Adage Capital Partners GP L.L.C. Sells 278,754 Shares of Zillow Group, Inc. $Z

Key Points

• Adage Capital Partners GP L.L.C. has significantly reduced its stake in Zillow Group, Inc. by 74.3%, selling 278,754 shares and retaining a total of 96,246 shares valued at approximately $6.6 million.
• Other institutional investors have increased their positions in Zillow, with IFP Advisors Inc raising their stake by 288.9%, while National Pension Service and GAMMA Investing also made substantial purchases.
• Analysts generally see Zillow Group favorably, with JPMorgan raising the price target to $94 and an average rating of "Moderate Buy", indicating positive growth expectations for the stock.

Adage Capital Partners GP L.L.C. reduced its position in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 74.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 96,246 shares of the financial services provider's stock after selling 278,754 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in Zillow Group were worth $6,599,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Jump Financial LLC acquired a new position in Zillow Group in the first quarter worth approximately $334,000. TB Alternative Assets Ltd. grew its position in Zillow Group by 49.0% in the first quarter. TB Alternative Assets Ltd. now owns 570,913 shares of the financial services provider's stock worth $39,142,000 after acquiring an additional 187,671 shares in the last quarter. American Assets Investment Management LLC bought a new stake in Zillow Group in the first quarter worth approximately $468,000. Alberta Investment Management Corp acquired a new position in shares of Zillow Group during the 1st quarter worth $3,661,000. Finally, Cerity Partners LLC raised its holdings in shares of Zillow Group by 67.0% during the 1st quarter. Cerity Partners LLC now owns 20,475 shares of the financial services provider's stock valued at $1,404,000 after purchasing an additional 8,215 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Zillow Group

In other Zillow Group news, insider Dan Spaulding sold 100,000 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $85.91, for a total transaction of $8,591,000.00. Following the completion of the sale, the insider directly owned 68,889 shares of the company's stock, valued at approximately $5,918,253.99. The trade was a 59.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Richard N. Barton sold 200,000 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $84.92, for a total transaction of $16,984,000.00. Following the completion of the transaction, the chairman directly owned 843,248 shares in the company, valued at $71,608,620.16. This trade represents a 19.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 657,087 shares of company stock valued at $56,286,479 over the last ninety days. Company insiders own 25.03% of the company's stock.

Zillow Group Stock Down 1.7%

NASDAQ:Z traded down $1.49 during trading hours on Friday, hitting $87.78. 1,732,852 shares of the stock were exchanged, compared to its average volume of 2,383,369. The company has a market capitalization of $21.27 billion, a P/E ratio of -337.62, a price-to-earnings-growth ratio of 9.36 and a beta of 2.04. The company's 50 day moving average is $82.05 and its two-hundred day moving average is $73.30. Zillow Group, Inc. has a twelve month low of $56.82 and a twelve month high of $91.93.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Bank of America upped their price objective on shares of Zillow Group from $81.00 to $88.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. boosted their price target on Zillow Group from $79.00 to $94.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $88.29.

About Zillow Group

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.