Alberta Investment Management Corp Makes New $3.66 Million Investment in Zillow Group, Inc. (NASDAQ:Z)

Key Points

• Alberta Investment Management Corp has made a new investment in Zillow Group totaling $3.66 million, acquiring 53,400 shares in the financial services provider.
• Several institutional investors, including TB Alternative Assets Ltd. and Cerity Partners LLC, have significantly increased their stakes in Zillow Group, indicating strong institutional confidence in the company.
• Insider selling is noted, with CFO Jeremy Hofmann and CEO Jeremy Wacksman both selling shares recently, which reflects a 7.55% and a 6.02% decrease in their respective holdings.

Alberta Investment Management Corp purchased a new position in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 53,400 shares of the financial services provider's stock, valued at approximately $3,661,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in Z. TB Alternative Assets Ltd. raised its position in Zillow Group by 49.0% in the 1st quarter. TB Alternative Assets Ltd. now owns 570,913 shares of the financial services provider's stock valued at $39,142,000 after purchasing an additional 187,671 shares during the last quarter. Cerity Partners LLC raised its position in Zillow Group by 67.0% in 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 during the last quarter. G&S Capital LLC raised its position in Zillow Group by 132.2% in the 1st quarter. G&S Capital LLC now owns 33,933 shares of the financial services provider's stock valued at $2,326,000 after purchasing an additional 19,319 shares during the last quarter. Gotham Asset Management LLC purchased a new stake in Zillow Group in the 4th quarter valued at $442,000. Finally, Optas LLC raised its position in Zillow Group by 117.5% in the 1st quarter. Optas LLC now owns 12,205 shares of the financial services provider's stock valued at $837,000 after purchasing an additional 6,594 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Insiders Place Their Bets

In related news, CFO Jeremy Hofmann sold 7,959 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $68.98, for a total transaction of $549,011.82. Following the transaction, the chief financial officer owned 97,481 shares of the company's stock, valued at approximately $6,724,239.38. This trade represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeremy Wacksman sold 10,984 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $68.98, for a total transaction of $757,676.32. Following the transaction, the chief executive officer directly owned 171,517 shares in the company, valued at approximately $11,831,242.66. The trade was a 6.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,093 shares of company stock valued at $6,989,688 over the last ninety days. Insiders own 25.03% of the company's stock.

Zillow Group Trading Up 0.8%

NASDAQ Z opened at $80.20 on Friday. The stock's 50-day moving average price is $72.94 and its two-hundred day moving average price is $72.50. The company has a market cap of $19.36 billion, a PE ratio of -235.88, a PEG ratio of 14.81 and a beta of 2.09. Zillow Group, Inc. has a 1 year low of $41.67 and a 1 year high of $89.39.

Analyst Ratings Changes

A number of brokerages have recently issued reports on Z. Keefe, Bruyette & Woods cut their price target on shares of Zillow Group from $80.00 to $76.00 and set a "market perform" rating for the company in a report on Wednesday, May 7th. Wedbush reiterated an "outperform" rating and issued a $100.00 price target on shares of Zillow Group in a report on Monday, May 5th. JPMorgan Chase & Co. cut their price target on shares of Zillow Group from $93.00 to $79.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company upgraded shares of Zillow Group to a "hold" rating in a report on Monday, April 28th. Finally, William Blair began coverage on shares of Zillow Group in a report on Monday, April 21st. They issued a "market perform" rating for the company. Eight investment analysts have rated the stock with a hold rating, four have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $83.71.

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.

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