock valued at $216,000 after purchasing an additional 264 shares during the last quarter. Institutional investors and hedge funds own 20.32% of the company's stock.
Zillow Group Price Performance
Shares of NASDAQ ZG opened at $37.44 on Thursday. The stock has a market capitalization of $8.42 billion, a price-to-earnings ratio of 170.19, a PEG ratio of 1.54 and a beta of 1.95. Zillow Group, Inc. has a 12 month low of $29.03 and a 12 month high of $90.22. The firm's 50 day simple moving average is $33.07 and its 200-day simple moving average is $39.60.
Zillow Group (NASDAQ:ZG - Get Free Report) last posted its earnings results on Wednesday, August 5th. The technology company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.08. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The firm had revenue of $772.00 million during the quarter, compared to analyst estimates of $758.25 million. During the same period in the previous year, the firm earned $0.40 EPS. The business's quarterly revenue was up 17.9% on a year-over-year basis. Analysts anticipate that Zillow Group, Inc. will post 0.89 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, insider Errol G. Samuelson sold 3,154 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $34.24, for a total transaction of $107,992.96. Following the completion of the transaction, the insider directly owned 130,885 shares of the company's stock, valued at $4,481,502.40. This represents a 2.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Jennifer Rock sold 990 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $34.24, for a total value of $33,897.60. Following the transaction, the chief accounting officer owned 58,752 shares in the company, valued at $2,011,668.48. This trade represents a 1.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 46,423 shares of company stock valued at $1,612,148. 29.88% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
ZG has been the subject of several research analyst reports. Citizens Jmp reduced their price objective on Zillow Group from $75.00 to $46.00 and set a "market outperform" rating for the company in a research note on Friday, August 7th. The Goldman Sachs Group dropped their target price on Zillow Group from $53.00 to $40.00 and set a "neutral" rating on the stock in a research report on Friday, June 12th. Piper Sandler cut their price target on shares of Zillow Group from $55.00 to $46.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. DA Davidson reduced their price target on shares of Zillow Group from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Finally, Weiss Ratings cut shares of Zillow Group from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, May 22nd. Eleven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $52.29.
View Our Latest Research Report on ZG
About Zillow Group
(
Free Report)
Zillow Group NASDAQ: ZG is a U.S.-based online real estate marketplace that connects consumers, real estate professionals and mortgage lenders through a suite of digital products and advertising services. Founded in 2006 by Rich Barton and Lloyd Frink and headquartered in Seattle, Washington, the company operates a portfolio of consumer-facing brands and tools designed to simplify home search, rental discovery, valuation and mortgage shopping.
Zillow's core products include its consumer websites and mobile apps that list homes for sale and rent, the Zestimate automated home value estimate, and marketplaces that connect buyers and renters with agents and lenders.
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