Altimeter Capital Management LP Sells 200,351 Shares of Zillow Group, Inc. $Z

Key Points

• Altimeter Capital trimmed its Zillow stake by 8.4%, selling 200,351 shares and now owning 2,187,421 shares — about 2.2% of Altimeter’s portfolio and valued at roughly $168.54 million (0.90% of Zillow outstanding).
• Company insiders have been selling recently — CFO Jeremy Hofmann sold 7,786 shares at $43.73 and Errol G. Samuelson sold 7,015 shares at $44.21, with insiders disposing of 60,801 shares (~$2.68M) in the last 90 days and now owning 25.03% of the stock.
• Analysts are mixed but the consensus is a Hold with a $90.60 price target, while the stock trades near $43 (52-week range $41.13–$93.88) and shows a high P/E of 476.72.

Altimeter Capital Management LP trimmed its holdings in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) by 8.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,187,421 shares of the financial services provider's stock after selling 200,351 shares during the period. Zillow Group comprises approximately 2.2% of Altimeter Capital Management LP's investment portfolio, making the stock its 14th largest holding. Altimeter Capital Management LP owned 0.90% of Zillow Group worth $168,541,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Root Financial Partners LLC purchased a new stake in Zillow Group during the third quarter worth about $27,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Zillow Group in the third quarter valued at about $29,000. Cullen Frost Bankers Inc. boosted its stake in Zillow Group by 58.6% in the third quarter. Cullen Frost Bankers Inc. now owns 441 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 163 shares during the last quarter. SBI Securities Co. Ltd. grew its position in shares of Zillow Group by 58.2% during the 2nd quarter. SBI Securities Co. Ltd. now owns 503 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 185 shares during the period. Finally, Pittenger & Anderson Inc. grew its position in shares of Zillow Group by 32.8% during the 3rd quarter. Pittenger & Anderson Inc. now owns 546 shares of the financial services provider's stock valued at $42,000 after acquiring an additional 135 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Jeremy Hofmann sold 7,786 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $43.73, for a total value of $340,481.78. Following the sale, the chief financial officer directly owned 57,487 shares of the company's stock, valued at $2,513,906.51. This trade represents a 11.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Errol G. Samuelson sold 7,015 shares of Zillow Group stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $44.21, for a total transaction of $310,133.15. Following the sale, the insider owned 113,800 shares of the company's stock, valued at approximately $5,031,098. The trade was a 5.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 60,801 shares of company stock valued at $2,683,986 in the last 90 days. 25.03% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on Z shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Zillow Group in a report on Wednesday, January 21st. Barclays raised Zillow Group from a "strong sell" rating to a "hold" rating in a report on Thursday, January 29th. Zelman & Associates upgraded Zillow Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, February 12th. Needham & Company LLC reaffirmed a "hold" rating on shares of Zillow Group in a research report on Wednesday, February 11th. Finally, Mizuho downgraded Zillow Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 8th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $90.60.

Zillow Group Stock Performance

NASDAQ:Z opened at $42.90 on Friday. Zillow Group, Inc. has a 52-week low of $41.13 and a 52-week high of $93.88. The stock has a fifty day moving average of $55.37 and a 200 day moving average of $68.48. The firm has a market capitalization of $10.29 billion, a price-to-earnings ratio of 476.72, a P/E/G ratio of 2.40 and a beta of 2.10.

Zillow Group (NASDAQ:Z - Get Free Report) last announced its earnings results on Tuesday, February 10th. The financial services provider reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.03). The business had revenue of $654.00 million during the quarter, compared to the consensus estimate of $650.40 million. Zillow Group had a return on equity of 0.56% and a net margin of 0.89%. Equities analysts forecast that Zillow Group, Inc. will post 0.32 earnings per share for the current fiscal year.

About Zillow Group

Zillow Group, Inc is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company's platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company's automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.

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