Amova Asset Management Americas Inc. Trims Position in Zillow Group, Inc. $Z

Key Points

• Amova Asset Management Americas cut its Zillow Group stake by 8.7% in the fourth quarter, selling 39,741 shares and leaving it with 415,217 shares valued at about $28.3 million.
• Wall Street sentiment is mixed but still constructive: Zillow has a consensus rating of “Moderate Buy” and an average price target of $77, even as several analysts recently trimmed targets or maintained cautious ratings.
• Zillow’s latest results topped expectations, with Q1 earnings of $0.53 per share versus $0.43 expected and revenue of $708 million slightly above estimates, though insiders have also been selling shares recently.

Amova Asset Management Americas Inc. reduced its position in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) by 8.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 415,217 shares of the financial services provider's stock after selling 39,741 shares during the quarter. Amova Asset Management Americas Inc. owned 0.17% of Zillow Group worth $28,326,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Zillow Group by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 23,073,862 shares of the financial services provider's stock worth $1,777,841,000 after acquiring an additional 71,336 shares during the last quarter. Capital World Investors increased its position in Zillow Group by 1.8% in the fourth quarter. Capital World Investors now owns 10,826,066 shares of the financial services provider's stock worth $738,554,000 after buying an additional 191,058 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Zillow Group by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 3,363,657 shares of the financial services provider's stock worth $228,898,000 after buying an additional 55,323 shares during the period. Greencape Capital Pty Ltd lifted its position in shares of Zillow Group by 30.4% during the 4th quarter. Greencape Capital Pty Ltd now owns 2,722,911 shares of the financial services provider's stock valued at $185,757,000 after buying an additional 634,510 shares in the last quarter. Finally, Dorsal Capital Management LP increased its holdings in Zillow Group by 9.4% in the 3rd quarter. Dorsal Capital Management LP now owns 2,681,250 shares of the financial services provider's stock worth $206,590,000 after acquiring an additional 231,250 shares in the last quarter. Institutional investors own 71.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on Z shares. Wall Street Zen upgraded Zillow Group from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. decreased their target price on Zillow Group from $84.00 to $76.00 and set an "overweight" rating on the stock in a research note on Thursday, May 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of Zillow Group in a report on Wednesday, February 11th. Weiss Ratings downgraded shares of Zillow Group from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, May 22nd. Finally, Keefe, Bruyette & Woods cut their target price on shares of Zillow Group from $60.00 to $50.00 and set a "market perform" rating for the company in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Zillow Group has a consensus rating of "Moderate Buy" and an average target price of $77.00.

Zillow Group Stock Up 1.9%

Z opened at $35.45 on Wednesday. The business has a fifty day moving average of $40.18 and a 200 day moving average of $52.81. The stock has a market cap of $8.11 billion, a P/E ratio of 141.80, a PEG ratio of 1.49 and a beta of 1.97. Zillow Group, Inc. has a 52-week low of $34.16 and a 52-week high of $93.88.

Zillow Group (NASDAQ:Z - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.10. The company had revenue of $708.00 million during the quarter, compared to analysts' expectations of $705.10 million. Zillow Group had a net margin of 2.27% and a return on equity of 1.41%. Equities analysts anticipate that Zillow Group, Inc. will post 0.9 EPS for the current fiscal year.

Insider Buying and Selling at Zillow Group

In other news, insider Errol G. Samuelson sold 2,939 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $37.97, for a total transaction of $111,593.83. Following the transaction, the insider owned 134,039 shares in the company, valued at approximately $5,089,460.83. This trade represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jeremy Wacksman sold 9,072 shares of Zillow Group stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $36.54, for a total value of $331,490.88. Following the completion of the sale, the chief executive officer owned 153,699 shares of the company's stock, valued at $5,616,161.46. The trade was a 5.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 42,910 shares of company stock worth $1,605,732. Insiders own 23.76% of the company's stock.

Zillow Group Company Profile

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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